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Archive for February, 2010

man without any bad habits

Wednesday, February 17th, 2010

Once a man was waiting for a taxi. A beggar came along and asked him for some money.

The man ignored him.. But being a professional, the beggar kept on pestering him. The man became irritated when he realized that the beggar would not leave him alone unless he parts with some money.

Suddenly an idea struck him. He told the beggar, ‘I do not have money, but if you tell me what you want to do with the money, I will certainly help you.’

‘I would have bought a cup of tea’, replied the beggar.

The man said, ‘Sorry man. I can offer you a cigarette instead of tea’.

He then took a pack of cigarettes from his pocket and offered one to the beggar.

The beggar told, ‘I don’t smoke as it is injurious to health.

‘ The man smiled and took a bottle of whisky from his pocket and told the beggar, ‘Here, take this bottle and enjoy the stuff. Its really good’.

The beggar refused by saying, ‘Alcohol muddles the brain and damages the liver’.

The man smiled again. He told the beggar, ‘I am going to the race course.

Come with me and I will arrange for some tickets and we will place bets.

If we win, you take the whole amount and leave me alone’. As before, the beggar politely refused the latest offer by saying, ‘Sorry sir, I can’t come with you as betting on horses is a bad habit.’ Suddenly the man elt relieved!! And asked the beggar to come to his home with him.

Finally, the beggar’s face lit up in anticipation of receiving at least something from the man.. But he still had his doubts and asked the man,

‘Why do you want me to go to your house with you’.

The man replies ………………………..

‘ I always wanted to show my wife how a man with no Bad habits looks like’

Life as seen by accounts and finance professionals

Wednesday, February 17th, 2010

Our Birth is our Opening Balance!
Our Death is our Closing Balance!
Our Prejudiced Views are our Liabilities
Our Creative Ideas are our Assets

Heart is our Current Asset
Soul is our Fixed Asset
Brain is our Fixed Deposit
Thinking is our Current Account

Achievements are our Capital
Character & Morals, our Stock-in-Trade
Friends are our General Reserves
Values & Behaviour are our Goodwill

Patience is our Interest Earned
Love is our Dividend
Children are our Bonus Issues
Education is Brands / Patents

Knowledge is our Investment
Experience is our Premium Account
The Aim is to Tally the Balance Sheet Accurately.
The Goal is to get the Best Presented Accounts Award.

TDS at higher rate for those without pan number

Monday, February 1st, 2010

Dear All,

CBDT has notified that the new provision relating to tax deduction at
source (TDS) under the Income Tax Act 1961 will become applicable with
effect from 1st April 2010.

No.402/92/2006-MC (04 of 2010)
Government of India / Ministry of Finance Department of Revenue
Central Board of Direct Taxes
***
New Delhi dated 20th January
PRESS RELEASE

A new provision relating to tax deduction at source (TDS) under the
Income Tax Act 1961 will become applicable with effect from 1st April
2010. Tax at higher of the prescribed rate or 20% will be deducted on
all transactions liable to TDS, where the Permanent Account Number
(PAN) of the deductee is not available. The law will also apply to all
non-residents in respect of payments / remittances liable to TDS. As
per the new provisions, certificate for deduction at lower rate or no
deduction shall not be given by the assessing officer under section
197, or declaration by deductee under section 197A for non-deduction
of TDS on payments shall not be valid, unless the application bears
PAN of the applicant / deductee.

2. All deductors are liable to deduct tax at the higher rate in all
transactions not having PAN of the deductees on or after 1st April
2010. In order that there is no dispute regarding quoting / non-
quoting of PAN or accuracy thereof, the law requires all deductees and
dedutors to quote PAN of deductees in all correspondences, bills,
vouchers and other documents sent to each other. All deductors are,
therefore, advised to intimate their deductees to obtain and furnish
their PAN so as to avoid TDS at a higher rate. All deductees,
including non-residents having transactions in India liable to TDS,
are advised to obtain PAN by 31st March 2010 and communicate the same
to their deductors before tax is actually deducted on transactions
after that date.

3. The procedure for obtaining PAN is simple, inexpensive and quick.
Application for PAN can be filed in Form 49A to National Securities
Depository Ltd. (NSDL) or Unit Trust of India Investor Services Ltd.
(UTIISL) or their intermediaries. Non-residents can apply through the
local embassy / consulate of India. Applications can also be filed,
paid for or tracked online through the Internet on the following web-
sites:¬

http://incometaxindia.gov.in/
https://incometaxindiaefiling.gov.in/portal/index.jsp
http://www.tin-nsdl.com/
http://www.utitsl.co.in/

4. The Central Board of Direct Taxes (CBDT) has issued Notification No.
94/2009 relating to taxation of perquisites / profits in lieu of
salary and Circular No.1/2010 for the guidance of tax dedutors for
salaries. These documents are available on the department’s web site
at http://incometaxindia.gov.in/

Regards.

Divakar