Gold & Silver Rates as on 31st March,2012

Gold Rates (Standard 24 carats) (per 10 gms) as on March 31, 2012 - Rs. 28,040

Silver Rates (9,960 touch) (per 1 kg) as on March 31, 2012 - Rs. 56,290

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Application Form for Settlement Commission

Here is the Form No, 34B for the Application to Settlement Commission for any Case on Income Tax & Wealth Tax
 Link

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Settlement Commission Income Tax & Wealth Tax About

1.1	Income-tax Settlement Commission / Wealth-tax Settlement Commission was set up under section 245B of Income-tax Act 1961/Section 22B of Wealth-tax Act, 1957, respectively, w.e.f. 1.4.1976 with its headquarters at New Delhi. It is a quasi judicial body. It has been set up as a result of recommendations made by Direct Taxes Enquiry Committee (Popularly known as Wanchoo Committee). The objective of setting up this Commission is to provide a body comprising of persons of integrity and outstanding ability, having special knowledge of and experience in, problems relating to direct taxes and business accounts, for settling across the board, tax liabilities in complicated cases with doubtful benefit to revenue avoiding endless and prolonged litigation and consequential strain on investigational resources of Income-tax Department.
1.2	Originally the Commission consisted of a Chairman and two other Members. However, w.e.f. 10.9.1986 it consists of a Chairman and as many Vice-Chairmen and Members as the Central Government thinks fit. The change has been made to augment strength of the Commission to facilitate quicker disposal of cases and to liquidate arrears of pending cases. The jurisdiction, powers and authority of the Commission are exercised by its Benches which will ordinarily be presided over by the Chairman or one of the Vice-Chairmen. The Bench for which the Chairman is the presiding officer is the Principal Bench and the other Benches are known as the Additional Benches.
1.3	Four Benches of the Commission are functioning. The Delhi Bench is known as the Principal Bench. The other Benches are functioning at Mumbai, Calcutta and Chennai and these are known as the Additional Benches.
1.4	If Members of a Bench (including its presiding officer) differ in opinion on any point, the point is decided according to opinion of majority. But if the Members are equally divided, they state the point or points on which they differ, and make reference to the Chairman who shall either hear the point or points himself or refer the case for hearing on such point or points by one or more of the other Members of the Settlement Commission and such point or points shall be decided according to opinion of Majority of the Members of the Settlement Commission who have heard the case, including those who first heard it DO SHARE

Countdown To Final / CPT May,2012 Result

Dear Student
We have uploaded the Countdown to the left of this page for the upcoming Result by ICAI of Final and CPT(June) May,2012.

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IPCC May,2012 Result Commenting

Dear Students / Friends
Many of us wanted to know when the Result of IPCC May,2012 is going to come as maximum people has an assumption that it must be coming by the 1 - 2 weeks after the Result of Final ( 18th July,12 ).
I Invite you to Comment and share your opinion on when the Result of IPCC May,12 Must be Coming ...

We Will Summarized the your Views.

BEST OF LUCK
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Penalty for Late / Incorrect Filing of TDS / TCS

Penalty for Late Filing & incorrect information in TDS/TCS Statement w.e.f. 1st July, 2012:

A fee of Rs 200 per day will be levied for late furnishing of TDS statement from the due date of furnishing of TDS statement to the date of furnishing of TDS statement, not exceeding the total amount of tax deductible during the period for which the TDS statement is delayed. Besides, a penalty ranging from Rs.10,000 to Rs.1,00,000 shall also be levied for not furnishing TDS statement within the prescribed time.

Also, a penalty ranging from Rs.10,000 to Rs.1,00,000 shall be levied for furnishing incorrect information in the TDS statement. However, no penalty shall be levied if the deductor proves that there was a reasonable cause for the failure.

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Time table Nov,12 IPCC

Following Is the Time table for IPCE Nov,12

Group 1 :
02/11/2012 - Accounting
04/11/2012 - CL, BL, ethics & Communication
06/11/2012 - Costing / FM
08/11/2012 - Taxation

Group 2 :
10/11/2012 - Advance Accounting
15/11/2012 - Audit & assurance
17/11/2012 - IT / SM

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