Feb 27, 2012

No VAT on duty free shops

The Supreme Court in the case of Hotel Ashoka Vs ACCT (2012 -TMI – 209720) held that VAT is not payable on sale of goods by duty free shops ...

Feb 24, 2012

Courier import and exports

Custom department has issued a circular about courier import and export. In this circular custom department gives the clarification and regu...

Feb 23, 2012

SEBI announces standardised lot size for Derivative future and option

Securities and exchange board of India (SEBI) has  announced   standardized lot size for initial public offer. There was no rule or less cla...

Leviability of service tax on toll fees

Service tax department has examined the leviability of service tax on toll fees and issued a circular about this fees. Under the circular no...

Feb 21, 2012

Excel based mutual fund calculator

Mutual fund is the trust of the persons who wish to invest their money in this trusted organization Mutual fund is the trust of the p...

Receipt of advance payment for export of goods beyond one year

Reserve bank of India has issued a circular about export of goods and services and advance payment for goods involving shipment beyond one y...

Feb 20, 2012

Excise exemption in Himachal Pradesh and Uttaranchal

Central excise department gives clarification about excise exemption in Himachal Pradesh and Uttaranchal. The exemption in these states are ...

Feb 17, 2012

Clarification regarding purchasing an immovable property in India

Reserve Bank of India has made a clarification regarding purchasing an immovable property in India. RBI has made this clarification for non ...

Feb 16, 2012

Revised softex procedure for export of goods and services in India

Reserve bank of India has revised the procedure for export of goods and services in India. RBI has made it simple to export the goods or ser...

Feb 14, 2012

Form 16 is Income Tax Return for Salaried Person Income Below 5 Lakhs

Finance Minister Mr. Pranab Mukarjee said on 24-05-2011 that no need to file income tax return for salaried person whose income is from sala...

Feb 13, 2012

Meaning of gross amount in service tax

Service tax department has clarified the gross amount in service tax department. Service tax department has issued a circular no. 150 dated ...

Feb 10, 2012

Changes in the verification of TAN account

Tin.nsdl has changed the procedure of verifying the TAN accounts. There was some confusions and doubt in the earlier method so the Tin has c...

Feb 8, 2012

Section 69 of income tax act about unexplained investment

Where an assessee had made investments but failed to record them in books of accounts if any maintained by him for any source of income, the...

Feb 7, 2012

Capital gain exemption in section 54EC of income tax act

The property business is on a high now days and people are getting good profits in this business. But often they do not invest it in good pl...

Feb 5, 2012

Capital gain on sale of long time residential property section 54

Capital gain on sale of long term residential property under section 54 of income tax act. Exemption provisions in respect of capital gain a...

Feb 3, 2012

Section 14 A about deduction for expenditure to exempted income

No deduction for an expenditure incurred in relation to exempted income under section 14A of income tax act: - no deduction allowed in respe...

Feb 2, 2012

Income tax section 10(2) exemption on receipts by members from HUF

Receipts by members from H.U.F:- any sum received by an assessee in his capacity as a member of a H.U.F is exempt from tax to avoid double t...

Feb 1, 2012

Bad tax planning and bad investment

The main and complex work for any serviceman or businessman is to work on tax planning. Every person wants to save tax and do some investmen...