Dec 30, 2011

Service tax department has extended the last date o submitting half yearly return to 6-1-2012

Service tax department has extended the last date of submitting half yearly return of the period april to september 2011 from 26 December 20...

Handling of cargo in custom areas regulation 2009

Custom department has issued a circular no. 54 dated 29 december 2011 about handling of cargo in custom areas regulation 2009. Full circular...

Dec 28, 2011

How TAN account is verified at tin.nsdl

 Tax Information Network (TIN) has always been providing various facilities to deductors. One such facility provided under TIN is authentic...

Dec 27, 2011

RBI has removed the cap in mobile banking in India

Reserve bank of India has removed the maximum limit cap of maximum limit per customer per day for the mobile banking. In India the mobile ba...

Dec 26, 2011

Change in KYC norms by RBI

Reserve bank of India has amend some rules in KYC norms. KYC norms are know your customers which includes verifying the documents with the r...

Dec 25, 2011

Changes in e-furnishing form 15CA

Tin.nsdl has changed some guidelines for e-furnishing form 15CA. There are some changes in the form 15CA with which e-furnishing of the form...

Dec 19, 2011

Procedure of service tax refund to exporters through Indian custom

Service tax department has changed the procedure of taking refund to exporters through Indian custom EDI system(ICES). The department has is...

Dec 18, 2011

Service tax clarification on tax on distributors of films & exhibitors of movie

Service tax department has made a clarification about service tax on distributors and sub-distributors of films and exhibitors of movie. Ser...

Dec 9, 2011

Assessment of Hindu Undivided Family HUF

H.U.F will be assessed if the following two conditions are satisfied which are as under. There is a joint family property producing taxable ...

Dec 8, 2011

What is cost index in case of gifted property

All of us know capital gains tax and cost index more or less. But one need to know in more depth to take the benefits of tax saving in this ...

Dec 7, 2011

ALL ABOUT INCOME FROM HOUSE PROPERTY

When some person files income tax return, he needs to give the details of income in five heads. These five heads are as under. - Income fr...

Dec 5, 2011

Public Provident Fund Increases rate of interest and limit

Public provident fund PPF scheme increases rate of interest as well as the PPF limit amount. Earlier PPF limit was 70000 rupees which is inc...

Dec 4, 2011

FICCI Suggests 30% income tax slab on income above 12 lakhs

FICCI (Federation of India chamber of commerce institute) has suggested the Indian government to raise the income tax limit to 12 lakhs for ...

Dec 2, 2011

SECTION 69D OF INCOME TAX ABOUT HUNDI TRANSACTION

Section 69D of income tax of India is about amount borrowed or repaid on Hundi. From the assessment year 1977-78 and onwards any borrowing o...

Nov 28, 2011

LEAVE SALARY CALCULATOR

The employees gets some numbers of leaves either 1 or 2 per months as leaves. If the employee doesn't take these leaves, they are accumu...

Nov 27, 2011

GIFT WHICH ARE EXEMPTED FROM INCOME TAX

Gifts which are in cash or in kind, which are exempted are very few. The list of exempted gifts from relatives or any other conditions are a...

Nov 26, 2011

Custom has imposed Anti Dumping duty on opal glassware

Custom department has imposed anti dumping duty on opal glassware wide notification no. 103/2011 dated 23-11-2011. Full notification is as u...

Nov 25, 2011

SECTION 40A 2 OF INCOME TAX ACT

Where an assessee incurs any expenditure in respect of which payment has been made is to be made to any relative of the assessee or any spec...

Nov 23, 2011

Cheque validity is reduced to 3 months from the date of issue

Reserve bank of India has reduced the validity of banking instrument cheque validity to 3 months from the date of issue. Earlier the validi...

Nov 17, 2011

Liberalization of procedure to set off export receivable against import payable

Reserve Bank of India has liberalized the rules of set off the export receivable against import payable. This will generally help the export...

Nov 15, 2011

New RPU version 2.6

Tin.nsdl has launched latest Return preparation utility for E-tds/tcs. The new RPU version 2.6 has been launched. This will help in preparin...

RBI increases ceiling rate on export credit in foreign currency

Reserve bank of India has increased ceiling rate on export credit in foreign currency by banks to LIBOR plus 350 basis points from the previ...

Nov 11, 2011

Clearance of goods from custom bonded warehouse utilizing duty credit strips

Custom department has issued a circular about clearance of goods from custom bonded warehouse utilizing duty credit strip of SFIS,FMS,VKGUY,...

Nov 10, 2011

1% Interest subvention scheme on housing loan is extended upto 31 March 2012

Reserve Bank of India has extended the 1% interest subvention scheme on housing loan upto 31 March 2012. RBI issued a circular about this. C...

Nov 8, 2011

Income tax gross collection up by 20% for April to October

Income tax gross direct collection was up by 20.28% for the April to October. Income tax updates the direct collection of income tax figure ...

Nov 7, 2011

Demand Draft DD above Rupees 20000 will be account payee

Reserve Bank of India issued a notification that Demand Draft DD above rupees 20000 should be account payee and not for transmitting in the ...

Nov 5, 2011

Repayment of fixed deposit FD in banks

Reserve bank of India has issued a circular about repayment of fixed deposit or term deposit. RBI feels that on the repayment of fixed depos...

Nov 4, 2011

Saving account vs. short time fixed deposit

Reserve Bank of India has amended the rule for saving bank account a week ago. Now banks can choose different saving account rate of interes...

Nov 2, 2011

TIN WEBSITE INCREASE THE FEATURES OF REGISTERED TAN ACCOUNTS

Tin.com website has increased the features of registered TAN accounts. Earlier tin.com added the feature of downloading Form 16A online from...

Nov 1, 2011

Income tax form 49A and 49AA for PAN application free download

Income tax department has changed the PAN application form to Form 49A and 49AA. Now these forms are to be filled to apply new Permanent Acc...

Oct 31, 2011

Change in TDS rules effective from 01-11-2011

Income tax department has amend some TDS rules which will be effective from 01-11-2011. Income tax department has issued a notification rega...

RBI has increased the housing loan limit and repayment period

Reserve Bank of India has increased the housing loan limit and repayment period. RBI has issued a circular regarding this. RBI issued circul...

Rates of duty drawback scheme for all industries for 2011-12

There was a confusion going on from many days on the Duty Drawback scheme. The rates of duty drawback was also a main issue along with duty...

Oct 27, 2011

New PAN Application Form 49A and 49AA

Income tax department has issued new forms for PAN application. New forms no are 49A and 49AA which are used for different category. These b...

Oct 26, 2011

Banks are now free to choose different interest rate for saving account

Banks are now free to choose different interest rate for saving account holder. Earlier there is a fix interest rate of 4% per annum for the...

RBI HAS INCREASED REPO RAE BY 25 BASIS POINT

Reserve Bank of India has increased liquid adjustment facility(LAF) by 25 basis points. RBI has presented the second quarter monetary policy...

Oct 25, 2011

HAAPY DEEPAWALI

May This Diwali be as bright as ever. May this Diwali bring joy, health and wealth to you. May the festival of lights brighten up you and yo...

Oct 23, 2011

SERVICE TAX ON SERVICE PROVIDERS ENGAGED IN CONSTRUCTION WORK

Service tax department issued a circular about levy of service tax on the service providers engaged in construction work like roads,dam,airp...

Oct 22, 2011

On Site Post Clearance Audit by Custom Department

Custom department has started the facility of on site post clearance audit for the exporters and importers. This facility is very vital for ...

Oct 21, 2011

SERVICE TAX EXTENDS SUBMISSION OF HALF YEARLY RETURN TO 26-12-2011

Service tax department has extended the last date of filing half yearly return of April 2011 to September 2011 from 25 October 2011 to 26 De...

CUSTOM CIRCULAR NO 46 ABOUT EXPORT UNDER DUTY DRAWBACK SCHEME

Custom department has issued a circular no 46 dated 20-10-2011 about export under duty drawback scheme. Custom department has amend in the r...

Oct 20, 2011

TDS CIRCULAR NO 8/2011 ABOUT PAYMENT DEPOSIT IN BANKS

CBDT issued a circular aboout the payment of TDS to be deposited in Banks. Central board of direct taxes issued this circular no. 8/2011 dat...

Oct 19, 2011

CBDT HAS ISSUED DISCUSSION PAPER ON ACCOUNTING STANDARD

Central board of direct taxes has issued discussion paper on accounting standard for the option and reviews by the stake holders. However it...

Oct 18, 2011

TDS SECTION 196B OF INCOME TAX ACT

Where any income is payable to an offshare funds that is any payment to fund, institution, association of body whether incorporated or not, ...

Oct 16, 2011

INDIA POST IS PLANNING TO SET UP ATM AND ISSUE DEBIT CARDS

Indian post is planning to issue debit cards to their customers and install ATM Centre in the post office to come in the race of banking act...

Oct 15, 2011

STATES ARE PLANNING TO IMPOSE VAT ON SUGAR AND TEXTILE

GST (Goods & Service tax) starts taking its shape as the two VAT and sales tax exempted and the necessary items for general public will ...

Oct 14, 2011

INDIA WILL TAKE THE ISSUE OF EXCHANGING INFORMATION OF TAX IN G20 SUMMIT

Indian government is in great pressure on black money submitted in the foreign countries. So in the way to take money return home, India is ...

Oct 13, 2011

RBI CHANGED THE NAME OF RATING SYMBOLS OF CREDIT RATING AGENCIES

Reserve Bank of India changed the rating symbols of different credit rating agencies. This step is taken due to the confusion about the rati...

Oct 9, 2011

FACTORS WHICH DECIDE THE INCOME IS STCG OR BUSINESS INCOME

There is confusion between short time capital gain and business gain in the share trading on daily basis. As the market is moving up and dow...