Jan 31, 2012

CBDT has extended last date of submission of ITR V to 31 March 2012

CBDT( Central board of direct taxes) has extended the last date of submission ITR-V for A.Y 2011-12 up to 31-03-2012 or 120 days from the da...

Jan 26, 2012

Section 80IC of income tax act about deduction on undertaking

Deduction in respect of certain undertakings or enterprises in certain special category states under section 80 IC of income tax act. Asses...

Jan 24, 2012

Section 44AB of income tax act case and penalty provision

Whether for the purpose of attracting section 44AB, receipt of an assessee by way of sale or trading business and receipt for doing job work...

Jan 23, 2012

Indian custom rules 2012

Many of us don't know the custom rules and regulation which result to never think about the business of import and export. The overseas ...

Jan 22, 2012

Capital gain on lease and sub-lease

Whether transfer of lease hold right in a property by an assessee by way of a sub-lease to another person would amount to transfer, attracti...

Jan 20, 2012

Selling own land after plotting is business income or capital gain

Whether selling of own land after plotting it out in order to secure better prices, in an advantage of trade or business? Facts of the case...

Jan 19, 2012

Prosecution can be ordered in the case of late payment of TDS

Whether on company’s default to deposit TDS within the prescribed time, prosecution can be ordered against such company even though a compan...

Jan 18, 2012

QUOTE PAN IN TDS TRANSACTIONS OR PAY HIGHER TAX

Get ready to cough up higher tax upfront from the next fiscal in case you do not quote the Permanent Account Number (PAN) in   transactions ...

Jan 17, 2012

Recovery of less TDS deducted Rule

Whether the department could again recover tax from the deductor of tax at source on income which has been fully assessed in the hands of th...

Jan 16, 2012

Foreign investors can directly invest in Indian share market

  SEBI has allowed qualified foreign investor to invest directly in Indian share market. SEBI has issued a circular no. 3/2012 dated 13-01...

Jan 11, 2012

INCOME TAX RULE ABOUT RENT FREE ACCOMMODATION

Rent free accommodation is taxable under section 17 (2) (1) of income tax under perquisite. The value of rent free accommodation provided to...

Jan 10, 2012

Last date of submission half yearly return of service tax is extended

Last date of submitting half yearly return of April to September is extended from 6 January 2012 to 20 January 2012. Now the assessee can fi...

Special provision of income tax act apply to centralised processing of returns

CBDT has issued earlier the complete procedure of centralised processing of income tax return. Now with the notification no. 3/2012 dated 04...

Jan 9, 2012

Banks need to pay interest on delay of NEFT transactions and refund

Banks will need to pay penal interest for the delay of transactions as well as on delay on refund on the transactions of NEFT(National Elect...

Jan 8, 2012

Centralised Processing Scheme 2011 of income tax act

Central board of direct taxes (CBDT) has issued a notification about centralized processing of income tax return scheme 2011. In this notifi...

Jan 7, 2012

Refund of 4% duty on custom

Custom department has issued a circular about 4% refund of custom duty CVD in the case of AVD importers. In this regard custom department ha...

Jan 5, 2012

New return preparation utility rpu 2.7 for e-tds/tcs

   Income tax department has launched new RPU version 2.7 for preparing e-tds/tcs statements. This utility is very useful for preparing corr...

Jan 4, 2012

NO NEED TO FILE INCOME TAX RETURN TO SALARIED PERSON BELOW 5 LAKH

Finance Minister Mr. Pranab Mukarjee said that there will be no need to file income tax return to the salaried person whose income is below ...

Jan 3, 2012

New FVU version 3.3 for TDS/TCS statement

 Tin.nsdl has launched new File Validation utility 3.3 for TDS/TCS quarterly statements in relation to financial year 2011-12 and onwards. T...