Jul 28, 2011

FORM 16A E TUTORIAL FOR DOWNLOAD ON TIN WEBSITE

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FORM 16A E TUTORIAL FOR DOWNLOAD ON TIN WEBSITE
Income tax department has issued complete procedure and e tutorila to download form 16A from tin.nsdl website. This tutorial is the complete procedure with all the picture with which one can easy download the tds certificate forms.

START DOING BUSINESS IN INDIA IN LESS THAN 1 DAY

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START DOING BUSINESS IN INDIA IN LESS THAN 1 DAY
India will soon join an elite group of countries where starting a business will take less than a day. The Ministry of Corporate Affairs (MCA) has simplified the procedures for incorporation to enable promoters to get their companies incorporated within 24 hours.

Jul 26, 2011

RBI HAS INCREASED REPO RATE BY 50 BASIS POINTS

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RBI HAS INCREASED REPO RATE BY 50 BASIS POINTS
Reserve bank of India has increased repo rate by 50 basis points to 8 percent from 7.5 percent with immediate effect. RBI  has also made changed in LAF and MSF with the changes in repo rate. Full circular of Reserve Bank of India is as under.

MONETARY POLICY REVIEW FOR FIRST QUARTER OF 2011-12

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MONETARY POLICY REVIEW FOR FIRST QUARTER OF 2011-12
Reserve Bank of India on 26-07-2011 presented annual monetary policy. In this policy RBI has increased repo rate by 50 basis points to 8 percent. RBI also changed some other tools wit immediate effect. Complete review of monetary policy is as under.

Jul 25, 2011

DISHONOUR OR RETURN CHEQUE SHOULD ACCOMPANY WITH MANUAL SIGN IN CHEQUE MEMO

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DISHONOUR OR RETURN CHEQUE SHOULD ACCOMPANY WITH MANUAL SIGN IN CHEQUE MEMO
Reserve Bank of India issued a circular about the return cheque slip should be manually signed. Earlier it was the practice of banks that it is a computer generated statement and need no signature. But RBI feels it is not a good pa\ractice and make it mandatory to manually signed the cheque memo of returned cheque. Full circular is as under.

Jul 22, 2011

INCOME TAX NEW RULE FOR UNNAMED BENAMI PROPERTY

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INCOME TAX NEW RULE FOR UNNAMED BENAMI PROPERTY
As the government faces heat over corruption and black money, it is planning to bring a law to prevent the misuse of benami transactions, a key source of illicit funds.

The Cabinet today approved a Bill to replace the Benami Transactions (Prohibition) Act, 1988.

RUPEE HEDGING FOR NON RESIDENT

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RUPEE HEDGING FOR NON RESIDENT
Purpose
To hedge the currency risk arising out of genuine trade transactions involving exports from and imports to India, invoiced in Indian Rupees, with AD Category I banks in India.
Products
Forward foreign exchange contracts with rupee as one of the currencies and foreign currency-INR options.

Jul 20, 2011

CASHLESS INSURANCE IS BACK IN INDIA EXCEPT APPOLO

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CASHLESS INSURANCE IS BACK IN INDIA EXCEPT APPOLO
BARRINGthe Apollo group, cashless health cover services have been restored in all other corporate hospitals, after their managements agreed to the standard treatment rates negotiated by the public sector health insurance providers.

CVD REFUNF OF 4% EXTENDED TO 15 SEPTEMBER

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CVD REFUNF OF 4% EXTENDED TO 15 SEPTEMBER
Custom department has circulars about refund of 4% cvd duty is extended to 15th of september. Custom department has issued a circular no 30 dated 19-05-2011 about this facility to claim refunf of cvd. Full circular is as under.

EXTENSION OF FACILITY OF EXPORT WEARHOUSE AT TAJIRA

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EXTENSION OF FACILITY OF EXPORT WEARHOUSE AT TAJIRA
Excise department has extended the extension of export wear housing at tajira in alwar district of rajasthan state. Excise department issued a circular no 949 dated 19-07-2011 about this issue. Full circular is as under

Jul 16, 2011

PRESIDENT SPEECH ON INCOME TAX 150 YEAR

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PRESIDENT SPEECH ON INCOME TAX 150 YEAR
President Mrs. Pratiba Devi Patil give speech on completion of 150 years of income tax department. Full speech of Mrs. President is as under. 8A3SZASBQE7P

Jul 15, 2011

CUSTOM EXEMPT SOME GOODS FROM CUSTOM DUTY

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CUSTOM EXEMPT SOME GOODS FROM CUSTOM DUTY
Custom department exempts some goods from custom duty. Custom department notifies with a circular no. 60 dated 15-07-2011 about this exemption. Full circular and exempt goods details are as follows.

Jul 13, 2011

CREDIT CARDS WITH 1.99% INTEREST AND NO LIMIT

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HDFC Bank, the second largest private bank in India, has launched Infinia Card, the competitor of American Express and Apex card. The main features of Infinia cards is no spending limit and rate of interest of 1.99% which is lowest in the credit cards market in India.
Generally the rate of interest of the credit cards is 3-3.5% per month, so it's almost half compare to other credit cards.

Jul 12, 2011

MASTER CIRCULAR ABOUT COLLECTION OF DIRECT TAX BY BANKS

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MASTER CIRCULAR ABOUT COLLECTION OF DIRECT TAX BY BANKS
RBI issued a master circular about collection of direct taxes by banks. RBI tells different types of tax collected by banks which are as follows.

Jul 11, 2011

INCOME TAX DEPARTMENT IS FOCUSING ON TRANSACTIONS OF IMMOVABLE PROPERTIES

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Income tax department is seriously focusing on the transactions of high value properties dealing. Sale and purchase of immovable properties creates high value transaction. And in a lot of transactions do not relate with PAN number. So income tax department uses third party information for these types of transactions, for tax evasion and create additional tax collection.

ANTI DUMPING DUTY CAN BE COLLECTED UPTO 5 YEARS FROM THE DATE OF IMPOSITION

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ANTI DUMPING DUTY CAN BE COLLECTED UPTO 5 YEARS FROM THE DATE OF IMPOSITION
Custom department give the clarification about anti dumping duty. Custom department said that anti dumping duty can be collected up to 5 years from the date of imposition of duty under the custom law.Custom department issued a circular no 28 dated 8-7-2011 which is as under.

Jul 10, 2011

FORM 16 IMPORTANCE AND GUIDE FOR FILING INCOME TAX RETURN

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FORM 16 IMPORTANCE AND GUIDE FOR FILING INCOME TAX RETURN
July is the month when the taxpayer needs to discharge obligation of filing annual income tax return. In case of the salary holder the way is simple. They need to furnish the details of the salary and TDS deducted statement, if there is no other source of income.

Jul 8, 2011

CHECK TAX CREDIT IN 26AS BEFORE FILING THE IT RETURN

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CHECK TAX CREDIT IN 26AS BEFORE FILING THE IT RETURN
Taxpayers are advised to verify the tax credits available in 26AS statement before filing the Income Tax Return. It will facilitate faster processing and quick refunds. In order to avoid the TDS mismatch i.e if your claim of TDS is higher than the tax credits available in 26AS statement, please contact the Deductor for filing of the correction TDS statement

INCOME TAX COLLECTIONS FIGURE FOR THE FIRST QUARTER 2011

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INCOME TAX COLLECTIONS FIGURE FOR THE FIRST QUARTER 2011
Income tax collections for the 1 quarter of 2011, that is april-june is increased by 23.91 % to 104136 crore rupees. These figure are of gross collection of the income tax department.

Jul 7, 2011

NEW MARUTI SWIFT WILL HIT THE ROAD NEXT MONTH

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Maruti Suzuki, the largest car seller in India, has modified Swift model of Maruti Suzuki. The new model will hit the road in the next month, August 2011. This is the change in the Swift car in the 6 year, which is the largest demand car in India.

Jul 6, 2011

ALL ABOUT SYSTEMATIC INVESTMENT PLAN

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ALL ABOUT SYSTEMATIC INVESTMENT PLAN
System investment plan is the way of investment in which the investor invest the money regularly which may be daily,weekly,monthly or quarterly. This will reduce the loss chances and save from the markets ups and down. In this method, one can adopt a method of investing more in down market and investing less in up market.
System investment plan tells more buy on dips and less buy on ups which is the right method for investing.

Jul 5, 2011

EXCISE CLARIFICATION ON EXCISE DUTY ON TEXTILE

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EXCISE CLARIFICATION ON EXCISE DUTY ON TEXTILE
Excise department has issued a clarification about excise duty on textile. There was a confusion about rate of excise duty on textile as there was a notification about rate of excise duty on textile reduced to 4%. Excise department has cleared with the circular no. 948 dated 05-07-2011 that excise duty on textile product is 10%.
This was done because items falling under these headings already attracted 8% by tariff. Thus the effective rate of excise duty on these textile items operated through the tariff since both the effective as well as the tariff/statutory rate was at 8%. Subsequently in Budget, 2010-11, when the general Cenvat rate was increased from 8% to 10%, the tariff rates for these headings were also increased to 10%. Since both the effective duty rate and the tariff rate are at 10% for these goods, the excise duty rates on these goods continue to operate by tariff even though they are no longer referred to in notification no. 29/2004-CE
Tags-excise on textile,excise duty on textile products,central excise rate on textile,excise duty rate on textile

Jul 4, 2011

RBI TELLS POWER TO CEASE THE FORGED NOTES

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RBI TELLS POWER TO CEASE THE FORGED NOTES
Reserve Bank of India issued a master circular about the power to cease the forged notes. RBI issued a circular no. 78 dated 01-07-2011 about the power to cease of counterfoiled notes. the full circular is as under.

DEPB Scheme will last for 3 more months

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DEPB Scheme will last for 3 more months
Duty entitlement pass book scheme will last for three more months upto 30-9-2011, the custom department issued a notification regarding this scheme. Under the notification number 26/2011 dated 01-04-2011, custom department defines that DEPB scheme will last for three more months upto 30-09-2011. Full notification is as under.

IMPORT OF HAZARDOUS WASTE

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IMPORT OF HAZARDOUS WASTE
Custom department issued a notification about the import of hazardous waste. Custom department issued all the details regarding hazardous waste under the notification number 27/2011 dated 01-07-2011. Under hazardous waste all types of computer accessories like cd-rom,ram and other parts are included. Full notification is as under.

Jul 3, 2011

CREDIT CARDS IN INDIA

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CREDIT CARDS IN INDIA
Reserve Bank of India issued master circular about credit card operation in india. It includes the eligibility to have a credit card,card limit and all the details regarding to it. Reserve Bank of India also defines the maximum rate of interest on credit cards. The master circular includes

ALL ABOUT INTEREST RATES ON RUPEES DEPOSIT IN BANKS

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ALL ABOUT INTEREST RATES ON RUPEES DEPOSIT IN BANKS
Reserve Bank of India has issued a master circular about the interest rates on all types of deposit by the banks. In this circular RBI has classified all types of investment in the banks and maximum rate of interest on these deposit. In this master circular includes.