Nov 28, 2011

LEAVE SALARY CALCULATOR

1:28 PM
LEAVE SALARY CALCULATOR
The employees gets some numbers of leaves either 1 or 2 per months as leaves. If the employee doesn't take these leaves, they are accumulate and one can take the payment on his retirement/superannuation for these leaves. These leaves are paid by the employer to the employee for his work done on leaves. This payment is called leave salary.

Nov 27, 2011

GIFT WHICH ARE EXEMPTED FROM INCOME TAX

11:09 PM
GIFT WHICH ARE EXEMPTED FROM INCOME TAX
Gifts which are in cash or in kind, which are exempted are very few. The list of exempted gifts from relatives or any other conditions are as follows.

Nov 26, 2011

Custom has imposed Anti Dumping duty on opal glassware

12:27 AM
Custom has imposed Anti Dumping duty on opal glassware
Custom department has imposed anti dumping duty on opal glassware wide notification no. 103/2011 dated 23-11-2011. Full notification is as under.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)


Notification No103/2011-Customs
     New Delhi, 23rd November, 2011

G.S.R.    (E). - Whereas in the matter of imports of Opal Glassware (hereinafter referred to as the subject goods), falling under heading 7013 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred as the said Customs Tariff Act), originating in, or exported from, People’s Republic of China and UAE (hereinafter referred to as the subject countries) and imported into India, the designated authority in its preliminary findings vide notification No.14/24/2010-DGAD, dated the 27th June, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 27th June, 2011, had come to the conclusion that-
   (i)     the product under consideration had been exported to India from the subject countries   
           below normal values;                    
  (ii)    the domestic industry had suffered material injury on account of subject imports from   
           subject countries;
 (iii)     the material injury had been caused by the dumped imports of subject goods from the
           subject countries;
 (iv)     the injury had been caused cumulatively by the imports from the subject countries,

and had recommended imposition of provisional anti-dumping duty on the imports of subject goods, originating in, or exported from, the subject countries;
and whereas on the basis of the aforesaid preliminary findings of the designated authority, the Central Government had imposed provisional anti-dumping duty, vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 72/2011-Customs, dated the 9th August, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 610(E), dated the 9th August, 2011;
and whereas the designated authority vide its final findings vide notification No. 14/24/2010-DGAD,dated 25th August ,2011,published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 25th August ,2011 had come to the conclusion that –
(i)                 the product under consideration had been exported to India from the subject countries  below normal value;
(ii)               the domestic industry had suffered material injury on account of subject imports from
subject countries;
(iii)             the material injury had been caused by the dumped imports of subject goods from the
subject countries;
(iv)             the injury had been caused cumulatively by the imports from the subject countries,
and had recommended imposition of definitive anti-dumping duty on all imports of subject goods from the subject country in order to remove the injury to the domestic industry;
Now, therefore, in exercise of the powers conferred by sub-section (2) of section 9A of the said Customs Tariff Act read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, on the basis of the aforesaid final findings of the designated authority, hereby imposes on the subject goods, the description of which is specified in column (3) of the Table below, falling under heading of the First Schedule to the said Customs Tariff Act as specified in the corresponding entry in column (2), originating in the country specified in the corresponding entry in column (4), and produced by the producer specified in the corresponding entry in column (5) and exported by the exporter specified in the corresponding entry in column (6), and imported into India, an anti-dumping duty at the rate to be worked out as percentage of the CIF value of imports of the subject goods as specified in the corresponding entry in column (7) of the said Table.
Table
(1)
(2)
(3)
(4)
(5)
(6)
(7)
SN
Tariff
Head
Description
Of goods
Country
Producer
Exporter
Rate of duty (%)
1


7013

Opal Glassware

China PR

M/s WenzhouHuishunda Industrial Trade Co. Ltd.

M/s Wenzhou HuishundaIndustrial Trade Co. Ltd.


41.61
2
7013
Opal Glassware
China PR
Any other combination of producer/exporter
110.17
3
7013
Opal Glassware
UAE
Any producer
Any exporter
36.73

2.         The anti-dumping duty imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of imposition of the provisional anti-dumping duty, that is, the 9th August, 2011 and shall be payable in Indian currency.

Nov 25, 2011

SECTION 40A 2 OF INCOME TAX ACT

1:13 PM 1
SECTION 40A 2 OF INCOME TAX ACT
Where an assessee incurs any expenditure in respect of which payment has been made is to be made to any relative of the assessee or any specified person and such payment is found excessive or unreasonable having regard to the fair market value of the goods, service or facilities for which the payment is made or the legitimate needs of the business or profession of the assessee or the benefit derived or accruing to him there from, the assessing officer is required to disallow so much of expenditure as is found by excessive or unreasonable. 

Nov 23, 2011

Cheque validity is reduced to 3 months from the date of issue

5:13 PM
Cheque validity is reduced to 3 months from the date of issue
Reserve bank of India has reduced the validity of banking instrument cheque validity to 3 months from the date of issue. Earlier the validity was 6 months. RBI issued a circular no. 251 dated 04-11-2011 regarding this issue. RBI noticed that some people use unwanted use of the cheques as the validity of 6 months is too high and they rotate the cheques as money for payment purposes. Full notification of RBI is as under.

Nov 17, 2011

Liberalization of procedure to set off export receivable against import payable

11:19 PM
Liberalization of procedure to set off export receivable against import payable
Reserve Bank of India has liberalized the rules of set off the export receivable against import payable. This will generally help the export oriented business which need to do a lot of home work for the duty drawback earlier. Reserve Bank of India has made it easy to get the duty back easily. The main features of set off and full circular of RBI is as under.

Nov 15, 2011

New RPU version 2.6

8:36 PM
Tin.nsdl has launched latest Return preparation utility for E-tds/tcs. The new RPU version 2.6 has been launched. This will help in preparing e-TDS/tcs challans and return from the financial year 2005-06 and onwards. The forms 24Q, 26Q, 27Q and 27EQ can be easily validated with this utility. The key features of latest RPU 2.6 are as follows.

RBI increases ceiling rate on export credit in foreign currency

7:57 PM
RBI increases ceiling rate on export credit in foreign currency
Reserve bank of India has increased ceiling rate on export credit in foreign currency by banks to LIBOR plus 350 basis points from the previous LIBOR plus 200 basis points. RBI issued a notification no. 258 dated 15-11-2011 about this issue. Full circular is as under.

Nov 11, 2011

Clearance of goods from custom bonded warehouse utilizing duty credit strips

6:52 PM
Clearance of goods from custom bonded warehouse utilizing duty credit strips
Custom department has issued a circular about clearance of goods from custom bonded warehouse utilizing duty credit strip of SFIS,FMS,VKGUY,FPS,SHIS. In these condition there was a confusion about the duty drawback which is resolved with this circular no. 50 dated 09-11-2011. Full circular is as under.

Nov 10, 2011

1% Interest subvention scheme on housing loan is extended upto 31 March 2012

3:23 PM
1% Interest subvention scheme on housing loan is extended upto 31 March 2012
Reserve Bank of India has extended the 1% interest subvention scheme on housing loan upto 31 March 2012. RBI issued a circular about this. Circular no. 255 dated 04-11-2011 stated that this scheme will last up to 31-March 2012. Full circular of Reserve Bank of India is as under.


RBI/2011-12/255
RPCD.MSME & NFS. BC.No. 29/06.11.01/2011-2012
November 4, 2011
The Chairman / Managing Director
All Scheduled Commercial Banks (excluding RRBs)
Madam/ Dear Sir,
Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh – Guidelines
Please refer to our circular RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 dated April 21, 2011 on the captioned subject. In this connection, it is now clarified as under:
a)   The Scheme is extended up to March 31, 2012.
b)   Loans sanctioned and disbursed between October 01, 2009 and March 31, 2011 are outside the ambit of the new liberalised Scheme and they will be treated as per old instructions (ie. loans up to Rs.10.00 lakh with project cost up to Rs.20.00 lakh)
Banks may continue to claim reimbursement, at present, as per the original Scheme. For claims in respect of the new Scheme, revised instructions would follow.
2. All other terms and conditions of the interest subvention Scheme remain the same.
3. Please acknowledge receipt.
Yours faithfully,
(C.D.Srinivasan)
Chief General Manager

Nov 8, 2011

Income tax gross collection up by 20% for April to October

2:51 PM
Income tax gross collection up by 20% for April to October
Income tax gross direct collection was up by 20.28% for the April to October. Income tax updates the direct collection of income tax figure with a CBDT press release. Full notification is as under.

Nov 7, 2011

Demand Draft DD above Rupees 20000 will be account payee

4:26 PM
Demand Draft DD above Rupees 20000 will be account payee
Reserve Bank of India issued a notification that Demand Draft DD above rupees 20000 should be account payee and not for transmitting in the market as cash,dd. RBI isssued a circular regarding this issue. RBI issued a notification no. 250 dated 04-11-2011 for the demand draft. Full notification is as under.

Nov 5, 2011

Repayment of fixed deposit FD in banks

1:06 PM
Repayment of fixed deposit FD in banks
Reserve bank of India has issued a circular about repayment of fixed deposit or term deposit. RBI feels that on the repayment of fixed deposit, banks often do some kind of problems to customers in signature problem. So RBI gives relief to customers on this behalf. According to circular in the case of Fixed deposit in the name of Either or survivor, the signature is must only of 1 person and not all in the case of encashing the fd on maturity. Full circular is as under.

Nov 4, 2011

Saving account vs. short time fixed deposit

2:25 PM
Saving account vs. short time fixed deposit
Reserve Bank of India has amended the rule for saving bank account a week ago. Now banks can choose different saving account rate of interest to different type of accounts, not person to person but same type of accounts same rate of interest.

Nov 2, 2011

TIN WEBSITE INCREASE THE FEATURES OF REGISTERED TAN ACCOUNTS

9:57 PM
TIN WEBSITE INCREASE THE FEATURES OF REGISTERED TAN ACCOUNTS
Tin.com website has increased the features of registered TAN accounts. Earlier tin.com added the feature of downloading Form 16A online from the website. Now the website also added some more features into it. Now registing the TAN account going to be cumplusory day by day. The increased features of TAN accounts are as follows.


•         You may request for Consolidated TDS/TCS statement,  Form 16A as well as Default files for a given statement by verifying only once in a given session.

•         You may request Form 16A, for upto 10 selected PANs at a time.

•         There is a common download menu for the files requested.

•         Facility has been made available to request for consolidated TDS/TCS statement pertaining to FY 2005-06 onwards
•         Files requested will be available for download for a period of 30 calendar days.
Tags-tin website features,tan account registration,tan account registration utility,tan account new features 



Nov 1, 2011

Income tax form 49A and 49AA for PAN application free download

5:08 PM
Income tax form 49A and 49AA for PAN application free download
Income tax department has changed the PAN application form to Form 49A and 49AA. Now these forms are to be filled to apply new Permanent Account Number of income tax. 49A form are for resident of Indians whereas form 49AA is for non resident of India.