Sep 30, 2013

Income tax department extends due date of filing of returns to 14 October 2013

Income tax department extends due date for filing of returns from 30 September to 14 October 2013 for the assessee of Gujarat. Income tax ...

Income tax new amend rules and new form 34EA

Income tax department amend the income tax rules and inserted a new form 34EA of income tax act. Income tax department issued a new notifi...

Sep 29, 2013

Husband can get HRA exemption on rent paid to his wife

In the instant case the AO disallowed assessee's claim for HRA exemption on the ground that assessee and his wife were living together...

Sep 28, 2013

No free look period of new health policies of less than one year- New rules

IRDA has issued a circular no. 191 dated 29 September 2013 about the amendment in health insurance norms. This includes no look up period ...

Excise changes the CENVAT credit rules for capital goods

Central excise department has changed the CENVAT credit rules for capital goods. Central excise department issued a notification no. 12/20...

Sep 27, 2013

Download latest file validation utility FVU 4.0 e-TDS software

Tin.nsdl has launched latest FVU( File validation utility) version 4.0 for preparing e-TDS/TCS quarterly statements. FVU version 4.0 will ...

Download latest Return preparation utility RPU 3.7 for e-tds statements

Tin.nsdl has launched latest return preparation utility software version 3.7 for e-tds/tcs statements. This latest version RPU 3.7 prepare...

Sep 26, 2013

Tax audit due date extended to 31 October 2013

The Income tax department has extended due date of audit report from 30 September to 31 October 2013. The Income tax department has issued...

Sep 25, 2013

7th pay scale commission will be implemented from 1 January 2016

Seventh pay scale is likely to implement with effect from 1 January 2016. Prime Minister Mr. Manmohan Singh has given his acceptance for s...

Sep 24, 2013

How to claim deductions on donations

The  government gives tax benefits aspects on donations underneath Section 80G with the Income Tax Act, 1961. However, its not all donatio...

Sep 23, 2013

Manual selection cases for scrutiny for FY 2013-14

The Income tax department issued an instruction no. 13/2013 about compulsory manual selection of cases for scrutiny for financial year 201...

Sep 22, 2013

MCA clarification on companies act 2013

 The Companies Act 2013 received the assent of the President on 29th August, 2013 and was notified in the Gazette of India on 30th August,...

Government wants to bring petroleum and liquor under GST

The Centre has asked the Empowered Committee of State Finance Ministers to consider bringing petroleum and liquor within the Goods and Ser...

Sep 21, 2013

Government approves 10% DA hike

 The government nowadays approved a proposal to hike dearness permitting to 90 % from existing 80 %, a move that would benefit about 50 la...

Arrest and bail rule in central excise act 1944

Central Excise department issued a circular regarding rules of arrest and bail. Central excise department issued a circular no. 974/2013 d...

Sep 20, 2013

AD-HOC exemption under service tax

Service tax department issued an order no. 1/2013 about ad-hoc exemption. This exemption is applicable for service providers in Uttrakhhan...

Service tax is exempt on educational services

Service tax department issued a circular no. 172/2013 dated 19 September 2013 regarding clarification on service tax on educational servic...

Sep 19, 2013

e-Aadhar is valid proof for opening a bank account

Reserve bank of India has issued a note saying that e-aadhar is the valid proof for opening a bank acount and it fulfills both proof of ID...

Income tax press release about safe harbour rules u/s 92CB

Section 92CB of the Income-tax Act provides for framing of safe harbour rules.The determination of arms length price u/s 92C or 92CA of th...

Sep 17, 2013

FAQ on basic saving bank deposit account BSBDA

1. Query What is the definition of 'Basic Savings Bank Deposit Account' (BSBDA)? Response All the existing ‘No-frills’ accoun...

Sep 16, 2013

Duty drawback rates of all industry effective from 21 September 2013

Custom department issued a circular no. 37/2013 dated 14 September 2013 about all industry duty drawback rates. These rates are effective ...

Central excise reversal of amount on domestic clearance circular no. 973

Central excise department issued a circular no. 973/2013 dated 4 September 2013 about    Reversal of amount under Rule 6(3) the CCR, 2004 ...

Sep 15, 2013

Income tax department send another 35000 letters to pay dues and file returns

The income tax depart,ent has issued letters to around 35000 more people asking them to file income tax return and pay dues of income tax....

No TDS on payment of lease premium for allotment of plot

Payment of lease premium for allotment of plot of land is not liable to TDS liability under section 194-I In the instant case, the ass...

Sep 14, 2013

Flat onwer can sell is flat without permission of society

Flat owner can sell or mortgage his flat to seek borrowings without the permission of society     The Supreme Court held as under: ...

Sep 13, 2013

Income tax department extended date of receipt of ITR-V to 31 October 2013

Income tax department has extended the last date of receipt ITR-V in CPC Bangaluru to 31 October 2013 for the cases of analysis year 2011-...

Banks will remain open on 14 and 15 September for advance tax collection

Opening of the Bank Branches for accepting the advance tax challans for Income Tax and Corporate Tax on September 14 & 15, 2013 Wi...

Sep 12, 2013

Zero balance saving account with HSBC, Standard Chartered and Citibank

People can open zero balance saving account with the foreign banks such as Citibank, Standard Chartered bank and HSBC bank and can avail f...

Sep 11, 2013

KYC procedure to open a bank account for foreign students

Reserve bank of India has issued procedure as how to open a bank account in india for the foreign students studying in India. This include...

Simplification of procedure for claim settlement of deceased depositor

Reserve Bank of India has simplifies the procedure for claim settlement of deceased depositor. Now banks need to put the form in its websi...

Service tax exemption to National Skill development Corporation

Service tax department exempt services tax on services provided by National Skill Development Corporation. Service tax department issued a...

Sep 10, 2013

Income tax new rule 12BA and new form 63AA

Income tax department has inseted new rule 12BA in income tax rules and adds new form 63AA in income tax rules. Regrading this income tax ...

Sep 9, 2013

Draft companies rules 2013 highlights

Limit of maximum number of members of unincorporated partnership or association for carrying on business/gain-50 No association or par...

Sep 7, 2013

Cash withdrawl at point of sale POS instrument is allowed on prepaid cards up to Rs. 1000

Reserve bank of India has allowed cash withdrawl on POS instruments on prepaid cards too. Earlier this facility was only available to debi...

Stock statement format for cc limit of various bank

Cash credit account holder needs to submit stock statement every month to the bank. It is a declaration about stock in hand as on the day ...

Sep 6, 2013

Any person travel abroad can take 10000 ruppes with him

Reserve bank of India increased the limit of taking indian currency with him while travelling abroad. Earlier the limit was 7500 rupees wh...

Section 10(23C) exemption is not available to maternity hospital

Section 10(23C) benefit can't be granted to maternity hospital as child birth is a natural process of God which in no way could be sai...