Jun 29, 2012

Refund of service tax new rule

Service tax department has changed the rules of service tax. These rules will come effect from 01-July-2012. The notification about new ru...

Jun 28, 2012

Section 92 of income tax about income from international transactions

Any income arising from an international transaction will be computed having regard to the arm’s length price under section 92(1) of inco...

Draft guidelines to implement general anti avoidance rules

The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012   constituted a Committee under the Chairmanship of the Direc...

Jun 27, 2012

Service tax new rule of CENVAT facility

  Service tax has changed many rules in service tax India. These rules will be applicable from 01-07-2012. In these new rules service ta...

Jun 26, 2012

Capital gains exemptions from income tax

  Any profits or gains arising from the transfer of the following assets are exempt from tax and they will not include in the income of the...

India fact book file June 2012

Many of us think India is a poor country and very behind in the case of comparing to other countries. Government of India issued a fact fil...

Jun 25, 2012

FII limit to government securities increased to 4 times

In a move to attract foreign institutional investor FIIs, Reserve bank of India, today, 25-06-2012, make a move to increase FIIs limit in g...

Jun 24, 2012

Service tax on Special economic zone SEZ

Service tax department has changed the rules of service tax which will be applicable from 01-07-2012. In these new rules there is also an a...

TDS on salary calculator for assessment year 2013-14

Income tax law provides that tax deduction at source (TDS) will be deducted on salary on receipt basis. That means income tax will be dedu...

Service tax on immovable property

Service tax department has amend the rules of service tax in 2012. These rules will be applicable from 01-04-2012. In these rules service t...

Jun 23, 2012

TDS on rent section 194 I of income tax

Rent under section 194i with effect from 1 June 1994 Threshold limit for TDS : - where any rent payable under any lease, sub-lease, ...

Jun 22, 2012

Now white label ATM in India

After issuing rupay card for give the  competition to visa and mastercard, RBI is planning to launch white label ATM Machines in India. Whi...

Short selling in government securities

Reserve bank of India has given a circular about short selling in the secondary market of government securities. RBI issued a circular no 2...

Income tax has extended due date for filling form 49c for FY 2011-12

Income tax department has extended due date for filling form 49c for the financial year 2011-12. Income tax department has issued a order u...

NSDL new FVU 3.5 and RPU 3.0 version relaesed

NSDL has released new e-tds return software return preparation utility version 3.0 and file validation utility version 3.5. These software ...

Jun 21, 2012

List of services exempted from service tax 2012

Service tax department made changes in the service tax rules 2012. These new rules will be applicable from 01-07-2012. In these new rules s...

Service tax exemption to small service providers

Service tax department has changed service tax rules 2012 which will come into effect from 01-07-2012. In these new rules service tax depar...

Place of provision of Service tax rules 2012

Service tax department made many changes in service tax  scenario  in 2012. These rules will come into effect from 01-07-2012. Service tax ...

Jun 20, 2012

New return preparation utility RPU 3.0 for e-tds

Tin.nsdl has launched new return preparation utility version 3.0 for e-tds and e-tcs. RPU 3.0 is used for preparing regular quarterly stat...

New File validation utility 3.5 for e-tds

Tin.nsdl has launched a new file validation utility version 3.5 for e-tds and e-tcs validation of quarterly statements pertaining to finan...

Jun 19, 2012

No higher TDS if no PAN and income is below exemption limit

Section 260AA of income tax provides that in case of TDS deduction, if Permanent account number(PAN) not provided, TDS will be deducted at ...

India sign DTAA with Norway

India sign DTAA(Double tax avoidance agreement) with Norway. DTAA is the tax avoidance tool with which people of both countries need to pay...

Jun 18, 2012

Filing income tax return for the previous year last date 31 July

July is the season for filing your tax returns for the previous year. While most tax payers would be engaged in filing their annual tax dec...

Relax in export credit refinance facility by RBI

Reserve bank of India made some relaxation to export credit refinance facility. This facility is used by exporters for refinance the eligib...

Jun 16, 2012

Gross direct tax collection up by 3% for April and May

Gross Direct Tax collections during April-May of the F.Y. 2012-13 was up by 3.62 percent at Rs. 52,232 Crore as against Rs. 50,407 Crore in...

Procedure to import of Indian vessels and bill of entry

Custom department has issued a circular no. 16 dated 13-06-2012 about procedure followed for  import indian vessels and filing of import ge...

Jun 15, 2012

FM adviced kisan bima yojna and faster settlement of case in insurance

Finance Minister Mr. Pranab Mukherjee has the meeting with public sector insurance companies. He delivered a speech in which he advised kis...

Policy guidelines for prepaid instruments in India

Reserve bank of India has issued policy guidelines for prepaid instruments in India. It includes maximum and minimum limit of issue of prep...

Jun 14, 2012

Clarification of finance bill relating to direct tax

Finance bill was introduced on 28-05-2012. There are some amendments made in the finance bill. Ministry of finance issued a circular no. 3/2...

Jun 12, 2012

RTGS and NEFT will be charges free soon

Finance Minister Mr. Pranab Mukherjee has the meeting with CEO of public sector banks and  FIs. He made a note that all the electronic bank...

Jun 11, 2012

Income tax new section 271AAB about penalty where search has been initiated

In finance act, a new section 271AAB about penalty where search has been initiated has been inserted to income tax law. This section will b...

Jun 10, 2012

Amendment in tax collection at source TCS rules

In finance tax there are some changes made in tax collection at source TCS rules. These rules will be applicable from 01-07-2012. Tax colle...

RBI increases number of money transfer per individual in a financial year

Reserve bank of India has increased number of money transfer inward remittance from the foreign country from 12 to 30 per individual in a f...

Jun 9, 2012

New section 194LC about TDS on interest from Indian company

In finance act, there is a new section 194LC of income tax act is included in income tax provision. This section 194LC is about income by w...

Jun 8, 2012

New section 54GB of income tax act

Income tax department has included a new section 54GB in income tax act. This section belongs to capital gain tax. In this section capital ...

Custom imposes anti dumping duty on plain gypsum plaster board

Custom department has imposed anti dumping duty on plain gypsum plaster board. Anti dumping duty is the tool with the government by which t...

Jun 7, 2012

Amendment in section 80C of income tax act

Section 80C of income tax is about the deductions in income tax on the total contribution to approved savings paid or deposited. The total ...

Service tax amendments rules 2012

Service tax department made amendments in the rules of service tax. These rules will be effect from 01-07-2012. Service tax department has i...

Direct tax collection for the financial year 2011-12 is up by 13%

Direct tax collection for the financial year 2011-12 is up by 13.02% with the compare of previous financial year 2010-11. Government of Ind...

Jun 6, 2012

New return preparation utility RPU 2.9 for e-tds

 Tin.nsdl has launched new return preparation utility rpu version 2.9. The RPU is used to prepare regularly  quarterly  statements of e-td...

Singapore rejects India's request to provide black money information

• The tax authority in India seized documents from an Indian national ("the Indian national") and three other persons allegedly a...

Jun 5, 2012

New service tax system and negative list from 1 July 2012

Finance Minister has purposed a new service tax system and a new negative list of service tax with effect from 01-July 2012. Finance Minist...

Jun 3, 2012

Chapter X-A of income tax about general anti-avoidance rules

Applicability of General Anti-Avoidance Rule .— Notwithstanding anything contained in the Act, an arrangement entered into by an assessee...

India signs exchange of tax information agreement with Bahrain

India signed an  Agreement  with the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes (TIEA), her...

Jun 1, 2012

New file validation utility 3.4 for e-tds statement

Tin.nsdl has launched new file validation utility version 3.4 for validation of statement of e-tds and tcs. The new FVU has the many feature...