Dec 30, 2011

Service tax department has extended the last date o submitting half yearly return to 6-1-2012

12:24 PM
Service tax department has extended the last date o submitting half yearly return to 6-1-2012
Service tax department has extended the last date of submitting half yearly return of the period april to september 2011 from 26 December 2011 to 6 January 2011. Service tax department has issued a order no. 3/2011 dated 29-12-2011. Full order is as under.

F. No. 137/99/2011 – Service Tax
Government of India 
Ministry of Finance 
Department of Revenue 
Central Board of Excise and Customs,
**********
New Delhi, the 29th December 2011


ORDER NO 3 /2011 – Service Tax

In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read with notification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to September 2011, from 26th December 2011 to 6th January 2012.

This is being done in view of the fact that assessees are facing problems in electronic filing of returns due to various reasons.

(Deepankar Aron)
Director (Service Tax) 
CBEC, New Delhi


To

Chief Commissioners of Central Excise & Customs (All)
Chief Commissioners of Central Excise (All)
Director General of Systems
Director General of Service Tax
Commissioners of Service Tax (All)
Commissioner (DPPR), Delhi

Handling of cargo in custom areas regulation 2009

12:20 PM
Handling of cargo in custom areas regulation 2009
Custom department has issued a circular no. 54 dated 29 december 2011 about handling of cargo in custom areas regulation 2009. Full circular is as under.

Dec 28, 2011

How TAN account is verified at tin.nsdl

1:27 PM
How TAN account is verified at tin.nsdl
 Tax Information Network (TIN) has always been providing various facilities to deductors.

One such facility provided under TIN is authenticated login (TAN account) provided to deductors/collectors at TIN website. Under this login, following functions are provided:

Dec 27, 2011

RBI has removed the cap in mobile banking in India

1:14 PM
RBI has removed the cap in mobile banking in India
Reserve bank of India has removed the maximum limit cap of maximum limit per customer per day for the mobile banking. In India the mobile banking is trend to increase and for encouraging the customers of banks, it is decided to remove cap for the mobile banking. Full circular is as under.

Dec 26, 2011

Change in KYC norms by RBI

1:23 PM
Change in KYC norms by RBI
Reserve bank of India has amend some rules in KYC norms. KYC norms are know your customers which includes verifying the documents with the real and get all the details regarding. The amended KYC rules are as follows.

Dec 25, 2011

Changes in e-furnishing form 15CA

1:14 PM
Changes in e-furnishing form 15CA
Tin.nsdl has changed some guidelines for e-furnishing form 15CA. There are some changes in the form 15CA with which e-furnishing of the form 15CA will be completely different. The guidelines for e-furnishing form 15 CA are as follows.

Dec 19, 2011

Procedure of service tax refund to exporters through Indian custom

3:47 PM
Procedure of service tax refund to exporters through Indian custom
Service tax department has changed the procedure of taking refund to exporters through Indian custom EDI system(ICES). The department has issued a notification regarding the procedure of taking refund. Service tax department has issued circular no. 149 dated 16-12-2011 about the procedure. Full procedure and circular is as under.

Dec 18, 2011

Service tax clarification on tax on distributors of films & exhibitors of movie

3:46 PM
Service tax clarification on tax on distributors of films & exhibitors of movie
Service tax department has made a clarification about service tax on distributors and sub-distributors of films and exhibitors of movie. Service tax department issued this clarification with a circular no. 148 dated 17-12-2011. Full circular is as under.

Dec 9, 2011

Assessment of Hindu Undivided Family HUF

3:30 PM
Assessment of Hindu Undivided Family HUF
H.U.F will be assessed if the following two conditions are satisfied which are as under.
There is a joint family property producing taxable income: - if there is any joint family property which fetches income will be taxable and assessed like

Dec 8, 2011

What is cost index in case of gifted property

12:55 PM
What is cost index in case of gifted property
All of us know capital gains tax and cost index more or less. But one need to know in more depth to take the benefits of tax saving in this regard. There are several cases where opinion different comes in the cases lawyer to lawyer and assessee to assessee. In these conditions matter often go to courts which resolve the matter. It’s better to know what law compare to appeal in the courts is.

Dec 7, 2011

ALL ABOUT INCOME FROM HOUSE PROPERTY

11:33 PM 1
ALL ABOUT INCOME FROM HOUSE PROPERTY
When some person files income tax return, he needs to give the details of income in five heads. These five heads are as under.
- Income from salary
- Income from house property
- Income from capital gains
- Income from business or profession
- Income from other sources.

Dec 5, 2011

Public Provident Fund Increases rate of interest and limit

6:58 PM
Public Provident Fund Increases rate of interest and limit
Public provident fund PPF scheme increases rate of interest as well as the PPF limit amount. Earlier PPF limit was 70000 rupees which is increased to 100000 and rate of interest is increased 2% to 1%. Reserve bank of india has issued a circular on 5-12-2011 about the PPF amendments. Full circular is as under.

Dec 4, 2011

FICCI Suggests 30% income tax slab on income above 12 lakhs

12:40 PM
FICCI Suggests 30% income tax slab on income above 12 lakhs
FICCI (Federation of India chamber of commerce institute) has suggested the Indian government to raise the income tax limit to 12 lakhs for the peak tax slab of 30 percent. Indian economy is suffering from the global recession which slows down the economic growth to 6.9% which is lowest in the nine quarters.

Dec 2, 2011

SECTION 69D OF INCOME TAX ABOUT HUNDI TRANSACTION

10:45 PM 0
SECTION 69D OF INCOME TAX ABOUT HUNDI TRANSACTION
Section 69D of income tax of India is about amount borrowed or repaid on Hundi. From the assessment year 1977-78 and onwards any borrowing on a hundi or any repayment of hundi loan including interest thereon should be done through an account payee cheque on a bank or any other mode of banking, failing which the amount borrowed or repaid is deemed to be income of the person who is borrowing or repaying during that previous year.