Floor Rounding off to nearest multiple.
Number Rounded Down
1.5 1 =FLOOR(C4,1)
2.3 2 =FLOOR(C5,1)
2.9 2 =FLOOR(C6,1)
123 100 =FLOOR(C7,50)
145 100 =FLOOR(C8,50)
175 150 =FLOOR(C9,50)
What Does It Do ?
This function rounds a value down to the nearest multiple specified by the user.
Syntax
=FLOOR(NumberToRound,Significant Value)
July 28, 2010
Belated Return
Belated return is filled u/s 139(4)
In case of financial year beginning 1 April 2007 and ending on 31 March 2008, the due date for filing the income tax return for individuals whose total income exceeded the maximum amount which is not chargeable to tax (and who does not have to get the accounts audited) was 31 July 2008. For those of us who managed to meet the deadline, a job well done - for others, there is no real reason for you to worry. You can still file your return which will be considered as a valid tax return, but just that is would be treated as a 'belated return'.
For the financial year ended 31 March 2008, the belated return can be filed up to two years from the end of financial year, which is up to 31 March 2010. However, there are riders attached to filing a belated tax return. Otherwise, there would be no point in the tax authorities spending so much on advertising the deadline of 31 July 2008.
If you file your return after one year from the end of financial year, that is after 31 March 2009 (for returns pertaining to financial year ended 31 March 2008), there is an exposure to penalty of Rs 5,000 depending on the discretion of the revenue authorities. This penalty will not apply if you file your tax return before 31 March 2009.
If, in any case, the return cannot be filed within the due date, and has been filed after the due date as a belated return, then these losses cannot be carried forward to future years for set-off.
Section 139(4) provides that a return which has not been furnished by the due date may still be furnished as a belated return before the expiry of one year from the end of the assessment year or before the completion of assessment, whichever is earlier. However, on any return of income that has not been filed by the end of the relevant assessment year, penalty of Rs.5000/- u/s 271F shall be levied.
The word “a return” used in S. 139(4) does not specifically exclude the return filed u/s 139(3).The word “a return” in its large connotation also includes the loss return u/s 139(3).Since loss return u/s 139(3) is required to be filed within the time allowed u/s 139(1), and S. 139(4) provides for belated filing of a return not filed u/s 139(1) or notice u/s 142(1), it can be said that loss return u/s 139(3) is also file able belatedly u/s 139(4).
But Section 80 clearly denies carry forward of loss u/s 72 or 73 or 74, which has not been determined in accordance with return filed u/s 139(3).
Section 139(3) requires filing of return for a loss within time allowed u/s 139(1), if loss is desired to be carried forward.
Therefore, while a belated loss return is allowed to be filed under section 139(4), the loss returned will not be carried forward for set off in the subsequent years' asseessments.
IMPACT OF LATE FILING
1. Interest: You will be liable for penal Interest u/s 234A @ 1% per month on the amount of tax due from the due date of filing returns.
2. Carry Forward of Losses: Losses like Business Loss (speculative or otherwise), Capital Loss (short term or long term), and Loss from owning and maintaining race horses are not allowed to be carried forward. Other losses, if any can be carried forward.
3. Deductions: Deductions u/s 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC are not allowed
4. Revision: Late returns cannot be revised except if it is in pursuance of a notice under section 142(1)
5. Penalty: A penalty of Rs.5000 may be imposed u/s 271F if belated return is submitted after the end of assessment year (after 31-March-YYYY, e.g. for FY 2007-2008, end of assessment year is 31-March-2009)
In case of financial year beginning 1 April 2007 and ending on 31 March 2008, the due date for filing the income tax return for individuals whose total income exceeded the maximum amount which is not chargeable to tax (and who does not have to get the accounts audited) was 31 July 2008. For those of us who managed to meet the deadline, a job well done - for others, there is no real reason for you to worry. You can still file your return which will be considered as a valid tax return, but just that is would be treated as a 'belated return'.
For the financial year ended 31 March 2008, the belated return can be filed up to two years from the end of financial year, which is up to 31 March 2010. However, there are riders attached to filing a belated tax return. Otherwise, there would be no point in the tax authorities spending so much on advertising the deadline of 31 July 2008.
If you file your return after one year from the end of financial year, that is after 31 March 2009 (for returns pertaining to financial year ended 31 March 2008), there is an exposure to penalty of Rs 5,000 depending on the discretion of the revenue authorities. This penalty will not apply if you file your tax return before 31 March 2009.
If, in any case, the return cannot be filed within the due date, and has been filed after the due date as a belated return, then these losses cannot be carried forward to future years for set-off.
Section 139(4) provides that a return which has not been furnished by the due date may still be furnished as a belated return before the expiry of one year from the end of the assessment year or before the completion of assessment, whichever is earlier. However, on any return of income that has not been filed by the end of the relevant assessment year, penalty of Rs.5000/- u/s 271F shall be levied.
The word “a return” used in S. 139(4) does not specifically exclude the return filed u/s 139(3).The word “a return” in its large connotation also includes the loss return u/s 139(3).Since loss return u/s 139(3) is required to be filed within the time allowed u/s 139(1), and S. 139(4) provides for belated filing of a return not filed u/s 139(1) or notice u/s 142(1), it can be said that loss return u/s 139(3) is also file able belatedly u/s 139(4).
But Section 80 clearly denies carry forward of loss u/s 72 or 73 or 74, which has not been determined in accordance with return filed u/s 139(3).
Section 139(3) requires filing of return for a loss within time allowed u/s 139(1), if loss is desired to be carried forward.
Therefore, while a belated loss return is allowed to be filed under section 139(4), the loss returned will not be carried forward for set off in the subsequent years' asseessments.
IMPACT OF LATE FILING
1. Interest: You will be liable for penal Interest u/s 234A @ 1% per month on the amount of tax due from the due date of filing returns.
2. Carry Forward of Losses: Losses like Business Loss (speculative or otherwise), Capital Loss (short term or long term), and Loss from owning and maintaining race horses are not allowed to be carried forward. Other losses, if any can be carried forward.
3. Deductions: Deductions u/s 10A, 10B, 80-IA, 80-IAB, 80-IB and 80-IC are not allowed
4. Revision: Late returns cannot be revised except if it is in pursuance of a notice under section 142(1)
5. Penalty: A penalty of Rs.5000 may be imposed u/s 271F if belated return is submitted after the end of assessment year (after 31-March-YYYY, e.g. for FY 2007-2008, end of assessment year is 31-March-2009)
July 22, 2010
Still no Clarity on IFRS , Thank god our Corporate Minister is not acting in haste
IFRS may be fine-tuned to Indian needs
The International Financial Reporting Standards (IFRS), which several large companies in India will need to follow from April 1, will be flexible enough to suit Indian companies, the Union Minister for Corporate Affairs, Mr Salman Khurshid, has said.
“From Day 1, we have said we will converge, not adopt. There will be different standards on specific issues on which we need to have different standards,” Mr Khurshid told Business Line.
“Convergence,” he said, “gives you the flexibility to stop where you want to stop, adjust where you want to adjust and make an exception where you want to make an exception.”
Asked for instances, he said that “fair value” accounting was one of the areas the government had not taken a view yet. “We are working out. There will be areas where ‘fair value’ will apply, there will be areas where it need not apply,” he said.
Stressing that India should not be seen as a country that drags its feet, Mr Khurshid said that it was necessary to ensure that “we do not fall into the trap of some spurious sovereignty idea.”
He said that there was no confusion about alignment of IFRS with tax laws.
“There will be two parallel systems — the accounting system and the tax system,” he said.
On the expertise available in the country to help companies migrate to the IFRS system, the Minister observed that expertise will come only after the system is brought in, since people would come forward to get trained only after there is a market for their knowledge.
“There is no hypothetical training,” he said.
The International Financial Reporting Standards (IFRS), which several large companies in India will need to follow from April 1, will be flexible enough to suit Indian companies, the Union Minister for Corporate Affairs, Mr Salman Khurshid, has said.
“From Day 1, we have said we will converge, not adopt. There will be different standards on specific issues on which we need to have different standards,” Mr Khurshid told Business Line.
“Convergence,” he said, “gives you the flexibility to stop where you want to stop, adjust where you want to adjust and make an exception where you want to make an exception.”
Asked for instances, he said that “fair value” accounting was one of the areas the government had not taken a view yet. “We are working out. There will be areas where ‘fair value’ will apply, there will be areas where it need not apply,” he said.
Stressing that India should not be seen as a country that drags its feet, Mr Khurshid said that it was necessary to ensure that “we do not fall into the trap of some spurious sovereignty idea.”
He said that there was no confusion about alignment of IFRS with tax laws.
“There will be two parallel systems — the accounting system and the tax system,” he said.
On the expertise available in the country to help companies migrate to the IFRS system, the Minister observed that expertise will come only after the system is brought in, since people would come forward to get trained only after there is a market for their knowledge.
“There is no hypothetical training,” he said.
SEBI revises norms for filling results by listed companies
The markets regulator on Monday said it had changed the time period for listed companies to file quarterly and annual results, in order to streamline the disclosure of financial results.
Listed companies will now have to submit audited quarterly results within 45 days from the end of the relevant quarter, the Securities and Exchange Board of India (SEBI) said in a statement.
Currently, listed Indian companies submit unaudited results within 30 days from the quarter-end.
However, Sebi has reduced the period to submit audited annual financial results within 60 days from the end of the financial year, in place of 90 days currently.
The changes would encourage companies to submit audited results faster, a SEBI official, who declined to be named, said.
The regulator also said companies would have to report their asset-liability position along with their half-year results. Currently, companies disclose their balance sheet position only at the time of annual results.
The revised rules will be applicable with immediate effect.
Download the complete Notification from below
http://www.filefactory.com/file/b2acdaa/n/SEBI_Circular_changing_submission_time_records_for_listed_companies.pdf
Listed companies will now have to submit audited quarterly results within 45 days from the end of the relevant quarter, the Securities and Exchange Board of India (SEBI) said in a statement.
Currently, listed Indian companies submit unaudited results within 30 days from the quarter-end.
However, Sebi has reduced the period to submit audited annual financial results within 60 days from the end of the financial year, in place of 90 days currently.
The changes would encourage companies to submit audited results faster, a SEBI official, who declined to be named, said.
The regulator also said companies would have to report their asset-liability position along with their half-year results. Currently, companies disclose their balance sheet position only at the time of annual results.
The revised rules will be applicable with immediate effect.
Download the complete Notification from below
http://www.filefactory.com/file/b2acdaa/n/SEBI_Circular_changing_submission_time_records_for_listed_companies.pdf
July 20, 2010
Amarjit Chopra's view on Big 4
Having an experience of over three decades in the profession of chartered accountancy, Amarjit Chopra has donned many hats during his tenure in the Central council of the Institute of Chartered Accountants of India (ICAI). Striving to restore the lost credibility in the profession post the Satyam scam, Chopra has chaired several committees, including the Accounting Standard Board, the Financial Reporting Review Board, the Expert Advisory Committee, the Committee on Corporate Governance, among others. In an interview with Shruti Srivastava, Chopra says he is committed to resolving the maximum number of cases during his tenure so as to ensure greater transparency in the institute. Excerpts:
What steps are you taking to make auditors more responsible towards their work?
In our council meeting, we have decided that every person, when signing or rendering an assurance function, has to furnish a Firm Identification Number (FIN) along with his membership number. We have given every member an FIN. We want to make sure that the person who is signing is not able to say later that the appointment was not in his name. Accountability would be fixed this way. You should be very clear whose firm’s name is in the appointment, especially when you are allowed to float many firms with the same name.
There have been some recommendations from the institute for outsourcing the internal audit of a company...
In the high-powered committee report on the Satyam scam, we have proposed that internal audit be outsourced and not be in-house so that there is more independence. If the auditor is from the organisation, it is as good as being an employee of the organisation and the chances of remaining unbiased decline. Market regulator Sebi through clause 49 and the corporate affairs ministry through the Companies Law should make it mandatory that the internal auditor is from outside the organisation.
Have you also proposed the Big Four be allowed in the country to fix accountability?
Let us be very clear that there is no Big Four. It is only the Big Two. PwC and Deloitte are already working in India but as for KPMG and E&Y, they are there in a surrogate manner. They can’t undertake any audit function but they are doing so and we can’t do anything about that right now. We are looking at ways to tackle this. The report (the HPC report on surrogate practices in India) will also come. We will submit to the government not later than August 31, clearly laying down what we think on the matter.
But what can the institute possibly do to curb this menace?
Why do we have to look at only these Big Four? We only look at the Big Four because they have resources. But if someone says that Indian firms don’t have such resources and infrastructure as the Big Four, I don’t agree. Probably they (Indian firms) have better infrastructure and database than the Big Four. In competence level, they are better than the Big Four. The International Federation of Accountants (IFAC) must start promoting a larger number of firms and this monopoly of the Big Four must be broken. IFAC must under all circumstances promote at least 500 firms to make them better than the Big Four. Is it difficult for IFAC to promote 500 firms? It is in the interest of the accounting profession that the monopoly should go. The more the monopoly, the lesser the independence. So IFAC must break this monopoly, they should start creating a larger number of firms and must come out with a plan on how the firms can be developed in each jurisdiction. Do we want to say that we don’t have the power to develop other big firms?
What are your views on credit rating agencies?
There should be some penal provision for them also. If you are willing to put behind bars some auditors without the charges being proved, then why not credit rating agencies? If you have rated some firm and the company goes bad then why that person shouldn’t be harassed? Has he not cheated investors? The rating agencies get into the details of the company. Their due diligence is as much as that of auditors. Then why not punish them too? There should be a separate regulator for them. Sebi regulates with regard to the class of functions they can undertake and nothing beyond that.
http://www.indianexpress.com/news/must-break-audit-monopoly-of-the-big-four/648391/0
What steps are you taking to make auditors more responsible towards their work?
In our council meeting, we have decided that every person, when signing or rendering an assurance function, has to furnish a Firm Identification Number (FIN) along with his membership number. We have given every member an FIN. We want to make sure that the person who is signing is not able to say later that the appointment was not in his name. Accountability would be fixed this way. You should be very clear whose firm’s name is in the appointment, especially when you are allowed to float many firms with the same name.
There have been some recommendations from the institute for outsourcing the internal audit of a company...
In the high-powered committee report on the Satyam scam, we have proposed that internal audit be outsourced and not be in-house so that there is more independence. If the auditor is from the organisation, it is as good as being an employee of the organisation and the chances of remaining unbiased decline. Market regulator Sebi through clause 49 and the corporate affairs ministry through the Companies Law should make it mandatory that the internal auditor is from outside the organisation.
Have you also proposed the Big Four be allowed in the country to fix accountability?
Let us be very clear that there is no Big Four. It is only the Big Two. PwC and Deloitte are already working in India but as for KPMG and E&Y, they are there in a surrogate manner. They can’t undertake any audit function but they are doing so and we can’t do anything about that right now. We are looking at ways to tackle this. The report (the HPC report on surrogate practices in India) will also come. We will submit to the government not later than August 31, clearly laying down what we think on the matter.
But what can the institute possibly do to curb this menace?
Why do we have to look at only these Big Four? We only look at the Big Four because they have resources. But if someone says that Indian firms don’t have such resources and infrastructure as the Big Four, I don’t agree. Probably they (Indian firms) have better infrastructure and database than the Big Four. In competence level, they are better than the Big Four. The International Federation of Accountants (IFAC) must start promoting a larger number of firms and this monopoly of the Big Four must be broken. IFAC must under all circumstances promote at least 500 firms to make them better than the Big Four. Is it difficult for IFAC to promote 500 firms? It is in the interest of the accounting profession that the monopoly should go. The more the monopoly, the lesser the independence. So IFAC must break this monopoly, they should start creating a larger number of firms and must come out with a plan on how the firms can be developed in each jurisdiction. Do we want to say that we don’t have the power to develop other big firms?
What are your views on credit rating agencies?
There should be some penal provision for them also. If you are willing to put behind bars some auditors without the charges being proved, then why not credit rating agencies? If you have rated some firm and the company goes bad then why that person shouldn’t be harassed? Has he not cheated investors? The rating agencies get into the details of the company. Their due diligence is as much as that of auditors. Then why not punish them too? There should be a separate regulator for them. Sebi regulates with regard to the class of functions they can undertake and nothing beyond that.
http://www.indianexpress.com/news/must-break-audit-monopoly-of-the-big-four/648391/0
July 16, 2010
Change Default Folder view in Windows 7
Just from the explorer, press ALT => Tools menu => Folder Options.
Once there, and once the current folder has the default view you want,
check the View tab and hit the "Apply to folders" button.
Once there, and once the current folder has the default view you want,
check the View tab and hit the "Apply to folders" button.
July 15, 2010
Gal Meethi Meethi Bol ; Movie - Aisha ; Lyrics - Javed Akhtar
Following are the lyrics i am commonly hymeing these days. Video is cool too...
Gal mithi mithi bol,
Ras kaano main tu ghol,
Bajne de taashe dhol,
Masti main tu bhi dol,
Mann ke naina tu khol,
Chahat ke moti roll,
Dil hota hai anmol,
Ye daulat se na tol,
Aa soni teinnu chend ki main chudi pehnawa,
Mennu karde ishara to main doli le aawa,
Jaan leva teri adaa,
Kaise na koi ho fida,
Tere ang sharara jaise mare lashkara soniye,
Dekhun to dil dhadake,
Tan maine agan bhadke,
Surat aisi mohini hai,
Kiddan Dassan tu hai sohni soniyeee,
Chahre waala hu tera,
Dekh to le idhar zara,
Tu jo dekhe ik nazar,
Karu lakh shukar hiriye,
Dekh to kehke tu mujhe,
Jaan bhi dedunga tuhe,
Tere aise hoon deewaana,
Tune abtak ye na jaana hiriye.
Gal mithi mithi bol,
Ras kaano main tu ghol,
Bajne de taashe dhol,
Masti main tu bhi dol,
Mann ke naina tu khol,
Chahat ke moti roll,
Dil hota hai anmol,
Ye daulat se na tol,
Aa soni teinnu chend ki main chudi pehnawa,
Mennu karde ishara to main doli le aawa,
Jaan leva teri adaa,
Kaise na koi ho fida,
Tere ang sharara jaise mare lashkara soniye,
Dekhun to dil dhadake,
Tan maine agan bhadke,
Surat aisi mohini hai,
Kiddan Dassan tu hai sohni soniyeee,
Chahre waala hu tera,
Dekh to le idhar zara,
Tu jo dekhe ik nazar,
Karu lakh shukar hiriye,
Dekh to kehke tu mujhe,
Jaan bhi dedunga tuhe,
Tere aise hoon deewaana,
Tune abtak ye na jaana hiriye.
July 10, 2010
Check Activation Status of windows
Windows XP does require product activation too. Doesn’t need (as in the case of when using OEM or VLK product key, which is instantly and automated activated) to perform steps to activate Windows XP doesn’t mean that Windows XP is not activated, and activated Windows XP is one of the requirement for the installed copy of operating system to be considered by genuine by Windows Genuine Advantage (WGA) Validation Tool.
To check, view or verify the Windows XP current activation status, open Run command from Start Menu, and run the following command:
oobe/msoobe /a
A “Activate Windows” dialog window will open to let user know the activation status. If the Windows XP has been activated, the message is “Windows is already activated. Click OK to exit.”
To check the status in Windows 7 type
slue.exe
In search program and files dialog box
To check, view or verify the Windows XP current activation status, open Run command from Start Menu, and run the following command:
oobe/msoobe /a
A “Activate Windows” dialog window will open to let user know the activation status. If the Windows XP has been activated, the message is “Windows is already activated. Click OK to exit.”
To check the status in Windows 7 type
slue.exe
In search program and files dialog box
July 5, 2010
Check you Mobile
Would you like to know if your mobile is original or not ?????
Press the following on your mobile *#06# and the-international mobile equipment identity number appears. Then check the 7th and 8th numbers:
IF the Seventh & Eighth digits are 00 this means your cell phone was manufactured in original factory which is the best Mobile Quality
IF the Seventh & Eighth digits are 01 or 10 this means your cell phone was manufactured in Finland which is very Good
IF the Seventh & Eighth digits are 08 or 80 this means your cell phone was manufactured in Germany which is fair quality
IF the Seventh & Eighth digits are 02 or 20 this means your cell phone was assembled in Emirates which is very Bad quality
IF the Seventh & Eighth digits are 13 this means your cell phone was assembled in Azerbaijan which is very Bad quality and also dangerous for your health
Press the following on your mobile *#06# and the-international mobile equipment identity number appears. Then check the 7th and 8th numbers:
IF the Seventh & Eighth digits are 00 this means your cell phone was manufactured in original factory which is the best Mobile Quality
IF the Seventh & Eighth digits are 01 or 10 this means your cell phone was manufactured in Finland which is very Good
IF the Seventh & Eighth digits are 08 or 80 this means your cell phone was manufactured in Germany which is fair quality
IF the Seventh & Eighth digits are 02 or 20 this means your cell phone was assembled in Emirates which is very Bad quality
IF the Seventh & Eighth digits are 13 this means your cell phone was assembled in Azerbaijan which is very Bad quality and also dangerous for your health
Display Both Secure & Non Secure Items
How to Delete Secure and Non Secure Items Warning Message
Whenever your browser views secure web pages it usually displays a lock or a key telling the viewer the data shown on this particular web page is secure and safe. In order for the page to be considered safe, ALL the data including images, pages, and more need to be on the secured site. However, sometimes when exiting a secured web page, the exit page will load some items from a part of the site that wasn't secured. In this case, a warning message telling you the "page contains both secure and nonsecure items" is displayed to warn the user.
This warning message is a nice verification that you are leaving a secured site. However, sometimes the message can be just plain annoying, especially if you are visiting the particular web page frequently.
Gmail, is a perfect example, when you exit Gmail the above warning message is displayed. Many times, even when you open individual messages in Gmail the warning will appear. Although its a bit of a security risk, since you won't be notified about the switch from secure to nonsecure pages, follow the instructions below if you would like to remove this warning message.
Warning Message about Secure and NonSecure Pages
1) Open Internet Explorer
2) Click on Tools
3) Click on Internet Options
4) Click on the Security Tab
5) Click on the Custom Level button
6) Under the Miscellaneous section look for "Display Mixed Content"
7) Click on Disable for Display Mixed Content instead of Prompt
8) Click on OK twice
9) Close Internet Explorer and reopen
10) Open the webpage that was displaying the warning message, the message should not appear now.
Whenever your browser views secure web pages it usually displays a lock or a key telling the viewer the data shown on this particular web page is secure and safe. In order for the page to be considered safe, ALL the data including images, pages, and more need to be on the secured site. However, sometimes when exiting a secured web page, the exit page will load some items from a part of the site that wasn't secured. In this case, a warning message telling you the "page contains both secure and nonsecure items" is displayed to warn the user.
This warning message is a nice verification that you are leaving a secured site. However, sometimes the message can be just plain annoying, especially if you are visiting the particular web page frequently.
Gmail, is a perfect example, when you exit Gmail the above warning message is displayed. Many times, even when you open individual messages in Gmail the warning will appear. Although its a bit of a security risk, since you won't be notified about the switch from secure to nonsecure pages, follow the instructions below if you would like to remove this warning message.
Warning Message about Secure and NonSecure Pages
1) Open Internet Explorer
2) Click on Tools
3) Click on Internet Options
4) Click on the Security Tab
5) Click on the Custom Level button
6) Under the Miscellaneous section look for "Display Mixed Content"
7) Click on Disable for Display Mixed Content instead of Prompt
8) Click on OK twice
9) Close Internet Explorer and reopen
10) Open the webpage that was displaying the warning message, the message should not appear now.
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