May 31, 2012

Settlement of cases in service tax

Service tax department has issued a notification about settlement of cases in service tax. In this notification service tax department has ...

Compounding offence in service tax

Service tax department has cleared the offences in service tax and also cleared the penalty as well as compounding amount one need to pay i...

May 30, 2012

All about section 80U exemption of income tax

Income tax law gives a special deduction to the persons who suffer from some kind of disability. This comes under section 80U of income t...

May 29, 2012

Finance act 2012 download

Finance act 2012 is assented by President of India. In the finance act every section of income tax act and rules are defined. This includes...

Director identification number DIN rules 2012

Companies act made amendment in DIN forms as well as DIN number rules. There is the changes in DIN 1 and DIN 4 forms. There is also a notifi...

May 28, 2012

All about nomination and role of nominee in different investment

We need to fill the form quite often either opening a bank account or investing elsewhere. There is a column in the forms which is about no...

May 27, 2012

TDS claim may be accepted without verification if difference is less than 5000

Income tax department issued new rules about tax deduction at source. In these rules the main attraction is if the difference between T...

May 25, 2012

Standing counsels will represent income tax department in high court

Income tax department has appointed standing counsels to represent income tax department before high court and other judicial forums. Incom...

Amount received for entering new partner is not taxable

Where new partners were admitted to the firm and they introduced a handsome amount as their capital contribution which was withdrawn as dra...

May 24, 2012

Interest on GPF and SDS has increased from 01-04-2012

Interest rates for GPF(General provident fund) and SDS(Special deposit scheme) has been increased to 8.8% from 8.6%. This rate is applicabl...

May 23, 2012

Companies need to give unpaid amount detail on website in 90 days after AGM

Investor education and protection fund rules 2012 have a new rule which is that companies need to give unpaid amount details on company web...

Government white paper on black money

Ministry of finance, Government of India has issued white paper on black money. There is a big issue of black money in India and government ...

May 17, 2012

Interest deduction disallowance u/s 36(1)(iii) of income tax

IT : Disallowance u/s 36(1)(iii)(proviso) applicable to   extension of existing business  and not to setting up altogether different or new...

May 16, 2012

Kisan credit card scheme

Reserve Bank of India has revised kisan credit card scheme. In this scheme RBI has made the procedure simple as the farmers can take its be...

May 15, 2012

Charges on outstation cheque collection and speed clearing

Reserve Bank of India has review the charges on outstation cheque collection and speed clearing system. RBI has issued a circular no. 2080 ...

Custom imposes anti dumping duty on pvc flex film

Custom department has imposed anti dumping duty on pvc flex film. Anti dumping duty is a tool with the custom department by which the goods...

May 12, 2012

Amendments in post office time deposit rules

Central government has made some amendments in the post office time deposit. The amendments is about rate of interest government offering on...

May 11, 2012

Service tax clarification about rate of service tax

Service tax department has made a clarification about rate of service tax. The rate of service tax has raised 12% from 10% in the annual bu...

Enforcement of intellectual rights on imported goods

Custom department has issued a circular about enforcement of intellectual rights on imported goods and also made a clarification on the issu...

May 9, 2012

No excise duty on articles of jewellery

In the finance bill, Finance Minister has proposed withdraw of excise duty on jewellery. Excise department issued the notification no. 23 da...

May 8, 2012

Main points in finance bill withdraw of excise on jewellery etc

 Finance Minister Mr. Pranab Mukherjee presented finance bill 2012 and he made some amendments in the finance bill 2012 which are as follow...

Finance bill 2012 speech by Finance Minister

Finance Minister has presented the finance bill 2012. The full speech of finance minister Mr. Pranab Mukherjee is as under.

Import of goods with trademark logo or design

Custom department redirects the import of goods with domestic trademark, logo or design on the goods. Custom department issued a circular n...

May 7, 2012

Some useful income tax points to remember finalizing income tax liability

Sometimes one get mistake in calculating the tax liability and ends up with mentally harassment as well as financial loss. This may be due ...

Custom imposes anti dumping duty on viscose filament yarn

Custom department has imposed anti dumping duty on viscose filament yarn. Anti dumping duty is imposed on import to save the local industry...

May 5, 2012

Interest rates on NRE and FCNR account

Reserve Bank of India has stated interest rates of non resident of India and FCNR account. RBI has issued direction no. 102 dated 04-05-2012...

May 3, 2012

Custom classifies micro and mini SD cards

Custom department classifies micro sd cards and mini sd cards. There are two different products which is used in cameras and mobile. These t...

Custom imposes anti dumping duty on POY yarn

Custom department imposes anti dumping duty on partially oriented yarn. POY yarn is the yarn of which socks are made. Custom department iss...

May 2, 2012

Custom rate list on import product wise

Custom department amend some rates on different goods on export. The new rate list of custom duty is also published. Custom department issu...

No pre-payment penalty on home loan

The information is given by Minister of state of finance in Lok Sabha that no pre-payment penalty will be levied on house loan. Lok Sabha p...