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PAN Card made mandatory for purchase of Vehicles above Rs. 5,00,000/-......................................................
14/09/2013

PAN Card made mandatory for purchase of Vehicles above Rs. 5,00,000/-...............................................................................................................

From now on, if you purchase vehicles, you will be under the surveillance of the Income Tax Department, for it has directed the Motor Vehicles Department to make PAN card mandatory for registration of new vehicles costing above Rs 5 lakh.

“Earlier, there was a provision of using Form 60 while registering the vehicles of those who don’t have PAN cards. Now the Income Tax Department has directed us to make PAN cards must. This, after it came across many cases of tax dodging,” a senior MVD official said. Form 60 is a declaration that people will have to file when they have no PAN, but they enter into various transactions where submission of PAN is required.

These conditions have been specified under Rule 114B and include sale or purchase of immovable property valued at Rs 5 lakh or more, sale or purchase of a motor vehicle, time deposit of more than Rs. 50,000, opening a bank account and getting a telephone connection.

“From now onwards, those who don’t have PAN cards have to first obtain the same. The process normally takes only three to six days**.
[[[[NOT SURE WHERE THIS INFO CAME FROM,, IT USUALLY TAKES SOME 2-3 weeks to get new PAN Card]]]]
Only then they can purchase vehicles costing over Rs 5 lakh,” the official said.

Meanwhile, the new directive has led to a spurt in the sales of used cars. “The second-hand sales have no such directives applicable. This has brought the sales of new vehicles down but increased that of used vehicles,” said Siddique, a dealer of new and old vehicles in Kochi.

Courtesy: Deccan Chronicle - 7th Sep,2013


- SOLOMON ASSOCIATES

14/09/2013

Notification for Extension of date for receipt of ITR-Vs at CPC, Bengaluru: for the cases of A.Y. 2012-13 and 2O11-12, e-filed in FY 2O12-13.

Please refer:https://incometaxindiaefiling.gov.in/e-Filing/Portal/StaticPDF/ITRV_Ext_12_13.pdf

- SOLOMON ASSOCIATES

31/08/2013

WHAT DOES YOUR HANDWRITING MEANS??

¶ If letters slant to the left: Indicates introspection and a lot of emotional control.

¶ If letter slant to the right: Reveals a person who’s outgoing, friendly, impulsive, and emotionally open.

¶ If letters are straight up and down: The sign of someone who’s ruled by the head, not the heart.

¶ Letters that slant in more than one direction: Indicates versatility and adaptability.

¶ An erratic slant: Usually means a lack of flexibility.

¶ Heavy pressure writing (like you can feel the rib made on the back of the paper): The writer is agitated.

¶ Moderate pressure (the writing is dark, but you can’t feel the rib on the other side of the paper): Shows ability to deal with stress.

¶ Light pressure: Indicates someone who seems to take life in stride.

¶ Tiny letters: Indicate the writer is has somewhat low self esteem but is intelligent.

¶ Small letters: The hallmark of quiet, introspective types – they’re generally detail- oriented and have good concentration.

¶ Large letters: Sign of a confident, easygoing individual.

¶ Huge letters: Indicate someone who’s theatrical, usually loud, and needs to be the center of attention at all times.

¶ Wide letters (their width and height are about the same): The mark of someone who’s open and friendly.

¶ Narrow letters: Show someone who’s somewhat shy and inhibited but very self- disciplined.

¶ Letters that don’t touch: Indicate an impulsive, artistic, sometimes impractical free thinker.

¶ Some letters connecting: Means the writers personality blends logic and intuition.

¶ All letters making contact: The sign of someone who’s highly cautious.

¶ A curved first mark: Shows a person who’s traditional and plays by the rules.

¶ A straight beginning stroke: Reveals someone who is rigid and doesn't like being told what to do.

¶ A final stroke straight across: The writer is cautious.
¶ An end mark that curves up : Reveals generosity.

¶ Perfect penmanship: The hallmark of a communicative person.

¶ An undecipherable scrawl: Indicates a person who’s secretive, closed-up and likes to keep his thoughts to himself.

So What's your rating !! :)

24/08/2013

Respect your teachers because .
U r able to read this only because of them :) ♥

20/08/2013

Real story of American Dollar v/s Indian Rupee
--------------------------------------------------------------
A SHORT DISCOURSE ON INR Vs. USD ......

Courtesy: Copied some days back from a friend of mine !! lose track of where this article really came from... i just spiced it up a lil bit and very short corrections are made...

It wud be too late if WE dont act Now, and responsibly.. We too are responsible for whats happening to our Currency...
Forget the Government. let them do what they can...!! WE CAN

Please share friends:: SAVE INDIA.. SAVE INR .... Cuz, WE CAN .....

- SOLOMON ASSOCIATES

An Advice to all who are worrying about the fall of Indian Rupee **

Throughout the country please stop using cars except for emergency for only seven days (Just 7 days)
Definitely Dollar rate will come down. This is true. The value to dollar is given by petrol only.This is called Derivative Trading. America has stopped valuing its Dollar with Gold 70 years ago.

Americans understood that Petrol is equally valuable as Gold so they made Agreement with all the Middle East countries to sell petrol in Dollars only. That is why Americans print their Dollar as legal tender for debts. This mean if you don't like their American Dollar and go to their Governor and ask for repayment in form of Gold,as in India they won't give you Gold.

You observe Indian Rupee, " I promise to pay the bearer..." is clearly printed along with the signature of Reserve Bank Governor. This mean, if you don't like Indian Rupee and ask for repayment,Reserve Bank of India will pay you back an equal value of gold.(Actually there may be minor differences in the Transaction dealing rules, but for easy comprehension I am explaining this)

Let us see an example. Indian petroleum minister goes to Middle East country to purchase petrol, the Middle East petrol bunk people will say that liter petrol is one Dollar.
But Indians won't have dollars. They have Indian Rupees. So what to do now? So That Indian Minister will ask America to give Dollars. American Federal Reserve will take a white paper , print Dollars on it and give it to the Indian Minister. Like this we get dollars , pay it to petrol bunks and buy petrol.

But there is a fraud here. If you change your mind and want to give back the Dollars to America we can't demand them to pay Gold in return for the Dollars. They will say " Have we promised to return something back to you? Haven't you checked the Dollar ? We clearly printed on the Dollar that it is Debt"
So, Americans don't need any Gold with them to print Dollars. They will print Dollars on white papers as they like.

But what will Americans give to the Middle East countries for selling petrol in Dollars only?

Middle East kings pay rent to America for protecting their kings and heirs. Similarly they are still paying back the Debt to America for constructing Roads and Buildings in their countries. This is the value of American Dollar. That is why Many say some day the Dollar will be destroyed.

At present the problem of India is the result of buying those American Dollars. American white papers are equal to Indian Gold. So if we reduce the consumption of petrol and cars, Dollar will come down

The Above Details are translated originally from Telugu Language to English

Kindly share this and make everyone aware of the facts of American Dollar V/s Indian Rupee.

And here is a small thing other than petrol , what we can do to our Indian Rupee

****************************************************

YOU CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY FOLLOWING FEW SIMPLE STEPS:-

Please spare a couple of minutes here for the sake of India.
Here's a small example:-

At 2008 August month 1 US $ = INR Rs 39.40
At 2013 August now 1 $ = INR Rs 64.+

Do you think US Economy is booming? No, but Indian Economy is Going Down.

Our economy is in your hands.INDIAN economy is in a crisis. Our country like many other ASIAN countries, is undergoing a severe economic crunch. Many INDIAN industries are closing down. The INDIAN economy is in a crisis and if we do not take proper steps to control those, we will be in a critical situation. More than 30,000 crore rupees of foreign exchange are being siphoned out of our country on products such as cosmetics, snacks, tea, beverages, etc. which are grown, produced and consumed here.

A cold drink that costs only 70 / 80 paise to produce, is sold for Rs.9 and a major chunk of profits from these are sent abroad. This is a serious drain on INDIAN economy. We have nothing against Multinational companies, but to protect our own interest we request everybody to use INDIAN products only at least for the next two years. With the rise in petrol prices, if we do not do this, the Rupee will devalue further and we will end up paying much more for the same products in the near future.

What you can do about it?
Buy only products manufactured by WHOLLY INDIAN COMPANIES.Each individual should become a leader for this awareness. This is the only way to save our country from severe economic crisis. You don't need to give-up your lifestyle. You just need to choose an alternate product.

Daily products which are COLD DRINKS,BATHING SOAP ,TOOTH PASTE,TOOTH BRUSH ,SHAVING CREAM,BLADE, TALCUM POWDER ,MILK POWDER ,SHAMPOO , Food Items etc. all you need to do is buy Indian Goods and Make sure Indian rupee is not crossing outside India.

Every INDIAN product you buy makes a big difference. It saves INDIA. Let us take a firm decision today.

we are not anti-multinational. we are trying to save our nation. every day is a struggle for a real freedom. we achieved our independence after losing many lives.
they died painfully to ensure that we live peacefully. the current trend is very threatening.

multinationals call it globalization of indian economy. for indians like you and me, it is re-colonization of india. the colonist's left india then. but this time, they will make sure they don't make any mistakes.

Russia, S.Korea, Mexico - the list is very long!! let us learn from their experience and from our history. let us do the duty of every true Indian. finally, it's obvious that you can't give up all of the items mentioned above. so give up at least one item for the sake of our country!

We would be sending useless forwards to our friends daily. Instead, please forward this to all your friends to create awareness.

***************************************************

FRIENDS SHARE - SAVE OUR NATION -

03/08/2013

The CBDT extended time limit for filing Returns of Income from 31st July,2013 to 5th August, 2013

https://incometaxindiaefiling.gov.in/e-Filing/Portal/StaticPDF/Order_DueDate_Us119.pdf

- WWW.SOLOMONASSOCIATES.IN

The Investment Guru's Ultimate advice ... (y)
28/07/2013

The Investment Guru's Ultimate advice ... (y)

27/06/2013

GREAT RELIEF to Incometax assessees - CBDT about to withdraw mandatory posting of returns and ITR-V to Bangalore
***********************************************

Millions of taxpayers filing electronic I-T returns will soon get relief from sending by post the mandatory paper verification form as the CBDT has decided to soon stop this practice.

The Central Board of Direct Taxes (CBDT), administrative authority of the Income Tax department, will now instead introduce electronic verification of these online returns.


The new measure, expected to be operational within this financial year, will save the taxpayer from the hassle of sending the paper document (called ITR V) by post and tracking its acknowledgement.

"E-filing is meant to help the taxpayer (by making it easier to pay taxes). But compulsory dispatch of paper documents by post to the Bangalore based central processing centre of the department or procuring a digital signature was undoing this. Hence, the department has decided to end this soon," a senior official said.

The department has been receiving a number of complaints from taxpayers with regard to following these rules and also was getting suggestions to do away with paper documents and make e-filing more user friendly, he said.

When taxpayers file returns online, they are required to send a mandatory 'ITR V', under ordinary post to the I-T department's CPC, based in Bangalore. It then sends an electronic acknowledgement to the tax return filer.

In case of digital signatures (used by corporate entities), a bonafide statement that verifies the identity of the sender, are required to be created by paying a fee and requires regular renewal.

The CBDT, according to the official, has decided to stop the practice as it wants more and more people to file e-returns and it is also bolstered by the huge spurt in e-filing numbers being recorded every year.

During 2012-13, a 31 per cent jump was seen in e-filings by taxpayers as 2.14 crore entities filed returns online as compared to 1. 64 crore in 2011-12.

Recently, the CBDT has made e-filing mandatory for those with an annual income of Rs 5 lakh or more for the financial year 2012-13 and assessment year 2013-14 and with the addition of this category of taxpayers the department expects a huge surge in the number of Internet based filers.

The department, according to a blueprint prepared in this regard, also wants to introduce "new concept of third party validation of utilities developed for e-filing which will avoid mistakes in returns and bring uniformity in the interpretation of tax laws in filing of returns".


Courtesy : THE ECONOMIC TIMES -- June 16th, 2013 --
http://articles.economictimes.indiatimes.com/


- WWW.SOLOMONASSOCIATES.IN

Popular articles & stories From The Economic Times news archives, including an extensive archive and timeline that can be browsed by date and keyword.

01/06/2013

KERALA VAT NOTIFICATION :

The time-limit for filing of closing stock and annual return for the year 2012-13 is extended till 30th June 2013

- SOLOMON ASSOCAITES

01/06/2013

NOTIFICATION Dtd. 13.05.2013---
An assesse required to furnish a report of audit under sec.44AB, 92E or 115JB of the Incometax Act, shall furnish the same [[[electronically]]] for teh AY 2013-14 onwards.... see the notification below -->

https://incometaxindiaefiling.gov.in/e-Filing/Portal/StaticPDF/Notification_No.342013.pdf

- SOLOMON ASSOCIATES

01/06/2013

NOTIFICATION --
A person having total income in excess of Rs.5,00,000/-, shall furnish a return of income, [[[electronically]]] for AY 2013-14 and subsequent years... see notification below -->

https://incometaxindiaefiling.gov.in/e-Filing/Portal/StaticPDF/Notification_No.342013.pdf


- SOLOMON ASSOCIATES

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ASHRAMAM, KOLLAM
Kollam
691002

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