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Part-III of Finance Act-2010 (Specify the tax rates at which Income of P.Y. 2010-11 i.e. A.Y. 2011-12 to be assessed) | TDS rates for P.Y. 2011-12 i.e. A.Y. 2012-13 (Except Salary) Note-1 Note-2 | Rates of Advance taxes, TDS on salary & some certain cases for P.Y 2011-2012 i.e. 2012-13 (Will become Part-I of Finance Act-2012) Note-3 |
Rule of additional duties of excise
RULE 01: SHORT TITLE.
These rules may be called the Additional Duties of Excise (Distribution) Rules, 1962.
RULE 02: PROVISIONAL DISTRIBUTION OF THE SHARE OF ADITIONAL DUTIES OF EXCISE.
The share of each State of the additional duties of excise in any financial year shall be paid to the State in that financial year in eleven monthly installments beginning with the month of May, the first ten installments being equal to one-twelfth of the State’s share as estimated in the budget for that year and the eleventh installment being equal to the difference between the State’s shares as estimated in the revised estimate for that year less the aggregate of the sums already paid.
RULE 03: FINAL ADJUSTMENT OF THE SHARE OF THE ADDITIONAL DUTIES OF EXCISE.
The State’s share of the additional duties of excise in each financial year shall be finally computed with reference to the net proceeds of such distributable duties as certified by the Comptroller and Auditor-General, and the difference between the amounts so computed and the aggregate of the amounts paid to the State under rule 2-shall be paid to or recovered from the State according as the amount so computed is larger or smaller than such aggregate.
SCHEDULE-01
[See Section 3(1)-] NOTES 1. In this Schedule, “heading”, “sub-heading” and “Chapter” mean respectively a heading, sub-heading and Chapter in the Schedule to the Central Excise Tariff Act, 1985-.
2. The rules for the interpretation of the Schedule to the Central Excise Tariff Act, 1985-, the Section and Chapter Notes and the General Explanatory Notes of the said Schedule shall, so far as may be, apply to the interpretation of this Schedule.
SCHEDULE-02
(See Section 4-) Distribution of additional duties During each of the financial years commencing on and after the 1st day of April, 1995, there shall be paid to each of the States specified in column (1) of the Table below such percentage of the net proceeds of additional duties levied and collected during that financial year in respect of the goods described in column (3) of the First Schedule-, after deducting there from a sum equal to 2.203 per cent of the said proceeds as being attributable to Union territories, as is set out against it in column (2) of the said Table:
Provided that if during that financial year there is levied and collected in any State a tax on the sale or purchase of the goods described in column (3) of the First Schedule-, or one or more of them by or under any law of that State, no sums shall be payable to that State under this paragraph in respect of that financial year, unless the Central Government by special order otherwise directs.
What is difference between VAT And CST?
What is the Procedures for shutting down a private limited company in India?
Procedures for shutting down a private limited company in India.
- Up-to-date returns (viz., Annual Return and Balance sheet) has to be filed with Registrar of Companies (ROC)
- A statement of account has to be prepared one month prior to the submission of application u/s 560 stating that no assets and liabilities except share capital and P&L debit balance.
- An Affidavit needs to be executed (Rs. 20 Stamp Paper) and to be notarised (signed by for all director)
- An Indemnity to be executed (Rs. 100 stamp paper) (signed by all director)
- If there is any unsecured loan, then waiver letter should be submitted.
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Timeframe: About 2 months
Charges: About Rs. 25,000.
Regarding your other query…
If you join the other company and earn income, then at the end of the financial year, you will have to combine the income earned at both organisations and calculate the total tax liability and remit the tax (after adjusting the taxes paid through both the organisation).
WINDING UP OF THE COMPANY UNDER SECTION 560 OF THE COMPANIES ACT, 1956.
- A Company can be wound up under section 560 of the Companies Act, 1956. For this, the Company should be defunct company i.e. a dormant company with NIL Assets and NIL Liabilities i.e. all the assets should be disposed off and all liabilities should be cleared.
- For this purpose, the Company should prepare audited Accounts for the period ending not later than 30 days from filing the winding up application. Said accounts should show NIL Assets and NIL Liabilities.
- Documents to be submitted to ROC:
1 An application signed by minimum 2 Directors in case of Pvt. Ltd. And 3 Directors in case of Public Ltd. (preferably by all the Directors of the Company) (Annexure A);
2 Indemnity Bond signed by minimum 2 Directors in case of Pvt. Ltd. And 3 Directors in case of Public Ltd. (preferably by all the Directors of the Company) and Notarised (Annexure B);
3 Affidavit signed by minimum 2 Directors in case of Pvt. Ltd. And 3 Directors in case of Public Ltd. (preferably by all the Directors of the Company) and Notarised (Annexure C);
4 Signed copy of latest audited Balance Sheet showing NIL assets and NIL liabilities; and
Certified copy of Board Resolution (Annexure D).
- After the Registrar is satisfied that the Company is defunct and has no assets and liabilities, he will issue notice to the Company for striking off the name from the register giving some time to withdraw the application, if required.
- After the expiry of the time limit, he will issue notice thereby striking off the name of the Company from the Register maintained by him and will send the same to publish in the Official Gazette. Once the said notice is published in the Official Gazette, the Company stands struck off from the Register.
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Focus on cash flow rather than earnings – Tally ERP 9
Inter state sale during the movement of goods
This form is issued by the dealer who makes the first inter-state sale during movement of goods from one State to another. This enables the purchaser to claim exemption from CST on the second inter-state sale during the movement of goods by transfer of documents of title.
This form is issued by the second or the subsequent seller when the goods move from one state to another in a series of inter-state sales by transfer of documents of title. This form enables the purchaser to claim exemption form CST on subsequent sale of goods.
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What is Sensex Calculation formula ?
Formula :- Index divisor X Free Float Market Capitalization So, First we know about Index Devisor and Market Capitalization. Market Capitalization: – Many different types of investors hold the shares of a company! The Govt. may hold some of the shares. Some of the shares may be held by the “founders” or “directors” of the company. Some of the shares may be held by the FDI’s etc. Now, only the “open market” shares that are free for trading by anyone, are called the “free-float” shares. When we are calculating the Sensex, we are interested in these “free-float” shares!.
A particular company, may have certain shares in the open market and certain shares that are not available for trading in the open market.
According the BSE, any shares that DO NOT fall under the following criteria, can be considered to be open market shares:
Step Second: Add all the “free-float market cap’s” of all the 30 companies!
Step third: Put it in given formula then you will get the Sense value!
Let be an example,
Now, there is only one question left to be answered, which 30 companies, why those 30 companies, why no other companies?
The 30 companies that make up the Sensex are selected and reviewed from time to time by an “index committee”. This “index committee” is made up of academicians, mutual fund managers, finance journalists, independent governing board members and other participants in the financial markets.
The main criteria for selecting the 30 stocks is as follows:
Market capitalization: The company should have a market capitalization in the Top 100 market capitalizations of the BSE. Also the market capitalization of each company should be more than 0.5% of the total market capitalization of the Index.
Number of trades: The scrip should be among the top 150 companies listed by average number of trades per day for the last one year.
Industry representation: The companies should be leaders in their industry group.
Listed history: The companies should have a listing history of at least one year on BSE.
Track record: In the opinion of the index committee, the company should have an acceptable track record. Having understood all this, you now know how the Sensex is calculated.