Nov 27, 2009

GST may be 12%

The proposed goods & services tax (GST) could turn out to be a far more benign impost than anyone expected. In what would amount to a ra...

Nov 26, 2009

Consitution Changes need to made for introducing GST

Constitutional   amendment to be basis of new tax regime. The   Constitutional amendment for the introduction of goods and services tax   (...

GST Registration will be Through PAN linked Business Identification Number

The model legislation for the introduction of  goods and services tax (GST) will have a provision for registration of individuals and comp...

Nov 25, 2009

Provisions under Section 194J of Income Tax Act in the case of transactions by the Third Party Administrators (TPAs) with Hospitals

                                               Circular No.-8 /2009                                               F.No.385/08/2009-IT(B)  ...

RBI Circular to accept cheques written in Regional Languages

Reserve   Bank of India   (RBI) vide its Master Circular dated July 1, 2009 has advised all Scheduled Commercial Banks (excluding Regional R...

Nov 24, 2009

GST Genuine Concerns

Following are the criticism of GST which seems to be unnecessary:- (1) Threshold:Different thresholds have been proposed, Rs 10 lakh for SG...

Nov 23, 2009

Holding Time Limit for Claiming Deduction u/s 80C on Investments

In respect of the some investments/deposits eligible for deduction under section 80C, in some cases , the law provides a minimum period of h...

Form 15G and 15H

Form 15G and Form 15H are used for averting the TDS deduction on interest earned during the financial year on fixed deposits in Banks. There...

Dispute Resolution Panel Rules of Income Tax 2009

[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE ...

Nov 22, 2009

Income Tax 80C Deduction on Tuition Fees

Tuition fees under income tax act is full time education of any two children in any university, college, school or other educational instit...

Nov 20, 2009

No Surcharge & Cess on TDS for Non-Salaries

Finance Act (2) of 2009 comes with major amendment in TDS provisions, where it withdraws additional deductions of surcharge and cess for Non...

Nov 19, 2009

GST may be set at 14-16% : FINANCE MINISTER

Come 1 ST APRIL 2010.. INDIAN ECONOMY .. WHICH IS FAMOUSLY GROWING AHEAD, BREACHING ALL NEW PEAKS , NOW AWAITS FOR A COMPELLING AND ENERGETI...

Goods & Service Tax will be applicable instead of Vat & Excise

The indirect tax regime in India is evolving into GST in the year 2010. The steps towards introduction of GST have commenced. The Emp...

RBI Circular on RTGS

As you are aware, the Reserve Bank of India has taken a series of initiatives in the recent past to facilitate electronic mode of funds tr...

Nov 18, 2009

No TDS on Transport Contract if PAN Provided

As per the amended section 194C, through Finance Act (2) of 2009, No deduction shall be made from any payments made to a contractor during t...

Registration of PAN for Form 26AS

NSDL introduces a new system of Form 26AS registration, wherein it eases the complete process for employees in the organization. In this pr...

Watch Form 26AS with Net Banking

With a new initiative, NSDL enhances Form 26AS viewing facility at internet banking account of PAN holder . For this purpose NSDL has alr...

Nov 14, 2009

E-Filing of Service Tax Return will compulsory in Two Months

The Government will make e-filing of service tax return mandatory within a couple of months, said a senior official of the Central Board of ...