Annual Information Return and Income Tax secrutiny

The Central Board of Direct Taxes (CBDT) issues a list of high-value transactions every year, which can land you in the scrutiny net. These transactions constitute the Annual Information Report (AIR) under Section 285BA, rule 114E, which requires certain 'specified person(s)' to file the report every year.

When you make high-value transactions — investment in property and/or mutual funds — your bank or the respective financial institution (mutual fund house, for example) reports this to the I-T department through an AIR. The department keeps track of such transactions through your permanent account number (PAN).

The following AIR transactions need to be reported when filing returns:

• Cash deposits of Rs 10 lakh and above
• Credit card bills of Rs 2 lakh and above
• Mutual fund investment of Rs 2 lakh and above
• Purchase of bonds/ debentures worth Rs 5 lakh and above
• Purchase of stocks worth Rs 1 lakh and above
• Purchase of immovable property worth Rs 30 lakh and more
• Sale of immovable property worth Rs 30 lakh and above
• Purchase of RBI bonds worth Rs 5 lakh and above

Remember that you can file only one AIR for a financial year. However, if you want to rectify a mistake or want to furnish additional information in the report, you can file ‘supplementary information'.

“There are three situations when you may need to file supplementary information. (a) When you respond to a notice from the I-T commissioner (central information branch) within the time allowed by the commissioner. (b) To furnish additional details not submitted in the original AIR (c) In response to any deficiency indicated by the tax information network (TIN) in the provisional receipt,”

CBDT decided that senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2, will be subject to scrutiny only when the department has credible information.

“For this purpose, senior citizens would be individuals who are 60 years or more. Small taxpayers would be individual and HUF (Hindu undivided family) taxpayers whose gross total income, before availing deductions under Chapter VIA, does not exceed Rs 10 lakh,” the circular said.

Consolidation of Financial Statements

 Section 212 of the Companies Act, 1956 via its sub section clearly cast an obligation to attach with the Balance Sheet of the Company certain specified document. kindly refer Section 212 (1) (a) to (g)

These documents are - Balance sheet, Profit & Loss Account, Director's Report, Auditor's Report, a statement of the holding company's interest in the subsidiary, a statement containing information specified in Section 212(5) and the report containing information specified in Section 212(6).

Now a company having a subsidiary has two options -

1. Prepare Consolidated Accounts; or

2. Comply the requirements of Section 212(1)

As per ICAI clarification AS-21 is mandatory if an enterprise presents consolidated financial statements. AS-21 does not mandate an entity to present consolidated financial statements, but where an entity presents consolidated financial statement on its own or for complying with the requirements of any statute of otherwise, it should prepare and present consolidated financial statements in accordance with AS-21

Section 212 applies to all companies i.e. public as well as private.so, in your case, pvt co. which holding co. is required to prepare consolidated financial statement of their susidiary(ies)

As per AS 21

A subsidiary is an enterprise that is controlled by another enterprise (known as the parent).

Control:

(a) The ownership, directly or indirectly through subsidiary (ies), of more than one-half of the voting power of an enterprise; or

(b) Control of the composition of the board of directors in the case of a company or of the composition of the corresponding governing body in case of any other enterprise so as to obtain economic benefits from its activities.

The Securities and Exchange Board of India, vide its circular SMI3RP/Policy/Cir.44/01 dated August 31, 2001 has amended clause 32 of the listing agreement which now requires the listed companies to publish consolidated financial statements in addi­tion to the separate financial statements in its annual report. The amended clause further requires that the statutory auditors of the company should audit the consolidated financial statements. The filing of consolidated financial statements with stock exchanges has also been made mandatory.

Similarly, the Reserve Bank of India, vide its circular no. DBOD No. BR13C. 72/21.04,018/2001‑02 dated February 25,2003 have required the banks to prepare consolidated financial statements to facilitate consolidated financial supervision.

GPRS and EDGE in Mobile Phone Bills

Most common GPRS classes in use are as follows:

Class Slots Upload/ Download Speed Class 2 3 8 - 12 kbps upload / 16 - 24 kbps download Class 4 4 8 - 12 kbps upload / 24 - 36 kbps download Class 6 4 24 - 36 kbps upload / 24 - 36 kbps download Class 8 5 8 - 12 kbps upload / 32 - 40 kbps download Class 10 5 16 - 24 kbps upload / 32 - 48 kbps download Class 12 5 32 - 48 kbps upload / 32 - 48 kbps download

Generally speaking, the higher the GPRS class, the faster the data transfer rates.

EDGE (Enhanced Data rates for GSM Evolution) or EGPRS provides data transfer rates significantly faster than GPRS or HSCSD. EDGE increases the speed of each timeslot to 48 kbps and allows the use of up to 8 timeslots, giving a maximum data transfer rate of 384 kbps. In places where an EDGE network is not available, GPRS will automatically be used instead. EDGE offers the best that can be achieved with a 2.5G network, and will eventually be replaced by 3G.

Benefits of Filling Income Tax Returns

The finance minister recently indicated that salaried employees earning below Rs. 5 lakh and not having any other sources of income would be exempt from filing the income-tax returns.

The due date for filing tax returns by individuals depends on the category one belongs to. In case of individuals whose accounts are required to be compulsorily audited, the return is to be filed by 30 September. For the rest, July 31 is the due date.

Benefits of tax filing

Filing of tax returns ensures that the individual is compliant with the tax laws. There are other benefits also. By staying within the time lines, the individual would be able to manage his financial affairs effectively. For instance:

• The acknowledgment for filing the tax returns would come in handy in case a visa is required to be obtained; the document would serve as proof of the financial soundness of the individual.

• If a loan is required to be obtained from a financial institution, the tax returns would be required to prove the ability of the person to repay the loan

• Excess taxes paid by an individual either by way of tax deduction or advance/self-assessment tax can be refunded only by filing tax returns.

Pagefile.sys Hiberfile.sys

Pagefile.sys a 'file' generated/used by W2K (NT) as 'virtual' memory; that part of the drive behaves as though it was RAM... When physical RAM is fully used and there is need for more, infomation/data not currently being accessed can be 'swaped' to that location and thus free physical RAM for immediate use. That same data can be transferred back if need be into physical RAM at any time. If the Page-file (Swap-file) is being overly accessed/used then one would normally add extra RAM; extra RAM is the simplest way (usually the cheapest too) to improve overall performance of a given system.

Pagefile.sys is the Windows paging file, also known as the file that Windows uses as Virtual Memory. As I've discussed before, Virtual Memory is simply disk space that Windows uses when it runs out of physical memory or RAM. Some of the contents of RAM are written out to disk to make room for whatever other memory request might have come in.


To avoid some of the drawbacks of Vista’s Sleep power-saving mode, you can hibernate your PC. Hibernate saves a copy of everything in your PC’s memory (RAM) onto your hard disk before it shuts down.
Windows uses the file hiberfil.sys, stored in the root folder of your hard disk, to hold your hibernation data. Because it must hold everything in memory, its size is the same as the amount of installed system memory.

Alternate way to enter product key or activate windows

1. Click on the Start Button and type: CMD (into the 'Search programs and files' field in the Start Menu)
2. The Start Menu will show 'CMD.exe',  

 or you can reach to it by Start>All Programs>Accessories> Command prompt

     Right-click the CMD.exe (or command prompt)  file and select Run As Administrator.

1. In the CMD window, type: slmgr.vbs -ipk XXXXX-XXXXX-XXXXX-XXXXX-XXXXX
2. To activate windows after changing the key, type: slmgr.vbs -ato
   

Show me Other ways to activate option not available or not highlighted

open a command prompt as admin and navigate to c:\windows\system32 and type in this command

cslmgr.vbs -dlv > %userprofile%\desktop\act.txt

or u can also try typeing the following at command prompt

slmgr.vbs -dlv

(where userprofile is user name or u can specify any other location if you so desire but as this may not work everytime therefore i would recommend that you should download and use some screen capture software. In that case you need not type beyond DLV as the same would appear on your screen. Make sure that you capture the high resolution readable image of installation id)

on your desktop you will now have a file called act.txt in that file look for installation id it will be a 54 digit number in there, you will want to split it into groups of 6, you should have 9 groups of 6. Copy and paste that number into a text file because when you call the phone number you will need it.

Next you will need to open up phone.inf in c:\windows\system32\sppui and look for our country and then call the number. The automated phone thingy will ask you to input those groups of 6 and then spit out an activation key. Take this key and type it into your text file where your install ID is you are going to need it for the next step.

Open an elevated command prompt and type in slmgr.vbs -atp then the activation ID the phone number gave you. So if it was 1234 you would type slmgr.vbs -atp 1234 then once you do that windows will activate if your activation key is correct.

Windows could not collect information for [OSImage] since the specified image file [install.wim] does not exist

CA ICAI Windows 7

 After searching thousands of websites (suggesting problems in CD write speed or corrupt image etc etc) i was amazed  that the answer was so simple and required a little common sense...

In your entire folder you must be having a 3-4 GB wim or iso file named as Win7Hom or Win7Ent or Win7Ult

All you have to do is to rename that file (i.e Win7Hom or Win7Ent or Win7Ult) into install and make sure that it is placed in a same folder from where you are running the setup..

That's it... Your windows will now install perfectly.....

Try it

10 MP cameras below 7000

Name	Kodak EasyShare C190	Samsung EC ES80 Digital Camera	Samsung EC ST30	Kodak M522	Kodak C195	Kodak C183
Price	6650	6000	5600	5250	4600	4100
Design	Slim	Slim	Slim	Slim	Fat	Fat
MP	12 MP	12MP	10 MP	14	14	14
LCD	2.7 Inch	2.4 inch	2.4	2.7	3	3
Battery Type	2 AA Ni-MH batteries, 2 AA lithium batteries, 2 AA alkaline batteries	Rechargable Battery : BP70A (740mA)	Rechargeable battery : BP70A (700mA)	Li-ion  Battery KLIC-7006	2 X AA Ni-MH batteries, 2 X AA  Lithium Batteries, 2 X AA Alkaline Batteries	2 AA Ni-MH batteries
T V Out Facility	No	No	No	Yes	Yes	Yes

All cameras have face detection.

Must have with all cameras

2 GB Card +

Extra Battery +

Battery Charger+

Camera Pouch+

Data Cable

A V Cable (T V Connectivity) Cable