Apr 30, 2012

Harmonisation of service tax and central excise registration

Service tax and central excise department has made registration very simple and almost the same for both the department. Service tax and ce...

Apr 29, 2012

One can transfer bank account from one place to other

There is a portability in the bank accounts where the bank remains same. Like one has the bank account with SBI, Delhi and the account holde...

Apr 28, 2012

TCS deduction is similar deduction as TDS

The purpose of section 206C is that the seller will collect tax from the purchaser in respect of sale of alcoholic liquor, forest timber, te...

Service tax on services provided by agriculture produce marketing committee

Service tax department has issued a circular no. 157 dated 27-04-2012 about service tax on service provided by agriculture produce marketin...

Apr 27, 2012

Revised excise and service tax return format

Service tax and central excise department has revised format of return. The ER-1, ER-2  and ST-3 format has been revised. Return ER-1 needs ...

Apr 26, 2012

WHAT IS HOUSE RENT ALLOWANCE

House Rent Allowance (HRA) is generally paid as component of salary package. This allowance is given by an employer to an employee to meet t...

Sale against F form

Q.1 The amended section 6A of CST Act, 1956 requires the transferor branch to obtain ‘F’ form from the transferee branch and on failure to ...

HUF is also eligible for relief on income from house property

People always feel confused if we talk about income tax on house property whereas income tax laws are well defined on income from house pro...

Apr 19, 2012

Mobile companies need to deliver banking sms in 10 seconds

Almost all of us use sms alerts on mobile of the banking transactions. We often realise the time duration between the banking transaction a...

Do and don't when applying PAN number in form 49A

Income tax department has revised form 49A for applying PAN number. These are the do and don't when applying a PAN number in the form 49...

Apr 18, 2012

Excise clarification on exemption to SEZ

Central excise department gives clarification about exemption to Special economic zone. This includes the extension of exemption to differe...

Apr 17, 2012

Section 50C of income tax not applicable to a builder

Section 50C of income tax act is not applicable to a builder as his assets as plots and buildings are his stock in trade and not capital as...

Apr 16, 2012

TDS on rent New Provision

    TDS   on Rent   comes under section 194-I of the Income tax Act.  The newly amended 194-I section states that, the renting of Plant/Mac...

Apr 13, 2012

Revised Form 49A and 49AA for PAN application form

Income tax department has revised new PAN application form 49A and 49AA. Earlier, income tax department has changed the forms to 49A and 4...

How to apply online application in form 49A for apply PAN number

Tin.nsdl has revised form 49A for applying PAN number. There is a complete procedure for applying PAN number online. For applying PAN numbe...

Apr 12, 2012

All government payments above 25000 will be paid direct to bank account of payee

Government of India passes a rule that all government payment such as builders, contractors, suppliers etc. will be paid to the direct bank ...

Apr 11, 2012

All about section 54EC of income tax act

1.  Section 54EC of the Income-tax Act, 1961 allows a deduction in respect of long-term capital gains arising from transfer of any long-ter...

Common tax code for service tax and central excise

 As announced by the Union Finance Minister, Shri Pranab Mukherjee  in his Budget speech, a Study Team has been set-up by the Government, u...

Apr 10, 2012

Changes in the rules of form 16A TDS certificate

Income tax department has amend some rules in the TDS certificate form 16A. Form 16A is the TDS certificate which is need to issue by the d...

Service tax refund through electronic fund transfer

Service tax department is constituted a committee for review the scheme of electronic fund transfer of service tax refund. Service tax depa...

Apr 9, 2012

How to fill ITR-4 income tax form

ITR-4 is the income tax form which is to be filled by individual or H.U.F carrying on the business or profession. But there are some points ...

Custom department imposes anti dumping duty on phosphoric acid

Custom department has imposed anti dumping duty on phosphoric acid. Custom department issued notification no. 18 and 19 dated 04-04-2012 ab...

Apr 8, 2012

EXCEL BASED CALCULATOR FOR LOAN EMI AMORTISATION SCHEDULE

Confused how the banks calculate the amortisation schedule? How each EMI is broken into interest recovery and principal repayment. Use the ...

Apr 7, 2012

Apr 4, 2012

New return preparation utility RPU 2.8 for e-tds

Tin.nsdl has launched a new return preparation software RPU version 2.8. This software is used for filing e-TDS statements. This new RPU c...

TDS Rate Chart for Financial Year 2012-13

TDS rates are modified in this annual budget. So there is a TDS chart for financial year 2009-10. Male Female Senior Citiz...