Mar 31, 2012

Income tax amend rules on depreciation

Income tax department has amended the rules about depreciation. The amend rule is that depreciation is restricted to 15% on wind mills inst...

Central excise clarification about exemption on mega power project

Central excise department gives clarification about the exemption of excise duty on mega power project. Excise department also clarifies th...

Time to get refund of 4% CVD is extended to 30 June 2012

Custom department has extended time to get the refund of 4% CVD(SAD) TO 30 June 2012. This extension is for re-using CVD amount in DEPB fac...

Mar 30, 2012

New income tax forms for assessment year 2012-13

Income tax department has issued new income tax return form for the assessment year 2012-13. These form are used to filing the income tax re...

ALL ABOUT TAX DEDUCTION AT SOURCE (TDS)

THE   tax season is here. And if you are an employee you can’t blame your employer for deducting large chunks of money from your salary tow...

Mar 28, 2012

Finance Ministry clarifies on excise duty on jewellery

CBEC gives the clarification about levy of excise duty on precious metals. In this clarification the finance ministry clarifies about rate o...

Mar 27, 2012

Rate of interest on term deposit, RD, NSSC and PPF etc. increased

The rate of interest on small saving scheme like term deposit, recurring deposit, national small saving scheme and public provident fund ha...

Revised treaty of trade between India and Nepal

Custom department has clarified the import and export trade to Nepal. In this clarification the custom department said the duty refund proce...

Mar 26, 2012

Government employees may get additional 7% DA soon

Government employees may get an additional seven per cent dearness allowance with effect from January 1, 2012. The Cabinet is expected to ta...

Custom exemption on import of ore concentrates

Custom department gives clarification about exemption on import of ore concentrates. Custom department issued a circular no. 9 dated 23-03-2...

Mar 25, 2012

Procedure of online rectification request for intimation to CPC Bangalore

Sometimes there can be some errors in the intimation send by CPC Bengaluru under section 143(1) of income tax act. One needs to make it corr...

Exempt services from service tax

Service tax department issued the list of negative services in which service tax is exempted. There are many services some of public health ...

Mar 24, 2012

Changes in time of payment of service tax

Service tax department has amend some changes in the matter of time of paying service tax. Service tax department has issued a notification ...

Mar 23, 2012

CASH CREDIT ACCOUNT INTEREST CALCULATOR

Cash credit:- Cash Credit is the loan account taken by the customers from the bank. Cash credit is also called CC limit. In this account t...

Mar 21, 2012

All About Section 80C deduction of Income tax

Section 80C of income tax act:-  In order to encourage savings, the government gives tax breaks on certain financial products under Section ...

Mar 20, 2012

Limit of Turnover for audit section 44AB has increased to 1 Crore

Under section 44AB of income tax act, every person who is running a business or profession needs to get his accounts audited for filing the ...

Central excise on cotton and goods of cotton

In this annual budget, there are some changes made in the central excise duty on cotton and goods of cotton. Central excise department also ...

Mar 19, 2012

Excise duty and Custom rates after budget

In this union budget, Finance Minister has purposed some changes in the rates and duties of central excise as well as in custom duty rates. ...

Mar 18, 2012

Section 80TTA deduction on interest on saving account

 A new deduction in the income tax has been introduced in this budget, interest on saving account deduction. Under section 80TTA of income ...

Mar 16, 2012

New income tax slabs for financial year 2012-13

In this annual budget of 2012, the Finance Minister has changed the income tax slabs for the fianacial year 2012-13. In this new income tax ...

Mar 15, 2012

New call centre numbers for income tax e-filing

Income tax e-filing system has given a new call centre numbers to assessee. This number is to help in various regards in the matter of helpi...

RBI has increased bank rate by 350 basis points

Reserve bank of India has increased bank rate by 350 basis points. RBI has fixed new bank rate 9.5% which was 6% earlier. RBI has issued a c...

Mar 14, 2012

Transfer of capital assets by way of relinquishment

Transfer of capital assets by way of relinquishment under section 2(47) (i) of income tax act. A relinquishment takes place when the owner w...

Mar 13, 2012

Changes in CENVAT rules by Central Excise

Central excise department has made some modifications in the rules of CENVAT or modvat rules. According to this rule one can adjust the exci...

Mar 12, 2012

Transfer of capital assets by way of exchange

Transfer of capital assets by way of exchange under section 2(47) (i) Transfer includes exchange. When two persons mutually transfers the o...

Mar 11, 2012

Transfer of capital assets by way of sale

Transfer of capital assets by way of sale under section 2(47) (i) of income tax act. Transfer includes sales of a capital assets. The sale m...

Mar 10, 2012

Procedure to convert form 16 and 16A zip file to pdf file

Tin.nsdl has provided the complete procedure to convert form 16 and 16A zip file/text file to pdf file. Earlier there was a big confusion ab...

Mar 9, 2012

Loan against PPF account

One should know that one can avail the loan on PPF (Public Provident fund) account. But there are some rules and regulations for getting loa...

RBI has reduced Cash reserve ration by 75 basis point

Reserve Bank of India has reduced cash reserve ratio by 75 basis points. Cash reserve ratio is the ratio of which banks need to deposit the ...

Mar 7, 2012

What is bank rate and bank rate aspects

Many of us heard a lot about bank rate but don't know what is bank rate. Bank rate is completely different from rate of interest as well...

Mar 6, 2012

Installation of towers on roof is income from other sources and not income from house property

IT : Income from installation of towers/antennas on roof top/from display of signage/parking space rent not income from house property but i...

Ban on export of cotton

Custom department has banned on exports of cotton. Custom department issued a circular no. 6/2012 dated 05-03-2012 about ban on export of co...

Mar 5, 2012

ALL ABOUT ADVANCE TAX IN INDIA AND EXCEL CALCULATOR

Advance tax is basically a device to ensure regular flow f revenue to the government so as the expenditure can be incurred by the government...

Mar 4, 2012

No need to file income tax return if bank interest is less than 10000 and salary income

Income tax act will exempt the assessee to file income tax return to whom whose salary income is 5 lakh or less under section 139 of income ...

Mar 3, 2012

Exemption of section 10(46) in statutory body/authority/board or commisson

Income tax department has issued a notification about section 10(46) exemption in statutory body/authority/board or commission. Income tax d...

Exemption of section 10(46) in national skill development corporation

Income tax department has issued a notification about section 10(46) of income tax act exemption on National skill development corporation. ...

Mar 2, 2012

TAN password reset and link activation

Income tax department has clarify as how to reset the password for submit online returns  and howto activate the  links. In this regard inco...

Mar 1, 2012

Using own funds or take loan for house calculator

In today world where land and making house is so much costly, the aim of most of the people is to have their house. So the purchase a house...