Feb 23, 2014

New simple pension form for retired govt employees

Government on 21 February introduced a new pension form due to the retired employees which simplifies the process of sanctioning pension a...

Important points of filing TDS corrective statements

The Centralized Processing Cell (TDS), in its constant endeavour to keep our stakeholders informed and educated, feels glad to remind impo...

Feb 21, 2014

Govt is planing to increase interest rate on EPF

A proposal to revise the interest rate of Employees Provident Fund (EPF) by means of 0. 25 % is under the consideration on the government....

Normal dress is not uniform and not eligible for exemption u/s 10(14)(i)

IT : Normal dress worn by employees in office is not 'uniform' for the purposes of exemption uniform allowance u/s 10(14)(i) A...

Feb 20, 2014

Amount in PPF account is not available for recovery against income tax dues

IT : PPF account is immune from attachment and sale for recovery of income-tax dues • Rule 10 of the Second Schedule to the Income-Tax...

Feb 19, 2014

Income tax send 23 lakh letters for non filing return

Some sort of last-ditch effort to satisfy revenue targets, the Income tax Department will always be sending out text letters to 23 lakh as...

Feb 17, 2014

Highlights of Budget 2014

Finance Minister Mr. P.Chidamaram presented budget 2014 on 17 February 2014. The key highlights of this budget are as follows. * Income ...

Income tax slabs for financial year 2014-15 and analysis year 2015-16

The new income tax slabs for the financial year 2013-14 and the analysis year 2014-15 are as follows. A. Normal Rates of tax: ...

Exemption of rice from service tax

Service tax department issued a circular no. 177/2014 dated 17 February 2014 about service tax exemption on rice. Full circular is as unde...

Feb 16, 2014

Income tax new section 80EE deduction on interest on loan sanctioned on FY 2013-14

Under the provisions of section 24 of the Income-tax Act, before amendment by the Act, income chargeable under the head ‗Income from House...

Feb 15, 2014

Income tax calculator for all the financial year

People need to search and download different calculators for different financial years as income tax slabs generally change in each year in...

Feb 13, 2014

Virtual credit card technology coming to India

 Internet 1 Universal Electronic Payment System Technology (Net1), dual-listed in america and South Africa, is planning a roll-out of thei...

Income tax clarification on expenses disallowance u/s 14A

Income tax department issued a clarification with circular no. 5/2014 dated 11 February 2014 regarding expenses disallowance under section ...

Feb 12, 2014

Labour Ministry asked EPFO to issue Permanent account number

This Labour Ministry has asked EPFO to provide permanent PF account numbers to it is 5 crore members inside a time-bound manner in order t...

Feb 11, 2014

ITR V due date filin has extended up to 31-3-2014 for AY 2009-10 10-11 and 11-12

Income tax department has extended due date for filing ITR V upto 31 March 2014 for the assessment year 2009-10, 2010-11 and 2011-12. Inco...

Export of prohibited item under advance autorization

Custom department issued a circular no. 4/2014 dated 10 February 2014 about export of prohibited item under advance authorization. Full ci...

Feb 9, 2014

All about home saver loan and excel based calculator

Sometimes one feels cheated when having a home loan from any bank. Point is that the rate of interest is fluctuating and not fixed. This m...

Feb 8, 2014

New income tax section 32AC incentive for installtion of plant and machinery

In order to encourage In order to encourage substantial investment in plant or machinery, a new section 32AC has been inserted in the Inco...

Feb 7, 2014

How to manage credit card outstanding dues

Swiping credit cards is definitely very easy, but managing as well as repaying the dues never been too uncomplicated. Most of the credit-b...

Feb 6, 2014

Banks will shut on 10 and 11 February due to strike

This two-day all-India traditional bank strike call distributed by the United Forum of Bank Unions (UFBU) intended for February 10-11 stan...

Basic salary cap for EPFO will be Rs. 15000

This Finance ministry offers cleared the Employees' Provident Deposit Organsiation's (EPFO) proposal to get the monthly fundamenta...

Feb 5, 2014

Income tax return is defective return if no self assessment tax is paid

The provisions contained in sub-section (9) of section 139, before amendment by the Act, provide that where the Assessing Officer consider...

New EDPMS Export data processing and monitoring system

Reserve bank of India issued a circular no. 101 dated 4 February 2014 about new EDPMS Export data processing and monitoring system. Full c...

RBI circular on third party payment for export or import transactions

Reserve bank of India issued a circular no. 100 dated 4 February 2014 about third party payments for import and export transactions. Full ...

TDS certificate of nil or lower rate u/s 197 or 197A

CPC(TDS) team feels glad to constantly update our stakeholders with relevant advisory communications from time to time. This communication...

Feb 3, 2014

New TDS rule of transfer of immovable property

There is a statutory requirement under section 139A of the Income-tax Act read with rule 114B of the Income-tax Rules, 1962 to quote Perma...

Feb 2, 2014

Income tax determination on royalty and fees for technical services

Section 115A of the Income-tax Act provides for determination of tax in case of a non-resident taxpayer where the total income includes an...