START DOING BUSINESS IN INDIA IN LESS THAN 1 DAY

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.
RBI HAS INCREASED REPO RATE BY 50 BASIS POINTS

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.
INCOME TAX NEW RULE FOR UNNAMED BENAMI PROPERTY

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

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.
CVD REFUNF OF 4% EXTENDED TO 15 SEPTEMBER

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.

CREDIT CARDS WITH 1.99% INTEREST AND NO LIMIT

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.

INCOME TAX DEPARTMENT IS FOCUSING ON TRANSACTIONS OF IMMOVABLE PROPERTIES

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.
CHECK TAX CREDIT IN 26AS BEFORE FILING THE IT RETURN

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

NEW MARUTI SWIFT WILL HIT THE ROAD NEXT MONTH

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.
ALL ABOUT SYSTEMATIC INVESTMENT PLAN

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.
EXCISE CLARIFICATION ON EXCISE DUTY ON TEXTILE

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
RBI TELLS POWER TO CEASE THE FORGED NOTES

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

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

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.
CREDIT CARDS IN INDIA

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

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.
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