"Interest on Late payment of Advance TAX 234B and 234C- income from capital gains” plus 1 more

Interest on Late payment of Advance TAX 234B and 234C- income from capital gains

Posted: 19 Sep 2010 08:06 PM PDT

One of my clients is a sole proprietor. His income from business for the year ending March 31, 2010 is Rs. 15,80,000. He is entitled for a deduction of Rs. 1,00,000 under section 80C. During the financial year 2009-10, he has paid advance tax as follows– Rs. Business income 15,80,000 Less: Deduction under section 80C 1,00,000 Net income 14,80,000 Tax on net income for the assessment year 2010-11 3,58,440 Less: Tax credit available in respect...

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Third Party Cheques Banned from 15 November,2010 for investment in Mutual Funds

Posted: 19 Sep 2010 07:56 PM PDT

Next time you are investing in mutual funds, make sure you issue a cheque from your own bank account, as fund houses will soon start rejecting third-party payments. The move is part of efforts to check fraudulent activities by agents and distributors, some of whom have been found to be collecting cheques from investors and depositing them in their own names. After receiving several such complaints against agents and distributors, fund houses have decided not to accept thirdparty cheques for...

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