Aug 31, 2012

SEBI announces basic service demat account BSDA

After Reserve bank of India move for basic saving account, Securities and exchange board of India(SEBI) has introduced basic trading accou...

Income tax adds rule 10F,10G,10H,10-I,10-J,10K,10L, 10M, 10N, 10-O,10P,10Q,10R,10S,10T & 44GA in income tax act

Income tax department amend the rules of income tax. These are the amendments in Xth amendments rules 2012. Income tax department adds new...

Aug 30, 2012

CVD rate on imported fertilizers

Custom department notified the applicable CVD rate on imported fertilizers. Custom department issued a circular no. 23/2012 dated 30 August...

Aug 29, 2012

ICC world cup twenty-20 world cup schedule 2012

ICC cricket world cup twenty-20 2012 is scheduled to start on September 18 2012 in Sri lanka. There are 12 teams which will participate i...

Aug 28, 2012

Depreciation allowed on goodwill at the time of amalgamation

In the instant case, M/s. YSN was amalgamated with assessee-company and the assets and liabilities of YSN were transferred to the assess...

Service tax on vocational education or training courses

Service tax department issued a clarification about the levy of service tax on vocational education or training courses. Service tax depart...

Aug 22, 2012

If foreign co merged without consideration, no caiptal gain on transfer of shares

In case of merger of two group foreign companies, the benefit of section 47(via) can't be available as the holding company can't b...

Aug 20, 2012

How to fill ITR 2 income tax form

There is some if and but while filling income tax form. There is a complete procedure as how to fill income tax form ITR-2. Income tax retu...

Aug 19, 2012

Section 194 I of TDS on rent new provision

TDS under section 194-I on 'rent' attracted only when payment is for use of specified area of land under an agreement having the cha...

Aug 16, 2012

All About Hindu Undivided Family HUF

Hindu Undivided Family:- In Ancient India, there was a system called ‘Dayabhaga System’ in which the father has the all power of joint famil...

Aug 14, 2012

Section 54EC time limit of 6 months can be extended if no bonds available of assessee choice

IT : Time limit of 6 months for investment u/s 54EC to be suitably extended if specified bonds of assessee's choice not available thro...

Aug 13, 2012

Banks need to compensate for delay in clearing of local cheque

Banks need to compensate for delaying in the clearing of local cheque to the account holders. There is a bad practice among banks as there ...

Aug 12, 2012

No penalty if cash received 20000 each from 6 persons

Income tax law provides under section 40(A)3 of income tax act as a person can not take more than 20000 rupees in cash in a single day. If ...

Aug 11, 2012

Excel based age calculator

One can wonder the excel sheet can tell you the actual age of any person. One needs to only put the date of birth and excel based age cal...

Aug 10, 2012

Banks will issue only at par cheque book with no charges

Banks will now issue only at par/multi city cheque book to all the customers where the branch is CBS enabled. There will be no extra charge...

Now Saving bank deposit account with no minimum balance with ATM

RBI has opened a new scheme of saving account with the name saving bank deposit account. In this account, the account holder needn't to...

Aug 9, 2012

TDS on rent section 194 I apply only when rent paid or debited

Since section 194-I very clearly states that TDS liability arises only and only when an assessee pays rent or when it debits rent, whichever...

Individual truck owners are not liable for service tax

In this case, assessee, a manufacturer of sugar, collected raw material viz. sugarcane from farmers at various collection centres. Assessee ...

Aug 8, 2012

Rented home Vs. company home income tax calculator

Ajay is working in some company and company asks him to move to Mumbai for a period of 2 years for a newly developing project of the company...

Section 54 exemption is to the construction and not possession

Assessee sold a residential flat in March, 2006 and invested the capital gain to book a new flat with a builder in December, 2007. The pay...

Aug 7, 2012

Income tax return form ITR 6 for 2012-13 in excel

Income tax department has issued income tax return form ITR-6 for analysis year 2012-13. Earlier the income tax return form ITR-6 is notif...

Custom start clearing operations 24X7

Custom department has started clearing operation 24 hours in 7 days a week. This is the welcome step as importers and exporters always comp...

Revised kisan credit card scheme

Reserve bank of India has revised the scheme of kisan credit cards. RBI has issued the modified instructions for kisan credit cards. RBI ha...

Aug 5, 2012

SALARY PERQUISITES SECTION 17 2

Perquisites mean any casual emoluments, fees or profit attached to an office in addition to salary and wages. In simple words, it’s a perso...

Aug 4, 2012

Free medicines to doctor by pharma companies is not an expense under income tax

Income tax clarifies that free medicines given by the pharma companies to doctor is not an expense and one can't adjust it with the acc...

Aug 3, 2012

Change in the foreign trade policy

DGFT has amend some rules in the foreign trade policy. The foreign trade policy was issued in 2009 and there are few changes made in the fo...

Custom clarification on scope of exemption

Custom department made a clarification about the scope of exemption on custom duty on import and export. Custom department issued a circular...

India sign revised DTAA with Indonesia

Government of India sign revised DTAA Double tax avoidance agreement with Indonesia. DTAA is the tax system in which the people needn't...