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...

Oct 7, 2011

INCOME TAX REFUND WILL COME RAPIDLY FAST THIS YEAR

The number of return filed electronically has increased and hence increased the chances that the time in refund of income tax return will dr...

Oct 6, 2011

INDIA AND SWITZERLAND WILL SHARE TAX INFORMATION FROM NEXT FISCAL

The ongoing visit of President Mrs. Pratibha Patil to Switzerland comes fruitful as both the countries India and Switzerland will start exch...

RBI GIVES RELAXATIONS IN DOMESTIC MONEY TRANSFER

Reserve Bank of India gives the relaxations in the money transfer in domestic country for the migrates and the people who doesn't have b...

Oct 4, 2011

SECTION 44AB OF INCOME TAX ABOUT AUDIT OF ACCOUNTS

If the total sales/turnover/receipts in the business for the previous year exceeds Rs. 60 Lakhs (from the financial year 2010, earlier Rs. 4...

Oct 3, 2011

CBDT HAS EXTENDED DUE DATE OF FILING INCOME TAX RETURN TO 31-10-2011

Central Board of Direct taxes department has extended due date of filing income tax return for the assessment year 2011-12 from 30-09-2011 t...