Dec 30, 2011

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

12:24 PM
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 2011 to 6 January 2011. Service tax department has issued a order no. 3/2011 dated 29-12-2011. Full order is as under.

F. No. 137/99/2011 – Service Tax
Government of India 
Ministry of Finance 
Department of Revenue 
Central Board of Excise and Customs,
**********
New Delhi, the 29th December 2011


ORDER NO 3 /2011 – Service Tax

In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 26th December 2011 to 6th January 2012.

This is being done in view of the fact that assessees are facing problems in electronic filing of returns due to various reasons.

(Deepankar Aron)
Director (Service Tax) 
CBEC, New Delhi


To

Chief Commissioners of Central Excise & Customs (All)
Chief Commissioners of Central Excise (All)
Director General of Systems
Director General of Service Tax
Commissioners of Service Tax (All)
Commissioner (DPPR), Delhi

Handling of cargo in custom areas regulation 2009

12:20 PM
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 is as under.

Dec 28, 2011

How TAN account is verified at tin.nsdl

1:27 PM
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 authenticated login (TAN account) provided to deductors/collectors at TIN website. Under this login, following functions are provided:

Dec 27, 2011

RBI has removed the cap in mobile banking in India

1:14 PM
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 banking is trend to increase and for encouraging the customers of banks, it is decided to remove cap for the mobile banking. Full circular is as under.

Dec 26, 2011

Change in KYC norms by RBI

1:23 PM
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 real and get all the details regarding. The amended KYC rules are as follows.

Dec 25, 2011

Changes in e-furnishing form 15CA

1:14 PM
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 15CA will be completely different. The guidelines for e-furnishing form 15 CA are as follows.

Dec 19, 2011

Procedure of service tax refund to exporters through Indian custom

3:47 PM
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 issued a notification regarding the procedure of taking refund. Service tax department has issued circular no. 149 dated 16-12-2011 about the procedure. Full procedure and circular is as under.

Dec 18, 2011

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

3:46 PM
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. Service tax department issued this clarification with a circular no. 148 dated 17-12-2011. Full circular is as under.

Dec 9, 2011

Assessment of Hindu Undivided Family HUF

3:30 PM
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 income: - if there is any joint family property which fetches income will be taxable and assessed like

Dec 8, 2011

What is cost index in case of gifted property

12:55 PM
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 regard. There are several cases where opinion different comes in the cases lawyer to lawyer and assessee to assessee. In these conditions matter often go to courts which resolve the matter. It’s better to know what law compare to appeal in the courts is.

Dec 7, 2011

ALL ABOUT INCOME FROM HOUSE PROPERTY

11:33 PM 1
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 from salary
- Income from house property
- Income from capital gains
- Income from business or profession
- Income from other sources.

Dec 5, 2011

Public Provident Fund Increases rate of interest and limit

6:58 PM
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 increased to 100000 and rate of interest is increased 2% to 1%. Reserve bank of india has issued a circular on 5-12-2011 about the PPF amendments. Full circular is as under.

Dec 4, 2011

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

12:40 PM
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 the peak tax slab of 30 percent. Indian economy is suffering from the global recession which slows down the economic growth to 6.9% which is lowest in the nine quarters.

Dec 2, 2011

SECTION 69D OF INCOME TAX ABOUT HUNDI TRANSACTION

10:45 PM 0
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 on a hundi or any repayment of hundi loan including interest thereon should be done through an account payee cheque on a bank or any other mode of banking, failing which the amount borrowed or repaid is deemed to be income of the person who is borrowing or repaying during that previous year.

Nov 28, 2011

LEAVE SALARY CALCULATOR

1:28 PM
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 accumulate and one can take the payment on his retirement/superannuation for these leaves. These leaves are paid by the employer to the employee for his work done on leaves. This payment is called leave salary.

Nov 27, 2011

GIFT WHICH ARE EXEMPTED FROM INCOME TAX

11:09 PM
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 as follows.

Nov 26, 2011

Custom has imposed Anti Dumping duty on opal glassware

12:27 AM
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 under.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)


Notification No103/2011-Customs
     New Delhi, 23rd November, 2011

G.S.R.    (E). - Whereas in the matter of imports of Opal Glassware (hereinafter referred to as the subject goods), falling under heading 7013 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China and UAE (hereinafter referred to as the subject countries) and imported into India, the designated authority in its preliminary findings vide notification No.14/24/2010-DGAD, dated the 27th June, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 27th June, 2011, had come to the conclusion that-
   (i)     the product under consideration had been exported to India from the subject countries   
           below normal values;                    
  (ii)    the domestic industry had suffered material injury on account of subject imports from   
           subject countries;
 (iii)     the material injury had been caused by the dumped imports of subject goods from the
           subject countries;
 (iv)     the injury had been caused cumulatively by the imports from the subject countries,

and had recommended imposition of provisional anti-dumping duty on the imports of subject goods, originating in, or exported from, the subject countries;
and whereas on the basis of the aforesaid preliminary findings of the designated authority, the Central Government had imposed provisional anti-dumping duty, vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 72/2011-Customs, dated the 9th August, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 610(E), dated the 9th August, 2011;
and whereas the designated authority vide its final findings vide notification No. 14/24/2010-DGAD,dated 25th August ,2011,published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 25th August ,2011 had come to the conclusion that –
(i)                 the product under consideration had been exported to India from the subject countries  below normal value;
(ii)               the domestic industry had suffered material injury on account of subject imports from
subject countries;
(iii)             the material injury had been caused by the dumped imports of subject goods from the
subject countries;
(iv)             the injury had been caused cumulatively by the imports from the subject countries,
and had recommended imposition of definitive anti-dumping duty on all imports of subject goods from the subject country in order to remove the injury to the domestic industry;
Now, therefore, in exercise of the powers conferred by sub-section (2) of section 9A of the said Customs Tariff Act read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, on the basis of the aforesaid final findings of the designated authority, hereby imposes on the subject goods, the description of which is specified in column (3) of the Table below, falling under heading of the First Schedule to the said Customs Tariff Act as specified in the corresponding entry in column (2), originating in the country specified in the corresponding entry in column (4), and produced by the producer specified in the corresponding entry in column (5) and exported by the exporter specified in the corresponding entry in column (6), and imported into India, an anti-dumping duty at the rate to be worked out as percentage of the CIF value of imports of the subject goods as specified in the corresponding entry in column (7) of the said Table.
Table
(1)
(2)
(3)
(4)
(5)
(6)
(7)
SN
Tariff
Head
Description
Of goods
Country
Producer
Exporter
Rate of duty (%)
1


7013

Opal Glassware

China PR

M/s WenzhouHuishunda Industrial Trade Co. Ltd.

M/s Wenzhou HuishundaIndustrial Trade Co. Ltd.


41.61
2
7013
Opal Glassware
China PR
Any other combination of producer/exporter
110.17
3
7013
Opal Glassware
UAE
Any producer
Any exporter
36.73

2.         The anti-dumping duty imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of the provisional anti-dumping duty, that is, the 9th August, 2011 and shall be payable in Indian currency.

Nov 25, 2011

SECTION 40A 2 OF INCOME TAX ACT

1:13 PM 1
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 specified person and such payment is found excessive or unreasonable having regard to the fair market value of the goods, service or facilities for which the payment is made or the legitimate needs of the business or profession of the assessee or the benefit derived or accruing to him there from, the assessing officer is required to disallow so much of expenditure as is found by excessive or unreasonable. 

Nov 23, 2011

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

5:13 PM
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 validity was 6 months. RBI issued a circular no. 251 dated 04-11-2011 regarding this issue. RBI noticed that some people use unwanted use of the cheques as the validity of 6 months is too high and they rotate the cheques as money for payment purposes. Full notification of RBI is as under.

Nov 17, 2011

Liberalization of procedure to set off export receivable against import payable

11:19 PM
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 oriented business which need to do a lot of home work for the duty drawback earlier. Reserve Bank of India has made it easy to get the duty back easily. The main features of set off and full circular of RBI is as under.

Nov 15, 2011

New RPU version 2.6

8:36 PM
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 preparing e-TDS/tcs challans and return from the financial year 2005-06 and onwards. The forms 24Q, 26Q, 27Q and 27EQ can be easily validated with this utility. The key features of latest RPU 2.6 are as follows.

RBI increases ceiling rate on export credit in foreign currency

7:57 PM
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 previous LIBOR plus 200 basis points. RBI issued a notification no. 258 dated 15-11-2011 about this issue. Full circular is as under.

Nov 11, 2011

Clearance of goods from custom bonded warehouse utilizing duty credit strips

6:52 PM
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,FPS,SHIS. In these condition there was a confusion about the duty drawback which is resolved with this circular no. 50 dated 09-11-2011. Full circular is as under.

Nov 10, 2011

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

3:23 PM
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. Circular no. 255 dated 04-11-2011 stated that this scheme will last up to 31-March 2012. Full circular of Reserve Bank of India is as under.


RBI/2011-12/255
RPCD.MSME & NFS. BC.No. 29/06.11.01/2011-2012
November 4, 2011
The Chairman / Managing Director
All Scheduled Commercial Banks (excluding RRBs)
Madam/ Dear Sir,
Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh – Guidelines
Please refer to our circular RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 dated April 21, 2011 on the captioned subject. In this connection, it is now clarified as under:
a)   The Scheme is extended up to March 31, 2012.
b)   Loans sanctioned and disbursed between October 01, 2009 and March 31, 2011 are outside the ambit of the new liberalised Scheme and they will be treated as per old instructions (ie. loans up to Rs.10.00 lakh with project cost up to Rs.20.00 lakh)
Banks may continue to claim reimbursement, at present, as per the original Scheme. For claims in respect of the new Scheme, revised instructions would follow.
2. All other terms and conditions of the interest subvention Scheme remain the same.
3. Please acknowledge receipt.
Yours faithfully,
(C.D.Srinivasan)
Chief General Manager

Nov 8, 2011

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

2:51 PM
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 with a CBDT press release. Full notification is as under.

Nov 7, 2011

Demand Draft DD above Rupees 20000 will be account payee

4:26 PM
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 market as cash,dd. RBI isssued a circular regarding this issue. RBI issued a notification no. 250 dated 04-11-2011 for the demand draft. Full notification is as under.

Nov 5, 2011

Repayment of fixed deposit FD in banks

1:06 PM
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 deposit, banks often do some kind of problems to customers in signature problem. So RBI gives relief to customers on this behalf. According to circular in the case of Fixed deposit in the name of Either or survivor, the signature is must only of 1 person and not all in the case of encashing the fd on maturity. Full circular is as under.

Nov 4, 2011

Saving account vs. short time fixed deposit

2:25 PM
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 interest to different type of accounts, not person to person but same type of accounts same rate of interest.

Nov 2, 2011

TIN WEBSITE INCREASE THE FEATURES OF REGISTERED TAN ACCOUNTS

9:57 PM
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 the website. Now the website also added some more features into it. Now registing the TAN account going to be cumplusory day by day. The increased features of TAN accounts are as follows.


•         You may request for Consolidated TDS/TCS statement,  Form 16A as well as Default files for a given statement by verifying only once in a given session.

•         You may request Form 16A, for upto 10 selected PANs at a time.

•         There is a common download menu for the files requested.

•         Facility has been made available to request for consolidated TDS/TCS statement pertaining to FY 2005-06 onwards
•         Files requested will be available for download for a period of 30 calendar days.
Tags-tin website features,tan account registration,tan account registration utility,tan account new features 



Nov 1, 2011

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

5:08 PM
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 Account Number of income tax. 49A form are for resident of Indians whereas form 49AA is for non resident of India.

Oct 31, 2011

Change in TDS rules effective from 01-11-2011

6:18 PM
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 regarding this issue. In this notification income tax department amend rules which are as follows.

RBI has increased the housing loan limit and repayment period

5:54 PM
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 circular no. 7 dated 31-10-2011 about housing loan limit and repayment period. RBI under this circular increased the repayment period up to 20 years and loan limit to 30 lakhs and 70 lakhs Tier 1 USB and Tier 2 USB respectively. Full circular is as under.

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

5:41 PM
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 drawback entity. Custom department issued a circular regarding duty drawback scheme on 31-10-2011 about this issue. Custom department issued circular no. 48/2011 about rates of duty drawback scheme for all industries for 2011-12. Full circular is as under.

Oct 27, 2011

New PAN Application Form 49A and 49AA

2:10 PM
Income tax department has issued new forms for PAN application. New forms no are 49A and 49AA which are used for different category. These both are two sets of form to be fill by the applicant. Form 49A is to be filed by the applicant who is the resident of India and Form 49AA is for the foreign resident.


There are the instruction for filing Form 49A and 49AA.
INSTRUCTIONS FOR FILLING FORM 49A
(a) Form to be filled legibly in BLOCK LETTERS and preferably in BLACK INK.

(b) Each box, wherever provided, should contain only one character (alphabet /number /
punctuation sign) leaving a blank box after each word.

(c) 'Individual' applicants should affix two recent colour photographs (size 3.5 cm x 2.5 cm) in
the space provided on the form. The photographs should not be stapled or clipped to the form.
The clarity of image on PAN card will depend on the quality and clarity of photograph affixed on
the form.

(d) Signature / Left hand thumb impression should be provided across the photo affixed on the
left side of the form.

(e) Signature /Left hand thumb impression should be within the box provided on the right side
of the form. The signature should not be on the photograph affixed on right side of the form. If
there is any mark on this photograph such that it hinders the clear visibility of the face of the
applicant, the application will not be accepted.

(f) Thumb impression, if used, should be attested by a Magistrate or a Notary Public or a
Gazetted Officer under official seal and stamp.

(g) AO code (Area Code, AO Type, Range Code and AO Number) must be filled up by the
applicant. These details can be obtained from the Income Tax Office or TIN Facilitation Centre
(TIN‐FC) may assist in doing so.

(h) Applicant can also search for AO details on www.tinnsdl.com
Tags-form 49a,form 49aa,features of form 49a,how to fill form 49a,how to download form 49a,pan application form new,new form for pan

Oct 26, 2011

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

7:49 PM
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 saving account holder. Now RBI has empowered the banks to choose different interest rates to the different types of accounts.

RBI HAS INCREASED REPO RAE BY 25 BASIS POINT

1:48 PM
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 of 2011-12 while increased the LAF. RBI has increased LAF by 25 basis points from 8.25% to 8.5% with immediate effect.

Oct 25, 2011

HAAPY DEEPAWALI

5:42 PM
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 your near and dear ones lives.
May this Diwali bring in u the most brightest and choicest happiness and love you have ever Wished for.
May this Diwali bring you the utmost in peace and prosperity.
May lights triumph over darkness.
May peace transcend the earth.
May the spirit of light illuminate the world.
May the light that we celebrate at Diwali show us the way and lead us together on the path of peace and social harmony
“WISH U A VERY HAPPY DIWALI”
From:-
Taxalertindia
freeworking.hubpages.com
Nitin Aggarwal

Oct 23, 2011

SERVICE TAX ON SERVICE PROVIDERS ENGAGED IN CONSTRUCTION WORK

11:32 AM
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,airports, tunnels etc. Service tax department also classifies the contractor and sub contractor base with this circular and impose service tax accordingly. Service tax department levy service tax on construction sector with circular no. 147 dated 21-10-2011. Full circular is as under.

Oct 22, 2011

On Site Post Clearance Audit by Custom Department

6:23 PM
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 both the importers and importers as they have cleared the past with the audit report. Custom department has issued a circular no 47 dated 21-10-2011 regarding this issue. In this circular custom department has made some clarification as well as some points which are neccessary for on site post clearance audit. Full circular is as under.

Oct 21, 2011

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

12:53 PM
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 December 2011. Service tax department issued an order regarding this move. According to order no 1/2011 dated 20-10-2011, the service tax return filing last date has been extended. 

CUSTOM CIRCULAR NO 46 ABOUT EXPORT UNDER DUTY DRAWBACK SCHEME

12:42 PM
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 rules of export under duty drawback scheme. Custom department also issued some instructions with the circular under section 74 of custom act. Full circular is as under.

Oct 20, 2011

TDS CIRCULAR NO 8/2011 ABOUT PAYMENT DEPOSIT IN BANKS

3:56 PM
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 dated 14-10-2011. Full circular is as under.

Oct 19, 2011

CBDT HAS ISSUED DISCUSSION PAPER ON ACCOUNTING STANDARD

4:22 PM
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 is accepted by the finance minister Mr. Pranab Mukharjee. Full issue of Discussion paper is as under.

Oct 18, 2011

TDS SECTION 196B OF INCOME TAX ACT

12:43 PM
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, which is established outside India in respect of units subscribed in foreign currency or where any long term capital gain arises on the transfer of such units, the payer of such income is liable to deduct tax on such income at the rate of 10%.

Oct 16, 2011

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

1:06 PM
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 activities. Indian post is planning to set up at least 1000 ATM center initially for this purpose by set up a subsidiary PBI (Post bank of India). India post has the large network in India in rural as well as in urban areas which has around 1.5 lakhs centers. Giving the ATM facility will increase the transactions as well as increase the network of India post.

Oct 15, 2011

STATES ARE PLANNING TO IMPOSE VAT ON SUGAR AND TEXTILE

5:14 PM
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 be come into the reach of VAT, Sugar and Textile. States are planning to impose VAT on sugar and textiles from the next financial year which is 01-04-2012.

Oct 14, 2011

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

8:35 PM
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 ready to press automatic exchange of banking details and information of the individual accounts in G20 summit heading on 14-15 October in Paris (France).

Oct 13, 2011

RBI CHANGED THE NAME OF RATING SYMBOLS OF CREDIT RATING AGENCIES

6:38 PM
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 rating system as different rating agencies give different rating to the same company with there analysis. So it is necessary now to put the credit rating agency name before the rating symbol. Reserve bank of India issued a circular no. 217 dated 13-10-2011 regarding this issue. Full circular is as under.

Oct 9, 2011

FACTORS WHICH DECIDE THE INCOME IS STCG OR BUSINESS INCOME

1:28 PM
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 down recently, investors use a simple funda, buying on low and selling on up on daily basis, which results in profit and loss. But these type of transaction attracts income tax. But the problem is that either it is a short time capital gain/loss or business profits/loss. The laws of India mostly believe on the recent tax cases. One of the recent tax case about these type of transaction decided by the income tax tribunal in Mumbai.