Aug 30, 2013

TDS on professional and technical services India

Fees for professional/technical services [sec. 194J:-  Any person who is responsible for paying to a resident any sum by way of (i)fees for...

Cash payment for petrol/diesel in remote area excess of 20000 is allowed

IT: Where assessee made cash payment for purchase of petrol in excess of Rs. 20,000 at a petrol pump which was far away from main town, Tr...

Aug 29, 2013

Amendment in money laundering scheme

Amendment made in the money laundering act. This includes increasing the scope of Money laundering act and includes freezing in the act. T...

Aug 28, 2013

HUF can not be a partner in LLP firm

HUF can not be a partner in Limited Liability partnership firm. Company. Ministry of corporate affairs has issued a circular no. 13/2013 d...

Aug 27, 2013

Gift received on daughter item is not exempted

Gift received by assessee on occasion of his daughter's marriage won't be exempt as the word individual appearing in proviso to su...

Aug 26, 2013

How to Periodic withdraw from Mutual fund

Under mutual fund scheme, there is an option of systematic withdrawn plan in which the investor can withdraw the periodic redemption accor...

No penalty on deductor non mentioning PAN of deductee

IT : No penalty on deductor of TDS for non-mention of payee’s PAN in Form 16A if payee didn’t intimate his PAN to deductor • If payee ...

Aug 25, 2013

Income tax department must pay interest for late refund

Central board of direct taxes issued a directive that a taxpayer should get interest on refunds unless in te case when there is assessee’s...

Custom clarification on duty exemption on Ash Handling Systems, Water Treatment Plant and Coal Transportation Facilities

Custom department issued a clarification on custom duty exemption on Ash Handling Systems, Water Treatment Plant and Coal Transportation F...

Aug 24, 2013

ST 3 online version service tax return for period October 2012 to March 2013

Service tax department issued service tax return form ST 3 online version for the return October 2012 to March 2013. Earlier service tax d...

Aug 23, 2013

India signs Double tax avoidance agreement DTAA wit Uruguay

Government of India sign double tax avoidance agreement with government with Uruguay. Income tax department issued a note no. 500 dated 16...

Aug 22, 2013

Fourth slab in income tax eyeing on super rich

The direct tax code has been approved in the cabinet on Thursday 22 August 2013 and proposed a fourth slab in the income tax slabs for the...

MOU between India and Iran

Indian government has signed memorandum of understanding wit government of Iran. Income tax department issued a notification no. 64 dated ...

Aug 21, 2013

What to do when notice comes from income tax department

  Income tax notice is what everybody wants to escape. Sometimes it even comes when the assessee paid all his due tax and filled return on...

Aug 20, 2013

Tax resident norms relaxed for working abroad

India has signed DTAA( Double tax avoidance agreement) with many countries with which the person who have the tax resident certificate fro...

Government bans import of LCD LED and Plasma TV by air travellers

Government of India banned import of flat screen television by the air travelers in a bid to stop declining the rupee value against the US...

Aug 19, 2013

How to get an educational loan

Banks offer loan for education for the studies in India as well as abroad. This education loan is only available to Indian students. Repay...

Aug 16, 2013

CBDT draft on safe habour rules

Safe Harbour is a provision that provides certainty that the price of controlled transactions will not be reviewed by the tax administratio...

Latest RPU version 3.6 and FVU version 3.9 e-TDS free download

Tin.nsdl has launched latest version of RPU and FVU. These software are used for preparing regular as well as corrective e-TDS/TCS quarter...

Aug 15, 2013

Interest on cash credit account calculator

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

Aug 14, 2013

Download latest file validation utility FVU version 3.9 e-TDS software

Tin.nsdl has launched latest file validation utility FVU version 3.9 e-TDS software. This software FVU 3.9 is used to prepare e-TDS/TCS qu...

Download latest Return preparation utility 3.6 for e-TDS statements

Tin.nsdl has launched latest return preparation utility version 3.6 for e-tds/tcs statements. This rpu 3.6 is the latest version of T...

Things to know about PAN card changes

PAN card is an important document now days and   requires in many different transaction. Like any investment, purchase or sale of property...

Aug 13, 2013

All about interest rates on saving bank account

Banking becomes so much necessary now a day as almost every person in India has a saving account. This term boost when banks start issuing...