Jul 31, 2013

Income tax department extends due date for filing return to 5 August 2013

Income tax department has extended due date of filing income tax return from 31 July 2013 to 05 August 2013. This is the big relief of 5 d...

Rate of interest of rupee denominated bond of Indian company

Income tax department issued a notification no. 56/2013 dated 29 July 2013 about rate of interest of rupee denominated bond of an Indian c...

Jul 30, 2013

Rate of interest on fixed deposit FD/RD of various bank on 30-07-2013

This is the high time investing your money in fixed deposit or recurring deposits. Prople generally don't know about previling rate o...

Jul 29, 2013

Advance tax calculator for financial year 2012-13

This is the high time to pay the advance tax liability. The last date to pay the advance tax is 15 December. Finance minister has announce...

Jul 28, 2013

Online transfer of PF account will commence on 15 August

Employee’s provident fund organization (EPFO) announced Independence gift to Indians as online transfer of Provident fund account on chang...

Banks will not take post dated cheques for EMI of any loan

Banks will no longer take post dated cheques for EMI of any loan. Banks are looking more to ECS and RECS. This mandate is only for the pal...

Jul 27, 2013

Banks will ask for KYC documents again for operating an account

Customers will need to full KYC(Know your customer) documents even after opening the bank account .Reserve bank of India issued a note abo...

Jul 26, 2013

Provident fund start digital signatures for online transfer of accounts

EPFO has started registering digital signatures of employer with the aim of starting online transfer of PF account on changing jobs. EPFO ...

Jul 25, 2013

Salaried income up to 5 Lakh need to file income tax return for AY 2013-14

Central board of direct taxes(CBDT) has not extended the exemption to salaried persons having income up to 5 lakh per year not to file inc...

Audit can be directed without hearing of assessee

Special audit can be directed without providing an opportunity of personal hearing to assessee Proviso to section 142(2A) does not envi...

Jul 24, 2013

Income tax department extends due date of filing the return to 31 October 2013

Income tax department has extended due date for filing return of income from 31 July 2013 to 31 October 2013 for the resident or assessee ...

Central Excise circular about excise duty on sedan cards like SX4,Honda civic and Altis

Central Excise department issued a circular no. 972/2013 dated 24 July 2013 about applicable excise duty on sedan cars like Maruti SX4, Ho...

Jul 23, 2013

ITR 6 for assessment year 2013-14 in excel free download

Income tax department updated income tax return form ITR-6 for the assessment year 2013-14 in excel format. Earlier ITR-1 SAHAJ, ITR-2, IT...

Jul 21, 2013

CBDT instruction on TDS mismatch if deductor has deposited amount

SECTION 199 OF THE INCOME-TAX ACT, 1961 - CREDIT FOR TAX DEDUCTED – CREDIT OF TDS UNDER SECTION 199 TO AN ASSESSEE WHEN THE TAX DEDUCTED H...

Standard unit quantity code UQC in custom

Custom department introduced standard unit quantity code(UQC). Custom department issued a circular no. 26/2013 dated 19 July 2013 about st...

Income tax new rule 6AAF for guidelines for approval of skill development project

Income tax department insert new rule section 6AAF about guidelines for approval of skill development under section 35CCD of income tax ac...

Jul 20, 2013

Income tax calculator for financial year 2013-14 and analysis year 2014-15

There are not very many changes in the calculation of income tax for the financial year 2013-14 and the analysis year 2014-15. But there ...

Jul 19, 2013

Guidelines for deduction at 150% on expenditure on skill development u/s 35CCD

Income tax department has issued a press release on guidelines for weighted deduction @150% of the expenditure incurred on skill developme...

Jul 18, 2013

ITR-1 SAHAJ auto fill in excel for assessment year 2013-14

ITR-1 SAHAJ form  is to be used by an individual whose total income for the assessment year 2013-14 includes:-  a) Income from Salary/...

Jul 17, 2013

Fixed deposit and recurring deposit comparison and excel calculator

Now a day’s interest rates are very fluctuating and RBI recently change the bank rate. So many people want to lock their money by deposit...

Jul 15, 2013

89(1) arrears relief calculator for financial year 2013-14

Section 89(1) of the income tax act is the relief when an employee receives his/her salary in advance, arrears. In this condition income w...

Jul 12, 2013

Fixed deposits are eating your money for the last 5 years

You may wonder that your fixed deposit is fetching negative return to your income or eating your money. This looks impossible at one stage...

Penalty may be waived if assessee co-operate in proceedings of service tax

Where a assessee having limited operations had co-operated in proceedings and paid service tax alongwith interest, penalty was liable to b...

Jul 11, 2013

Banking starts charges on sending SMS and internet services

Banks become greedy day by day more due to inflation. Banks increased charges or levy charges on such services which are used to be free e...

Jul 9, 2013

Income tax new rule 6DDC 6DDD and new form 3BC

Income tax department amend income tax rules 2013 which is the 9th amendment and inserted two new rules 9DDC and 9DDD. There is a new for...

CBDT instruction on TDS mismatch if deductor has deposited amount

SECTION 139, READ WITH SECTION 199 OF THE INCOME-TAX ACT, 1961 - RETURNOF INCOME - CREDIT OF TDS U/S 199 TO AN ASSESSEE WHEN THE TAX DEDUC...

Jul 6, 2013

Income tax law on sum received after termination of employment

The OECD Committee on Fiscal Affairs, through a sub-group, has undertaken to clarify how variety of payments, such as non-competition payme...

Jul 5, 2013

Pen drive is also a admissible evidence in income tax proceddings

Pen drive and print outs taken from it constituted admissible evidence in income-tax proceedings and formed a basis for investigation and ...

Jul 4, 2013

Fingerprints will soon be must for having new SIM cards

There is no stop on SIM cards on forged documents despite several measures taken by the department of telecommunication. Physical verifica...

Jul 3, 2013

ITR 7 form for assessment year 2013-14 offline mode software free download

Income tax department updated income tax return ITR 7 for the assessment year 2013-14. This ITR updated in offline mode whereas other ITR ...

Jul 2, 2013

Service tax on SEZ and form A1, A2. A3 and A4 download

Service tax department issued a notification about the exemption of service tax on special economic zone SEZ. This circular is very vital...