Using ATM of other bank will charge more from today, 1 july 2011 as the banks will charge minimum of 20 rupees per non financial transaction like balance enquiry and change the PIN. The new rule will come into effect from today when the free transaction to the other bank ATM are limited to five.

Everybody has the fear of income tax scrutiny. The main reason is that the income tax return comes into the scrutiny by random search. So anybody can be the victim. These are the points which can safe you from harassment and time consuming process as well as expensive in the money matter. These transaction should be reported when filling returns.

Reserve Bank of India takes some steps to rationalize overseas direct investment. RBI issued a circular no 73 dated 29-06-2011 about the overseas direct investment. In this move transferring the money in India becomes more easy and hassle free. Some other steps are also taken which are as under.

In a step to increase liquidity and the money in domestic mutual fund market as well as in the share market, finance ministry takes the step to allow foreigners to invest in the domestic mutual funds. 

Public provident fund in regard of Reserve Bank of India has made a clarification about payment of interest in HUF account. PPF HUF account are closed in 2005 and are only open to individual. But there was some puff about the opened account which are tend to mature. So this clarification is made which is as under.

India has signed DTAA Double taxation avoidance agreement with Singapore. Double tax aviod agreement is the deal between two countries by which the tax payer need to pay income tax to one country of which it dues, and by showing the certificates of income tax paid, the second country can not ask to repay the income tax. Some transactions are like this in which one works part time to different country or work in home country to the foreign country. In such cases the Double taxation avoid agreement works.

Income tax department has issued some new guidelines for transferring money outside india. The new law is constituted for stopping the black money and recovery the money from abroad.

As you know the creation of Form 16a is free as well as it's mandatory for the banks as well as company for create the Form 16a from the tin.nsdl website. But the procedure for creating form 16a from tin website is complex and one can't do it easily. So there is complete procedure for creating form 16a from tin.nsdl website with pictures so one can easily do it. Full procedure is as below

As you know income tax department has notified that salaried person whose income below 5 lakhs need not to file income tax. Form 16 will be treated as the income tax return for the person whose income is from salary and not income from other sources. This was only the circulations and not in notification and not in written. Income tax department issued a press release on 23 June 2011 about the income tax return to the salaried person whose income is below 5 lakhs from salary income. Full press release is as under.

Custom department has given a circular about custom house agent license. How to get the license and all about the formalities. Custom Department has issued a circular no. 25/2011 about the custom house agent license. All the formalities and the circular of the custom department is as under.

Central excise department has issued clarification on the excise duty on readymade branded garments. In this annual budget finance minister imposes excise duty on branded readymade garments. But there was so much confusion and protests against the excise duty on branded readymade garments. So central excise issued a circular number 947 dated 21-06-2011 regarding clarification on it which is as under.

Rupay card, the Indian invention to give competition to multinationals visa and mastercard, is launching in India on Monday, 20-6-2011. Rupay card is the alternative of visa and mastercard which will work all over India to withdraw cash from any ATM or do shopping.

Basically, capital gains tax is applicable on sale of capital assets such as property, gold, shares, mutual fund (MF) units, bonds and debentures. Depending upon the holding period, these assets are classified as long-term or shortterm. The latter are those that are typically held for less three years or lesser. By corollary, assets held for more than three years are termed as long-term.

Banks may have two insurance partners in the segment of life,non life or health insurance. To increase the number of insurance, government is planning to free the banks, for having only one partner for insurance. Currently Indian Banks can tie up with only one insurance company, so to increase the insurance all over the worls, government is planning to increase the number of insurance company as partners. Moreover, almost all the big banks are having there own insurance company like SBI LIFE, ICICI LOMBARD, HDFC Insurance etc. So if they can tie up with more insurance company, business will trend to grow.

Stock and exchange board of India asks the promoters of the listed firms to convert their holding of the shares in demat form. Promoters of around 50% listed company still hold the shares in physical form out of which almost 650 promoters of the firms holds entire holding in physical form.

Registration of TAN number is going neccessary day by day. One can't see the details of tax deposited without TAN registration. Even now a days tin.nsdl has giving options that without registration of TAN number, one can not use the latest utilities. For example, tin.nsdl has recently launched RPU 2.5 but one can not use it without registration of TAN number. So this is the presentation with pictures as how to register the TAN number on tin.nsdl website.

Reserve Bank of India has increased the repo rate by 25 basis points. RBI presenting the mid quarter monetary policy review on 16-06-2011 and increases the repo rate by 25 basis points. Now the repo rate is 7.5% for dealers as well as for banks.

Good news for the person who wants to go abroad but have limited budget. Low cost airlines Indigo Airlines will start its international destination from September. From the starting of september indigo airlines will start its operation to Bangkok, Singapore and Dubai.

As you know tin.nsdl has launched a new RPU version 2.5 for preparation of e-tds/tcs statements regular and correction. But it's confusing as how to set up the new rpu 2.5. this is the complete guide of how to use the latest rpu 2.5.

FACED with the challenge of curbing black money in electoral process, the Income Tax (I-T) department has now proposed assessment of the income of political parties under the provisions of “charity” law instead of the present system of doing so under a special clause.

Reserve Bank of India has decided that the bank which receives RTGS and NEFT will also get compensated. In this regard RBI has issued a circular 559 dated 02-06-2011 that destination bank will also get the commission for thae electronic money transfer. The features of this system are as under.

Reserve Bank of India has issued guidelines of opening NRO account to banks. In this guidelines RBI tells the banks about the documents as well as the requirement for opening the NRO account. Vide the circular number 70 dated 9-6-2011 Reserve Bank of India guides as under.

Indian Government is planning to implement a new tax code to bring back black money to India. There are so much protest about black money, so income tax department is seriously planning to implement this new tax code which will be very harsh for the tax evaders. Direct Tax Code will be implement from 1 April 2012 and government is planning to edit some rules in it for the persons who have the black money in foreign accounts.

Director General of foreign Trade department has issued a notification no. 55 dated 07-06-2011 about export of river sand to maldives. Full notification is as under.

Excise Department has exempted smart card manufacturing from central excise. Excise department has issued a circular regarding this exemption. Excise Department issued notification no. 14 dated 3 june 2011 said that

Income tax department issued data for net collection of income tax of the first two months of the current financial year 2011-12. The direct tax collection for the month April and May is as under.

After appointing internal vigilance to tackle and solve problems of fraud in banks, into the public sector banks. RBI on 2-6-2011 issue guidelines to private and foreign banks to appoint internal vigilance in its all the branches to minimize the cases of fraud. Reserve Bank of India issue a circular no. 554 dated 2-6-2011 regarding this announcement

RBI under a circular no 556 dated 02-06-2011 allowed co-operative banks to finance self help group and joint liability group. Reserve Bank of India issued a circular regarding this announcement which is as under.

Reserve Bank of India has included two new banks in the second schedule of RBI. The two new names are as under.

India has signed DTAA Double taxation avoidance agreement with Mozambique. Double tax aviod agreement is the deal between two countries by which the tax payer need to pay income tax to one country of which it dues, and by showing the certificates of income tax paid, the second country can not ask to repay the income tax. Some transactions are like this in which one works part time to different country or work in home country to the foreign country. In such cases the Double taxation avoid agreement works.

Due to increase trend of investment abroad, Reserve Bank of India makes some steps to make investment abroad more rationalize and liberalize. RBI issued a circular no. 69 dated 27-05-2011 regarding making investment in abroad more easy. The steps are as follows.