Wednesday, 30 October 2013

Income Tax Provisions and IMPORTANT DEFINITION

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BASIC CONCEPTS WHAT IS A TAX? Tax is a fee charged by a government on a product, income or activity. There are two types of taxes – Direct taxes and Indirect taxes (See Chart below this paragraph). If tax is charged directly on the income or wealth of a person, then it is a direct tax e.g. income-tax. If tax is charged on the price of a good or service, then it is called an indirect tax e.g. excise duty. In the case of indirect taxes, the person paying the tax passes on the incidence to another person.   Normal ...
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Tuesday, 29 January 2013

Information about USB Token for Digital Signature

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These days security is main concerns especially when it comes to secure legal documents. So Digital Certificate is such legal document which is highly sensitive and should be more stores somewhere safely. Now there is a password-protected hardware device called USB Tokens which stores digital signature more securely. USB Token provides facilities of durability and portability with security and ensures your Digital Certificate saves securely inside, can never be copied out of the token. The USB tokens come with inbuilt software program to execute digital...
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Monday, 28 January 2013

XBRL Instance Documents and Taxonomies for Financial Information

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Earlier in the chapter, we saw some of the complexities in the metadata for a business report. The XBRL specification supports a number of metadata concepts. As there is a wide variety of potential business reporting solutions, the specification does not pre-define concepts. Instead, taxonomy builders place all their concepts in a XML schema. The XML schema standard allows developers to construct their schemas similarly to the development of relational or object- oriented database schemas. These data structures are not sufficiently flexible, however,...
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Saturday, 19 January 2013

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As per General Circular number 01/2013 dated 15.01.2013, time limit to file financial statements in XBRL mode (for the financial year commencing on or after 01.04.2011) without any additional fee has been extended upto 15th February 2013 or within 30 days of AGM of the company, which ever is later. The audited statement i.e. Balance sheet and Profit and Loss Account submission which is in form XBRL is extended upto 15th February 2013 by General Circular No. 01/2013 dated 15.01.2013 for Financial year 2011-12. Before this circular the due date to filing...
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Friday, 18 January 2013

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[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii) of dated the 15th JANUARY, 2013] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 15th S.O. 169 (E).— In exercise of the powers conferred by sub-section (2) of section 200A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralized processing of statements of tax deducted at source, namely:— January, 2013 1.  Short title and commencement.—...
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Thursday, 3 January 2013

eXBace highlights in MCA recognized XBRL Software Vendor List

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eXBace by KDK Softwares(I) Pvt Ltd is a XBRL conversion software which is recognized and covered in the MCA XBRL Software vendor list released by Ministry of Corporate Affairs (MCA), Government of India. This list will surely worthy for representatives from various companies in order to identify software vendors for their XBRL conversion services. Last year, MCA had added all XBRL Software vendors name in the list who actually intended to register with the MCA. However, for the current year, MCA has published the list of solution providers who...
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Saturday, 20 October 2012

MCA XBRL Validation Tool (Final Version)

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Final version of the MCA XBRL Validation Tool (for Financial Statements based upon new Schedule VI of the Companies Act, 1956) has been released. XBRL filings of financial statements for accounting year commencing on or after 01.04.2011 have been enabled on MCA website with effect from 14.10.2012. Stakeholders are also advised to refer to the ‘Filing Manual’ available on the XBRL portal for filing the financial statements in XBRL format. Source :http://www.mca.gov.in/XBRL/ XBRL Filing Software provider in Ind...
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