Oct 31, 2012

DTC may bring income tax rates decrease

Direct tax code(DTC) will bring major income tax rate cut for the individual and HUF tax payers. DTC is proposed to present in this annual...

Oct 30, 2012

Amendment in capital gain scheme 2012

Income tax department made the first amendment in capital gain account scheme 2012. In this amendment income tax department amended in the ...

RBI cuts CRR by 25 basis points and monetary policy for second quarter 2012-13

Reserve Bank of India issued the review of monetary policy of second quarter of 2012-13 and custs the cash reserve ration by 25 basis point...

NIOT Chennai included in approved scientific research association u/s 35 1 ii

Income tax department approved National Institute of Ocean Technology, Cheenai in approved scientific research association under section 35...

Oct 28, 2012

Truth behind zero interest EMI and excel calculator

This is the festival time. Everybody wants to buy new products as there is also a bonus time in India, so people rush to market for purchas...

Section 154 application can be rectified e-filling error in absence of expert knowledge

The return of the assessee was processed under Section 143(1). As per the intimation received under Section 143(1), the income and the rat...

Oct 26, 2012

Report of committee for accounting standard in income tax

Income tax department has set up a committee for accounting standard for the income from business or profession or the income from other so...

Oct 25, 2012

Modified service tax return form ST-3 for April-June 2012 excel based utility

Modified version of service tax return form ST-3 for the quarter April 2012 to June 2012 has been released.  However this excel based utilit...

Oct 24, 2012

Relaxation to trade and industry to J&K extended to 31 March 2014

Reserve bank of India has extended the relaxation to trade and industry in the state of Jammu and Kashmir to 31 March 2014. These relaxatio...

Simplification of softex procedure for exports

Reserve bank of India revised and simplifies the softex procedure for export of goods and services. Earlier RBI implemented in 5 centers whi...

Oct 23, 2012

Banking facilities for persons resident outside India

Reserve bank of India has issued a circular about banking facilities to the person resident outside India.Foreign resident needs banking fa...

Oct 22, 2012

TDS on payment of provident fund

TDS on Payment of Accumulated Balance Under Recognised Provident Fund and Contribution from Approved Superannuation Fund:  The trustees...

Oct 21, 2012

Section 80DDB exemption for medical treatment

Deduction in respect of medical treatment, etc. (Section 80DDB): Section 80DDB allows a deduction in case of employee, who is resident i...

Oct 19, 2012

TDS deductor responsibility and duties

 PERSONS RESPONSIBLE FOR DEDUCTING TAX AND THEIR DUTIES: 4.1 Section 204 (i) of the Act the "persons responsible for paying" f...