INDIA AND NEPAL REMITTANCE SYSTEM

RBI has issued a circular about india and nepal financial remittance system among the citizens. RBI also gives guidelines to increase the transactions of NEFT between India and Nepal. Many Nepalese live in India and they need to sent the money to their family. Full circular of Reserve bank of India is as under.

rbi

INCOME TAX IS PLANNING TO ADD 8 NEW TRANSACTIONS IN AIR RADAR

Indian government is feeling high pressure of black money of opposition as well as public. So income tax department added eight new information in its AIR (Annual information return). AIR is the income tax department tool which will tell the high value transactions in different fields.

INCOME TAX

INCOME TAX FILING OF E-RETURN BY LEGAL HEIR(LH)

This is regarding cases where the assessee has expired but a return has to be filed by LH using his DSC. Following process is suggested in above regard :

1. The legal heir (LR) has to get a DSC in his own name.
2. LH is required to make a request by sending a mail toefiling.administrator@incometaxindia.gov.in  /efiling@incometaxindia.gov.in mentioning the name, PAN,Date-of-Birth of deceased as well as that of the LH along with scanned attachment of the death certificate of the deceased.
3. On receipt of above, LH would be enabled to file the return of deceased using LH’s DSC.

INCOME TAX

INSURANCE COMPANIES CAN'T DENY CLAIM FOR DELAY IN INTIMATION: IRDA

Insurance companies cannot deny the claim of the insurance policy holder on the fact that the policy holder delay in filling the claim as well as valid documents particularly in the case when the delay is because of unavoidable circumstances.

all about insurance policy , irda

RBI RAISE THE LIMIT OF GIFT TRANSFER BY NRI

Reserve Bank of India has raised the limit of gift transferred by non resisent of India to the resident of India. This is the good news for NRI as well as residents of India as it will be easy to get the money from close relatives in need. Earlier the limit was $25000, which is increased to $50000, the gift transferred to non resident to indian resident as a close relative.

rbi

SERVICE TAX NEGATIVE LIST

Recently service tax department has exempt paper industry from the service tax. So this is the seventh category of services which is exempt from service tax in India. There are six more services which are exempt from service tax. The categories as well as sub categories are as follows.

SERVICE TAX

E-FILING OF CENTRAL EXCISE RETURN IS MANDATORY FROM 01-10-2011

E-filing of central excise return is going to be mandatory from 01-October 2011. Central excise department issued a circular regarding this. Circular no. 955 dated 15-September 2011 stated that e-filing of central excise is mandatory in ACES. Full circular is as under.

central excise

RBI HAS INCREASED REPO RAE BY 25 BASIS POINT

Reserve Bank of India has increased the repo rate by 25 basis point to 8.25%. RBI has announced mid quarter monetary policy on 16 September 2011. Repo rate was 8% earlier and is increased 25 basis point to 8.25%.

rbi

Voluntary Payment of Custom Duty Before Final Assessment

Custom department has issued a clarification cum circular no 40 dated 09-09-2011. In this circular custom department gives clarification about voluntary payment of custom duty before the final assessment time. The full circular is as under.

custom

DUE DATE FOR FILLING ITR-V IS EXTENDED TO 31-10-2011

Income tax department has extended the last date of e-filing of income tax return ITR-V to 31-10-2011 or the 120 days from the date of upload, whichever is later. Earlier this relaxation was only extended to 30-06-2011. But income tax department has further extended this relaxation because around 10-15% of the return are pending for e-filing as there is an issue of either digital signature or wrong e filing.

INCOME TAX

PREPAYMENT PENALTY IS NO MORE ON FLOATING HOME LOAN AND AUTO LOAN

Banks, like the old time seth, always try to give pain financially to the customers.The pain is big when some body want to borrow the money from bank. banks always ready to levy different charges on loans.

The new charge is prepayment penalty. It means one need to pay more if he desire to pay the loan early. It doesn't sense at all. Why we pay more if we return the money early?.

Reserve Bank of India take the meeting with all the bank and they are agreed to waive the prepayment penalty, which may be 1-5% on different loans and occasions.

With this move one can easily shift the home loan from one bank to another where the common man gets better interest rate. It also increases competition between banks, which will give benefit only to customers.

However fixed rate home loan will be charged prepayment penalty as usual.

banking , HOME LOAN

Custom Has Introduced Self Assessment in Import And Export

Custom department has introduced self assessment of the value of goods in import and export. Custom department has issued a notification regarding this step. According to the notification no. 39/2011 dated 02-09-2011, the importer as well as exporter can self assess the value of goods and can pay duty thereon.

custom

EARLY FILING OF INCOME TAX MORE PAIN LESS GAIN

Filing of income tax return before the time or in another words as soon as financial year ends is very good in assesse point of view, but early filing of income tax return is not as easy as paying electricity bill before the last date. Filing of income tax return consists of gathering a lot of data and it requires time. These are the main hurdles which take time in filing of income tax return and income tax return cannot be filed timely.

INCOME TAX