Refund of service tax new rule

Refund of service tax new rule


Service tax department has changed the rules of service tax. These rules will come effect from 01-July-2012. The notification about new rules were published on 20 June 2012. But there was no clarity about service tax refund. Hence service tax department has issued a circular no. 334 dated 29-06-2012 about service tax refund. Full circular is as under.
Section 92 of income tax about income from international transactions

Section 92 of income tax about income from international transactions


Any income arising from an international transaction will be computed having regard to the arm’s length price under section 92(1) of income tax act. In computing such income, the allowance for any expense or interest arising from an international transaction will also be determined having regard to the arm’s length price.


Where in an international transaction, two or more associated enterprises enter into a mutual agreement or arrangement for allocation or appointment of any cost or expense incurred or to be incurred in connection with a benefit, service or facility provided to any one or more enterprises, the cost of expenses allocated or appointment, contributed by any such enterprises will be determined having regard to the arm length price of such benefit under section 92(1) of income tax act.

Non applicability of the scheme:- in these cases this scheme will not be applicable under section 92(3) of income tax act. Where computation of the income allocated has the effect of reducing the income chargeable to tax or increasing the loss, computed on the basis of entries made in the books of account in respect of the previous year in which the international transactions was entered into, in these cases the section 92(1) will not apply.

Meaning of arm’s length price:- arm length price means a price which is applied or proposed to be applied in a transaction between persons other than associated enterprises, in uncontrolled conditions under section 92F(ii) of income tax act. Thus a price at which independent enterprise deal with each other should be reckoned as the arm’s length price. Such price is determined by market forces.

The arm’s length price in relation with international transaction will be determined by the most appropriate method having regard to the nature of transaction or class of associated persons or functions performed by such persons or such other relevant factors.
Draft guidelines to implement general anti avoidance rules

Draft guidelines to implement general anti avoidance rules

The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012  constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating the guidelines for proper implementation of GAAR Provisions under the Direct Tax Code Bill, 2010 and to suggest  safeguards  to these provisions to curb the abuse thereof. 

The Committee comprised of the following officers :- 
1.  Director General of Income Tax (International Taxation)- Chairperson
2.  Joint Secretary (FT& TR-I)
3.  Joint Secretary (FT& TR-II)
4.  Joint Secretary (TPL-I)
5.  Director of International Taxation, Ahmedabad
6.  Director, FT & TR-III
7.  Addl. Director on Income Tax, Range-I (IT), New Delhi, Member Secretary.
 The terms of reference of the Committee was as under :-
a)  Recommendations for formulating guidelines to implement the provisions of General Anti-Avoidance Rules(GAAR) as per section 123 of the Direct Tax Code Bill, 2010; and 

Download full draft guidelines for GAAR
Service tax new rule of CENVAT facility

Service tax new rule of CENVAT facility

 Service tax has changed many rules in service tax India. These rules will be applicable from 01-07-2012. In these new rules service tax department has changed the rules of CENVAT facility. Cenvat facility is like a modvat facility in which one can adjust his tax paid from the tax received from providing a service.Service tax department issued a notification no. 39/2012 dated 20-06-2012 about cenvat facility in service tax. Full notification is as under.
Capital gains exemptions from income tax

Capital gains exemptions from income tax

 Any profits or gains arising from the transfer of the following assets are exempt from tax and they will not include in the income of the assessee for tax purposes.

Capital gains arising on the transfer of property used for residence:- under section 54 of income tax act, any capital gain arising on the transfer of a house or land appurtenant thereto is exempt subject to the following conditions.
India fact book file June 2012

India fact book file June 2012

Many of us think India is a poor country and very behind in the case of comparing to other countries. Government of India issued a fact file book in June 2012 which is all about the development of India with the real figures as well as comparison with other countries with graphs and source of figures. The fact book includes the following.


  • India's key strength
  • GDP growth figures
  • Share in world GDP increasing
  • Saving and investment rates
  • Gross domestic investment
  • Growth fundamentals
  • Domestic consumption
  • Consumer confidence
  • Infrastructure investment
  • Tax regime
  • Financial market
  • Potential of growth
  • Equity market
  • Market cap of companies
  • FII inflows
  • IPO issuance
  • Derivatives market
and many more
So download fact book India June 2012
Tags-india factbook,factbook india,factbook june india,factbook india june



FII limit to government securities increased to 4 times

FII limit to government securities increased to 4 times

In a move to attract foreign institutional investor FIIs, Reserve bank of India, today, 25-06-2012, make a move to increase FIIs limit in government securities 4 times, 20 Billion $ from 5 Billion $. This is the move to attract FIIs to invest in India and to stop the reducing value of Indian rupee day by day against US dollar.
Service tax on Special economic zone SEZ

Service tax on Special economic zone SEZ

Service tax department has changed the rules of service tax which will be applicable from 01-07-2012. In these new rules there is also an amendment in the rules of special economic zone SEZ. Service tax department has issued a notification no. 40/2012 dated 20-06-2012 about new rules of service tax on SEZ which is as follows.

TDS on salary calculator for assessment year 2013-14

Income tax law provides that tax deduction at source (TDS) will be deducted on salary on receipt basis. That means income tax will be deducted on the salary when the salary is given and not on the end of assessment year. But there is also some deduction provisions such as relief under section 89(1), house rent allowance , children education allowance, entertainment allowance, deduction under section 80C,  deduction under section 80TTA, Rajiv Gandhi equity saving scheme and deduction under sections 80E, 80G, 80GG, 80U, 80D, 80DD, 80DDB. So computing taxable income with getting all the relief of income tax act and getting the refund of the amount of tax is vital for the salary holders.
Service tax on immovable property

Service tax on immovable property

Service tax department has amend the rules of service tax in 2012. These rules will be applicable from 01-04-2012. In these rules service tax department has amend the rules of service tax on immovable property. Service tax department has issued a notification no. 29/2012 dated 20-06-2012 about the new rules of service tax on immovable property which is as under.
TDS on rent section 194 I of income tax

TDS on rent section 194 I of income tax

Rent under section 194i with effect from 1 June 1994
Threshold limit for TDS: - where any rent payable under any lease, sub-lease, penancy, or any other agreement for the use of any land, building or land appurtenant to a building or machinery or plant or furniture or fitting exceeds Rs. 120000 during the financial year, tax is required to be deducted at source. It is immaterial whether any such object is owned by the payee or not

Renting of machinery, plant and equipment have been brought under the umbrella of TDS with effect from 30-07-2006. Thus, leasing and hire /purchase agreements of machinery/plant are now also covered under the scheme of TDS.
Person liable to TDS: - any person who is responsible for paying to a resident any income by way of rent exceeding Rs. 120000 during the financial year 2008-09 is required to deduct tax at source. However, an individual or a H.U.F. should deduct tax at source, provided such individual or H.U.F is engaged in business or profession, whose receipts during the financial year immediately preceding the financial year in which such amount is paid or credited to the account of the payee, exceeds Rs. 40 Lakhs in case of business and Rs. 10 lakh of profession.
Scope of deduction: - circular no 715 dated 8 august 1995 and circular no 718 dated 22 august 1995, the following clarifications are issued.
Sub-letting for putting up a hoarding: - if a person has taken a particular space on rent and thereafter sub-lets the same fully or in part for putting up a hoarding, he would be4 liable to TDS under section 194 and not u/s 194C.

Non refundable deposit liable to TDS: - in cases where the tenants make a non-refundable deposit tax would have to be deducted at source as such deposit re-presents the consideration for the use of the land or the building and therefore partakes the nature of rent as defined in section 194i. If however, the deposit is refundable, no tax would be deductible at source. If the deposit carries interest, tax to be deducted on the amount of interest will be governed by Sec 194A.
Warehousing charges liable to TDS.
Service tax not liable to TDS.
Joint payees having definite share in property: - if there are number of payees, each having definite and ascertainable share in the property, the limit of Rs. 120000 will apply to each of the payee/co-owner separately.
Income content of the payment to be ignored: - the tax is to be deducted from the actual payment and there is no need of computing notional income in respect of a deposit given to the landlord. If the deposit is adjustable against future rent, the deposit is in the nature of advance rent subject to TDS.
Format of agreement not relevant: - in case where the agreement is styled as a business centre agreement, the incidence of deduction of tax at source will not be affected, since it does not depend upon the nomenclature

In case of composite arrangement for user of premises and provision of manpower for which consideration is paid as a specific percentage of turnovers, if the composite agreement is in essence an agreement for taking the premises on rent, tax will be deducted under section 194 I from payment thereof.
Letting of a part of building: - the definition of the term any land or any building would include a part or portion. Hence section 194 I would apply to rent paid for the use of only a part or portion of any land or building (circular no. 718 dated 22 august 1995).

Payment to regular hotel accommodation liable to TDS: - payment made for hotel accommodation taken on regular basis is in the nature of rent subject to TDS under section 194I. Where earmarked rooms are let out for a specified rate and specified period, it would be constructed to be an accommodation on regular basis. However where a rate contract is made with a hotel to ensure lower room rent over a specified period and there is no obligation on the part of the hotel to let out earmarked rooms at a specified rate for a specified period, such case fall to outside the scope of TDS provisions and it cannot be said that the accommodation is hired on regular basis (Circular no 5 dated 3 July 2002).
Timings of TDS: - Tax deduction should be made either at a time of payment or at the time of credit, whichever is earlier. The payment may be in cash, cheque or DD.
Rates of TDS:-Check TDS rates from here.
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Now white label ATM in India

Now white label ATM in India

After issuing rupay card for give the competition to visa and mastercard, RBI is planning to launch white label ATM Machines in India. White label ATM machine is the ATM machine which will work with all the financial institute. White label ATM machine is mainly for the non-banking institute. 
Short selling in government securities

Short selling in government securities

Reserve bank of India has given a circular about short selling in the secondary market of government securities. RBI issued a circular no 21 dated 21-06-2012 about the short selling in government securities. Full circular is as under.
Income tax has extended due date for filling form 49c for FY 2011-12

Income tax has extended due date for filling form 49c for FY 2011-12

Income tax department has extended due date for filling form 49c for the financial year 2011-12. Income tax department has issued a order under section 119 of income tax act for extended the filling form 49C. The form is required to submit with in 60 days from the end of financial year which is extended to 30 September. Full order is as under.
NSDL new FVU 3.5 and RPU 3.0 version relaesed

NSDL new FVU 3.5 and RPU 3.0 version relaesed

NSDL has released new e-tds return software return preparation utility version 3.0 and file validation utility version 3.5. These software are very important for preparing regular financial statement of e-tds/tcs as well as well as for validation of tds/tcs statement. The final assessment is also made with the help of FVU software. 


This is the latest version of FVU 3.5 and RPU 3.0 which can be used for e-tds and e-tcs statement and validation for  pertaining financial year 2011-12 and on wards. So one needn't to use the older version of rpu and fvu.
Download RPU version 3.0
Download FVU version 3.5
Tags-latest rpu download,rpu 3.5 download,nsdl rpu 3.5,nsdl rpu 3.0,nsdl fvu 3.0,nsdl fvu 3.5,download free rpu,download free fvu
List of services exempted from service tax 2012

List of services exempted from service tax 2012

Service tax department made changes in the service tax rules 2012. These new rules will be applicable from 01-07-2012. In these new rules service tax department made a list of service which are exempted from service tax or negative list of service tax. Service tax department has issued a notification no. 25/2012 dated 20-06-2012 about negative list of service tax which is as follows.
Service tax exemption to small service providers

Service tax exemption to small service providers

Service tax department has changed service tax rules 2012 which will come into effect from 01-07-2012. In these new rules service tax department exempts somehow to small service providers. Service tax department issued a notification no. 33/2012 dated 20-06-2012 about exemption to small service providers. Full notification is as under.
Place of provision of Service tax rules 2012

Place of provision of Service tax rules 2012

Service tax department made many changes in service tax scenario in 2012. These rules will come into effect from 01-07-2012. Service tax also change in place of provision rules 2012. Service tax department has issued a notification no. 28/2012 dated 20-06-2012 about this issue. Full notification is as under.
New return preparation utility RPU 3.0 for e-tds

New return preparation utility RPU 3.0 for e-tds

Tin.nsdl has launched new return preparation utility version 3.0 for e-tds and e-tcs. RPU 3.0 is used for preparing regular quarterly statements for e-tds and e-tcs.  This will help in preparing e-TDS/tcs challans and return from the financial year 2005-06 and onwards. The forms 24Q, 26Q, 27Q and 27EQ can be easily validated with this utility.  

This RPU version 3.0 is used for preparing quarterly statement of e-tds regular and correction pertaining to financial year 2011-12 and onwards. The key feature of new rpu 3 are as follws.

·     Incorporation of FVU version 3.5 for quarterly e-TDS/TCS statement (regular and correction) pertaining to FY 2010-11 and onwards.

   Changes in the structural validations of Book Identification Number (BIN) quoted in quarterly TDS/TCS statements for TDS/TCS deposits made by Book entry (applicable only in case of Govt. deductors).

  1. Download RPU 3.0 version 
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New File validation utility 3.5 for e-tds

New File validation utility 3.5 for e-tds

Tin.nsdl has launched a new file validation utility version 3.5 for e-tds and e-tcs validation of quarterly statements pertaining to financial year 2011-12 and on wards.   FVU is generally an exe file which validates the TDS/TCS statements and the final assessment of tds/tcs is prepared with the help of FVU. There are some new features in this file validation utility FVU 3.5 which are as follows.

  1. ·         Changes in the structural validations of Book Identification Number (BIN) quoted in quarterly TDS/TCS statements for TDS/TCS deposits made by Book entry (applicable only in case of Govt. deductors).
  2. ·         FVU version 3.5 (for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards) will be applicable from July 01, 2012.

  1. e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.
    The e-TDS/TCS FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or1.4.2_04 or IBM JRE: 1.4.1.0] should be installed on the computer where the e-TDS/TCS FVU is being installed. Java is freely downloadable from http://java.sun.com and http://www.ibm.com/developerworks/java/jdk or you can ask your vendor providing computer facilities (hardware) to install the same for you.
    The e-TDS/TCS FVU setup file (e-TDS/TCS FVU.exe) comprises of three files namely:
    • TDS FVU Readme.rtf: This file contains instructions for setup of the e-TDS FVU.
    • e-TDS FVU Setup.exe: This is a setup program for installation of FVU.
    • TDS_FVU_STANDALONE.jar: This is the FVU program file.
    FVU for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards
    Download FVU version 3.5
    Tags-fvu 3.5,fvu version 3.5,new fvu 3.5,new fvu,fvu latest version,e-tds fvu,file validation utility 3.5,

No higher TDS if no PAN and income is below exemption limit

No higher TDS if no PAN and income is below exemption limit

Section 260AA of income tax provides that in case of TDS deduction, if Permanent account number(PAN) not provided, TDS will be deducted at higher end, 20%. This rule is applied to every assessee having or not having salary income.
But what’s in the case when the deductee has the income below the exemption limit under income tax. If the dedcutee has not PAN number and has the income below exemption limit of income tax, will the tax be deducted at higher level?
-       If the assessee furnished form 15G or 15H for the declaration that his income is below the exemption level, He needs to attach a photocopy of PAN.
-       Does having a PAN number is must in india that without that card one can’t have a fixed deposit in banks.
-       What income tax rules say about PAN number? Is it necessary for every individual either having any income or not.
Income tax section 139A provides that it is not necessary to have PAN card for the people whose income is below the exemption level.
In this regard Karnataka High court gives the decision that TDS can’t be deducted at higher level on the person who have not PAN number and having income below the exemption level. Honourable High court adds some points which are as under.

• Section 206AA makes it conditional for every person who wishes to have a transaction in bank/FIs including small investors/depositors (i.e., investors/depositors with income below taxable limit) to invariably have a PAN. This runs counter to section 139A according to which such persons need not have a PAN.

• Section 206AA hinders and discourages such small investors from coming forward to invest their money for secured reasons and their secured future. This is also not desirable for country's economy.

• Further section 206AA is unreasonable as it invalidates Form 15G which does not mention PAN.

• Section 206AA which overrides section 139A is discriminatory against small investors . Section 139A has withstood scrutiny of Article 14 of the Constitution for reasonableness.

• In the result, section 206AA read down and made inapplicable to those with incomes below taxable limits. Banks and FIs not to insist on PAN for opening accounts of below taxable limit income-earners. - [2012] 22 taxmann.com 157 (Karnataka)
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India sign DTAA with Norway

India sign DTAA with Norway

India sign DTAA(Double tax avoidance agreement) with Norway. DTAA is the tax avoidance tool with which people of both countries need to pay only one country where income occurs. Income tax department has issued a notification no. 24/2012 dated 19-06-2012 about this. Full notification is as under.
Filing income tax return for the previous year last date 31 July

Filing income tax return for the previous year last date 31 July

July is the season for filing your tax returns for the previous year. While most tax payers would be engaged in filing their annual tax declarations to their company for the current year, let us not forget about the last duty due for the previous year.
Relax in export credit refinance facility by RBI

Relax in export credit refinance facility by RBI

Reserve bank of India made some relaxation to export credit refinance facility. This facility is used by exporters for refinance the eligible amount. RBI made some relaxation in this regard to support liquidity with the banks. RBI issued a circular dated 18-06-2012 about the relaxation which is as follows.



RBI/2011-12/603
Ref. MPD. No. 355/07.01.279/2011-12

Jyestha 28,1934 (Saka)
June 18, 2012


To
All Scheduled Banks [excluding Regional Rural Banks (RRBs)]



Dear Sir/Madam,

Export Credit Refinance Facility (ECR): Relaxation
At present, the Export Credit Refinance (ECR) limit is fixed at 15 per cent of the outstanding rupee export credit eligible for refinance as at the end of the second preceding fortnight.

With a view to enhancing the credit flow to the export sector, it has been decided to enhance the eligible limit of the ECR facility for scheduled banks (excluding RRBs) from 15 per cent of the outstanding export credit eligible for refinance to 50 per cent, effective fortnight beginning June 30, 2012. This will provide additional liquidity support to banks of over `300 billion. The rate of interest charged on the ECR facility will continue to be the prevailing repo rate under the LAF, which is currently 8.0 per cent.
Yours faithfully,
                                                                                                                                            (Janak Raj)
                                                                                                                                      Adviser-in-Charge

 Tags-export credit refinance facility,export credit refinance facility norms,rules of export credit refinance facility
Gross direct tax collection up by 3% for April and May

Gross direct tax collection up by 3% for April and May

Gross Direct Tax collections during April-May of the F.Y. 2012-13 was up by 3.62 percent at Rs. 52,232 Crore as against Rs. 50,407 Crore in the same period  in F.Y.2011-12. While Gross Collection of Corporate Taxes showed a decline of (-) 2.82 percent during April-May of the F.Y. 2012-13 and stood at  Rs. 24,329 Crore  as  against Rs.25,035 Crore in the same period in F.Y. 2011-12. Gross collection of 
Personal Income Tax was up by 10.02 percent and stood at Rs.27,884 Crore as against Rs.25,344 Crore in the same period in F.Y. 2011-12. Net Direct Tax collections, however, showed a significant increase by 
172.64 percent  during April-May of the F.Y. 2012-13 and stood at Rs.35,323 crore, up from Rs.12,956 crore in the same period  in  F.Y.2011-12. This upward surge in Net Collections was due to declined in refunds by (-) 54.85 % as compared to year ago period.
Procedure to import of Indian vessels and bill of entry

Procedure to import of Indian vessels and bill of entry

Custom department has issued a circular no. 16 dated 13-06-2012 about procedure followed for  import indian vessels and filing of import general menifest, bill of entry. Full circular of custom department is as under.
FM adviced kisan bima yojna and faster settlement of case in insurance

FM adviced kisan bima yojna and faster settlement of case in insurance

Finance Minister Mr. Pranab Mukherjee has the meeting with public sector insurance companies. He delivered a speech in which he advised kisan bima yojna for agriculture and faster settlement of insurance cases for people good faith on insurance. This is the text speech of finance minister which he delivered during the meeting with public sector insurance companies.
Policy guidelines for prepaid instruments in India

Policy guidelines for prepaid instruments in India

Reserve bank of India has issued policy guidelines for prepaid instruments in India. It includes maximum and minimum limit of issue of prepaid instruments, procedure, documents and the usage of prepaid instruments as the customers can use in different kind of purchase. RBI issued a pd no. 2256 dated 14-06-2012 about the prepaid instruments. Full circular is as under.
Clarification of finance bill relating to direct tax

Clarification of finance bill relating to direct tax

Finance bill was introduced on 28-05-2012. There are some amendments made in the finance bill. Ministry of finance issued a circular no. 3/2012 dated 12-6-2012 about some amendments in the direct taxes as well as clarification on some issue in the finance bill. The full circular with the amendment and clarification on finance bill is as under.
RTGS and NEFT will be charges free soon

RTGS and NEFT will be charges free soon

Finance Minister Mr. Pranab Mukherjee has the meeting with CEO of public sector banks and  FIs. He made a note that all the electronic banking transaction should be charge free. He urged RBI to work on this concept to motivate people to do more and more electronic fund transfer. Full text speech of finance minister on the meeting with CEOs of public sector banks is as follows.
Income tax new section 271AAB about penalty where search has been initiated

Income tax new section 271AAB about penalty where search has been initiated

In finance act, a new section 271AAB about penalty where search has been initiated has been inserted to income tax law. This section will be applicable from 01-07-2012. This section is about penalty which the assessing officer can impose in various circumstance. Full section 271AAB of income tax act is as below.
Amendment in tax collection at source TCS rules

Amendment in tax collection at source TCS rules

In finance tax there are some changes made in tax collection at source TCS rules. These rules will be applicable from 01-07-2012. Tax collection at source is the type of income tax which is collected by the seller of goods from the buyer. However this tax is applicable to some products like scrap,tendu leaves,iron ore, minerals etc. The changes in the rules of TCS are  as follows.
RBI increases number of money transfer per individual in a financial year

RBI increases number of money transfer per individual in a financial year

Reserve bank of India has increased number of money transfer inward remittance from the foreign country from 12 to 30 per individual in a financial year. RBI has issued a circular number 132 dated 08-June 2012 about this increment in the foreign transactions. Full circular is as under.
New section 194LC about TDS on interest from Indian company

New section 194LC about TDS on interest from Indian company

In finance act, there is a new section 194LC of income tax act is included in income tax provision. This section 194LC is about income by way of interest from Indian company. This section will be applicable from 01-07-2012. The full section rules and the rate of TDS is as below.
New section 54GB of income tax act

New section 54GB of income tax act

Income tax department has included a new section 54GB in income tax act. This section belongs to capital gain tax. In this section capital gain on transfer of residential property not to be charged capital gain in certain cases. The new section 54GB of income tax act is as follows.
Custom imposes anti dumping duty on plain gypsum plaster board

Custom imposes anti dumping duty on plain gypsum plaster board

Custom department has imposed anti dumping duty on plain gypsum plaster board. Anti dumping duty is the tool with the government by which the goods imported to India will cost more and it helps surviving the domestic industries. Custom department has issued a notification no. 32/2012 dated 07-June-2012 about imposing anti dumping duty on plain gypsum plaster board. Full notification and the rate of anti dumping duty are as follows.
Amendment in section 80C of income tax act

Amendment in section 80C of income tax act

Section 80C of income tax is about the deductions in income tax on the total contribution to approved savings paid or deposited. The total saving should not be exceeds Rs. 100000. There are some rules amend in the section 80C in the recent finance act issued by the finance department. The amendment rules of section 80C of income tax are as follows.
Service tax amendments rules 2012

Service tax amendments rules 2012

Service tax department made amendments in the rules of service tax. These rules will be effect from 01-07-2012. Service tax department has issued a notification no. 24/2012 dated 06-06-2012. Full notification of service tax department is as follows.
Direct tax collection for the financial year 2011-12 is up by 13%

Direct tax collection for the financial year 2011-12 is up by 13%

Direct tax collection for the financial year 2011-12 is up by 13.02% with the compare of previous financial year 2010-11. Government of India has issued a press release about direct tax collection in which the figures of income tax, tds and wealth tax are included. Full press release is as under.
New return preparation utility RPU 2.9 for e-tds

New return preparation utility RPU 2.9 for e-tds

 Tin.nsdl has launched new return preparation utility rpu version 2.9. The RPU is used to prepare regularly quarterly statements of e-tds/tcs.  This will help in preparing e-TDS/tcs challans and return from the financial year 2005-06 and onward. The forms 24Q, 26Q, 27Q and 27EQ can be easily validated with this utility.

Users must pass the e-TDS/ TCS return file generated using RPU through the File Validation Utility (FVU) to ensure format level accuracy of the file. This utility is also freely downloadable from NSDL TIN website. In case the e-TDS/TCS return contains any errors, user should rectify the same in the excel utility itself. After rectifying the errors, user should pass the rectified e-TDS/ TCS return through the FVU. This process should be continued till an error free e-TDS/ TCS return is generated.

Download latest RPU version 2.9
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Singapore rejects India's request to provide black money information

Singapore rejects India's request to provide black money information

• The tax authority in India seized documents from an Indian national ("the Indian national") and three other persons allegedly associated with him.

• The tax authority in India believed that the documents indicated the existence of undeclared incomes and of bank accounts ("the Accounts") in overseas jurisdictions. This was in violation of India's tax laws.
New service tax system and negative list from 1 July 2012

New service tax system and negative list from 1 July 2012

Finance Minister has purposed a new service tax system and a new negative list of service tax with effect from 01-July 2012. Finance Minister delivered a speech at the annual conference. This is the text of the speech delivered by the Finance Minister.
Chapter X-A of income tax about general anti-avoidance rules

Chapter X-A of income tax about general anti-avoidance rules

Applicability of General Anti-Avoidance Rule.—Notwithstanding anything contained
in the Act, an arrangement entered into by an assessee may be declared to be an impermissible avoidance arrangement and the consequence in relation to tax arising there from may be determined subject to the provisions of this Chapter.
India signs exchange of tax information agreement with Bahrain

India signs exchange of tax information agreement with Bahrain

India signed an  Agreement  with the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes (TIEA), here yesterday.  The Agreement was signed by Shri Namo Narain Meena, Minister of State for Finance (Expenditure and Financial Affairs) on behalf of Government of India and H.E. Kamal Ahmad, Minister for Transportation and Acting CEO of the Economic Development of Bahrain on behalf of Government of the Kingdom of Bahrain. 

The Agreement is based on international standards of transparency and exchange of information. It incorporates provisions for effective exchange of information including banking information between tax
authorities of the two countries. It has been provided that the Exchange of Information shall be on request and without regard to the domestic interest. The Agreement will enhance mutual co-operation between  the two 
countries by having effective exchange of information in tax matters.
New file validation utility 3.4 for e-tds statement

New file validation utility 3.4 for e-tds statement

Tin.nsdl has launched new file validation utility version 3.4 for validation of statement of e-tds and tcs. The new FVU has the many features and is applicable with immediate effect. The new FVU 3.4 features as are follows.
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