May 31, 2014

Latest updated ITR1, ITR2 and ITR 4S schema for AY 2014-15

The income tax department updated latest schema for income tax return forms ITR1 SAHAJ, ITR2 and ITR 4S SUGAM form for the analysis year 2...

May 30, 2014

Flag raised in Form 15G or H despite income exceeding exemption

CPC(TDS) feels glad to provide you with the new feature of downloading Form 27D, the Tax Collection Certificate for Deductees forming part...

Invalid PAN of deductee in TDS statements

Centralized Processing Cell (TDS) has observed from its records that you have reported deductees with invalid PANs in your quarterly TDS s...

May 29, 2014

IT department will share assessee assets details with banks

The income tax department will share assets details of assessee as per wealth tax return with the banks for nabbing  loan defaulters.Incom...

Money of non operative account for 10 Years will forfeit by RBI

Generally we have some saving account which are not in use. We do some transactions in that accounts very rarely. But now be cautious! ...

May 28, 2014

Recent ruling which can affect you in financial terms

The government makes some recent ruling which may be important in your financially aspect. These ruling are with the capital markets, bank...

No penalty on dormant account

Reserve bank of India ruled that no penalty can be imposed on the dormant account by the banks. RBI issued a note dated 27 May 2014 regard...

SIT constituted for black money with the judgement of Supreme Court

New government took decision on very first day to constitute Special Investigation Team(SIT) for tax evaders who took black money abroad. ...

May 26, 2014

Power of attorney- When give power to work as your behalf

Ditching someone is the common practice now a days. Shahrukh Khan plays the same role in the film Baazigar when he took revenge of ditchin...

May 22, 2014

Employees to get PPO soon

So as to check delay with disbursal of monthly pension, the Centre has decided to give Pension Payment Order (PPO) to any or all central g...

May 21, 2014

How to set off losses against other heads income

People do a lot of work and efforts to make profits, but not always, as there is always a chance of losing money in business as well as ot...

Income tax order passed under section 264 of IT act

The income tax department passed an order under section 264 of income tax act. Income tax department issued an instruction no. 11 dated 16...

May 20, 2014

New PAN application form 49A and 49AA notified

The income tax department notified new PAN application forms 49A and 49AA. New PAN application forms have the feature to show mother's...

May 19, 2014

ITR 2 java based utility income tax form for Asst year 2014-15

The Income tax department issued income tax return form ITR-2 java based utility income tax form for the assessment year 2014-15. Income t...

Central excise classify rice-par boiling machinery

Central excise department issued a circular no. 982/2014 dated 15 May 2014 about classification of rice-par boiling machinery. Full circul...

May 8, 2014

Things to know before filing income tax return

We need to file income tax return every year. There are some tips wich you must follow to file income tax returns hassle free. Correct...

India Switzerland and 45 countries agree on sharing tax information

Throughout another step in the direction of shedding banking secrecy techniques, 47 nations such as Switzerland and The indian subcontinen...

May 7, 2014

No prepayment charges on floating rate term loan

Reserve bank of India issued a direction no. 110 dated 7 May 2014 about no prepayment charges or foreclosure charges on floating rate term...

Customer protection against levy of bank charges on minimum balance

Reserve bank of India issued a direction no. 109 dated 6 May 2014 about customer protection against levy of non maintenance on minimum bal...

Opening of bank account in the name of minors

Reserve bank of India issued a note dated 6 May 2014 regarding opening of accounts in the name of minors. In this note RBI issued clarific...

May 6, 2014

Borrowing is must to have a high score

All government and private lenders watch CIBIL report before approving a loan to customers. CIBIL report is the main platform which tells ...

ICICI bank two new saving account for NRIs

ICICI Bank, India's largest exclusive sector lender, offers launched two completely new saving account merchandise — NRI Professional ...

May 5, 2014

India soon have Single window system to pay all the bills

Do you think you're still paying your bills the older way? Still writing cheques along with having these delivered to your biller with...

May 2, 2014

How to avoid defaults in TDS statements

CPC(TDS) feels glad to bring to you easy tips to avoid Defaults in your TDS statements, by way of adherence to the following basic princip...

May 1, 2014

New data center for income tax department for tax evasion

To fasten accomplishing this of identifying tax evaders, the Income Tax department has decided to setup a major files centre of such class...

TDS rates section wise with threshold limit

Tax deduction at souce(TDS) rates as per section wise with threshold limit for financial year 2012-13 and the assessment year 2013-14 are a...