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.
Nitin Aggarwal | 7:20 PM | 0 comments
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.
Nitin Aggarwal | 6:53 PM | 0 comments
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.
Nitin Aggarwal | 7:11 PM | 0 comments
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.
Nitin Aggarwal | 6:34 PM | 0 comments
Now one can download form 16a from tin.nsdl website. Even for corporates and for banks, its mandatory to download form 16a from tin website and give it to the dedutee. There is a simple procedure to download form 16a from website. One need to register his TAN number first on the website and then only can download the forms.
Nitin Aggarwal | 2:01 PM | 0 comments
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.
Nitin Aggarwal | 10:37 PM | 0 comments
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.
A Committee has been constituted to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer abroad and its recovery. The Committee is calling for feedback from all the stakeholders on this issue through
Nitin Aggarwal | 10:04 PM | 0 comments
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
Nitin Aggarwal | 11:00 PM | 0 comments
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.
Nitin Aggarwal | 10:49 PM | 0 comments
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.
Nitin Aggarwal | 3:05 PM | 0 comments
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.
Nitin Aggarwal | 10:31 PM | 0 comments
As you know the finance minister has changed somehow the income tax slabs for the financial year 2011-12 and the assessment year 2012-12. So with these changes, advance tax liability has also changed for the financial year 2011-12. For this financial year the income tax slabs are as under.
Nitin Aggarwal | 9:42 PM | 0 comments
Section 9 of income tax act relates to income deemed to arise or eared in
. Some income has confusion either this income arises or accrues in India or not. Incomes which come under section 9 of income tax act deemed that these incomes arise in India and income tax will be applicable to them. The following income is deemed under section 9 of income tax act as arise in India . Section 9 tells that income deemed to arise in India India if any income arise or accure in directly or indirectly by India
Nitin Aggarwal | 8:40 PM | 0 comments
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.
Nitin Aggarwal | 12:47 PM | 0 comments
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.
Nitin Aggarwal | 8:09 PM | 1comments
Advance tax figure rose to 77% for the quarter 1 of 2011 compare to the figure of quarter 1 of 2010. Advance tax figure for thye quarter 1 of 2011 is 30399 crore compare to 17194 crore of one year ago.
Nitin Aggarwal | 2:34 PM | 0 comments
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.
Nitin Aggarwal | 2:24 PM | 0 comments
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.
Nitin Aggarwal | 10:37 PM | 0 comments
I have got some very good format excel based tax challan no. 280,281,282 and 283 which is very vital for filing the income tax as well as other details. The use of these challans is as follows
Challan 280- To deposit self assessment tax, advance tax and tax demand on regular assessment etc.
Challan 281- to deposit TDS (Tax deducted at source)
Nitin Aggarwal | 10:11 PM | 0 comments
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.
Nitin Aggarwal | 7:02 PM | 0 comments
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.
Tags-rbi monetary policy,monetary policy,repo rate,current repo rate,increase in repo rate
Nitin Aggarwal | 2:50 PM | 0 comments
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.
Nitin Aggarwal | 7:21 PM | 0 comments
Tin.nsdl has launched the latest new version of return preparation utility 2.5. This is the latest RPU 2.5 for preparation and correction of TDS/TCS statement files from 2006-07 onwards. This RPU is the latest version bt tin.nsdl but it will work when TAN is registered. So registration of TAN number becomes important from here.
Nitin Aggarwal | 12:56 PM | 0 comments
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.
Nitin Aggarwal | 6:41 PM | 0 comments
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.
Nitin Aggarwal | 6:33 PM | 0 comments
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.
1- Originating bank will pay to the destination bank and not the customer.
2- The commission will be very low around 25 paisa per transaction.
3- The collection or the payment will be monthly basis.
4- This will be applicable from July 1 2011.
Nitin Aggarwal | 6:21 PM | 0 comments
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.
Nitin Aggarwal | 6:27 PM | 0 comments
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.
Nitin Aggarwal | 6:37 PM | 0 comments
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
Nitin Aggarwal | 2:23 PM | 0 comments
We often use plastic(PET) bottle of coke,pepsi or mineral water. Now beer would also come in PET bottle to save the environment. In first glance, it seems strange,but true. Beer manufacturing companies start packing the beer bottle in plastic which is PET bottle same as mineral water. Beer generally comes in two types of packing either glass bottle or can. But it harms a lot to environment as recycling of both these two is not possible.
Nitin Aggarwal | 12:53 PM | 0 comments
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.
Nitin Aggarwal | 9:29 PM | 0 comments
SEBI has started new system for tackle the investor complaints of listed companies. SEBI named it SCORES. Stock and Exchange Board of India issued a circulation about SCORES and the main features of this new system which solves the investor problem of listed companies. According to SEBI, this new system is totally electronic and one can complaint online to any listed company to SEBI with this system. The sailent features of this new system as well as the circular is as under.
Nitin Aggarwal | 9:19 PM | 0 comments
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
Nitin Aggarwal | 9:08 PM | 0 comments
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.
Nitin Aggarwal | 6:21 PM | 0 comments
Stock and Exchange Board of India has introduces liquidity enhancement scheme for illiquid equity derivatives. SEBI with a circular no. 5 dated 2-6-2011 introduces this scheme for the securities which are illiquid and need liquidity to flow and do better in the stock market. The LES(liquid enhancement scheme) is introduced with some rules which are as follows with the circular of SEBI.
Nitin Aggarwal | 6:14 PM | 0 comments
Reserve Bank of India has included two new banks in the second schedule of RBI. The two new names are as under.
1- Credit Suisse A.G.
Reserve Bank of India included these two banks in second schedule with the circular no. 552 and 553 dated 01-06-2011.
Nitin Aggarwal | 6:09 PM | 0 comments
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.
Nitin Aggarwal | 5:37 PM | 0 comments
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.
- Performance gurantee issued by Indian party now only need 50% of the amount of performance gurantee for computing financial commitment which was 100% earlier.
- Share need to be 51% in the foreign investment to take loan etc.
Full circular and the steps are as under.
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