Nov 30, 2012

No TDS on accidental claim as it is not an income

No TDS will be deducted on the award of accidental claim as it is not an income and tax deduction at source will only be deducted if the in...

Nov 29, 2012

Key points of Rajiv Gandhi equity saving scheme 2012

Government announced Rajiv Gandhi equity saving scheme 2012 recently in budget. Income tax department issued a notification no. 51 dated 2...

Government is planning to raise 2% rate in service tax and excise duty

Government is planning to increase the rate of service tax and excise duty by 2 percent to 14%. Currently the rate of service tax and exci...

Nov 27, 2012

New Rajiv Gandhi Equity Saving Scheme 2012 of Income Tax

Income tax department has published a notification no. 51 dated 23 November 2012 about Rajiv Gandhi Equity Saving Scheme 2012. This scheme...

Nov 24, 2012

Notified diseases for deduction under section 80DDB

Deduction in respect of medical treatment etc. under section 80DDB of income tax act. The conditions for this deduction are as follows. ...

Nov 23, 2012

Transactions where quoting PAN is necessary

These are some transactions for which quoting permanent account number (PAN) is necessary to do the transaction. We often do not know abou...

RBI extends national electronic clearing service NECS in remaining branches

Reserve bank of India has extended NECS(National electronic clearing service) and RECS(Regional electronic clearing service) in the remaini...

Nov 22, 2012

Now B2 saving account with zero minimum balance

This is the world of digitization. Everybody wants to save his time with doing transactions on internet, neither go to branches nor ATM. IC...

New accounting codes for payment of service tax

Service tax department has resorted service specified accounting codes for payment of service tax. Service tax department has issued a circ...

Nov 21, 2012

India sign Double Tax Avoidance Agreement DTAA with Macau

India sign double tax avoidance agreement with Macau which is a special administrative region of China. This agreement for exchange of infor...