| Is your EPF a/c inactive ? Time to act NOW! Posted: 24 Apr 2011 11:37 AM PDT 
It was in March 2008 I changed the job, but never cared to know what happened to the balance in my PF account (Employee Provident Fund) accumulated over a period of time with my past employer as I had opened a new PF account through my new employer. But whenever the topic of EPF popped up, I promised myself to take it up head on, either get it transferred or claim the refund. But very... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| ROC circular on debarring professional furnishing incorrect or false information Posted: 24 Apr 2011 01:26 PM PDT 
Registrar of Companies will take Penal action for wrong Certification of e-forms under the Companies Act, 1956 by the Practicing CA, CS, ICWAI as is clear from the circular issued by it . The penal action suggested are complaining to parent body and debarring the the professionals from submitting the documents to MCA portal . [...] ROC circular on debarring professional furnishing incorrect or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| FOR PROVISIONING OF BAD LOANS-RBI RELAXES NORM Posted: 24 Apr 2011 08:22 AM PDT 
The Reserve Bank of India has relaxed norms regarding setting aside money for bad loans. A move which has come as a major relief for all commercial banks. The banking regulator has said banks should maintain 70% of the provision coverage ratio (PCR) of their gross bad loans as on September 2010, but they do not have to maintain 70% of PCR on an ongoing basis. PCR is the amount that a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| How point of taxation rule under service tax law affects your taxation under Income tax Act ! Posted: 24 Apr 2011 11:31 AM PDT 
Have you thought of how change in Point of Taxation Rule under Service Tax law will affect tax payers under Income Tax Act.I would suggest , you read my previous posting Why service tax not collected can not be disallowed u/s 43B ? This is no more valid on account of amendment in point of [...] How point of taxation rule under service tax law affects your taxation under Income tax Act ! is a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Calculator for Interest u/s 234 ,234B & 234C Posted: 24 Apr 2011 01:05 AM PDT 
As per Income Tax Act , a tax payer is supposed to pay interest over & above the tax payable by him/her. The interest u/s 234A is charged for delay in filing tax return, whereas interest u/s 234B & C are for paying less advance tax than one is supposed to pay. The computation of [...] Calculator for Interest u/s 234 ,234B & 234C is a post from: taxworry.comRelated posts:Interest u/s... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| WHY SAHAJ SUGAM INTRODUCED -FEATURES OF NEW FORMS Posted: 23 Apr 2011 01:01 PM PDT 
Why are the forms being Modified – Key Imperatives? Centralized Processing Center's have been set up all over the country with the primary objective of processing returns on a bulk processing basis instead of case by case Processing. CPC would be the fulcrum of faster processing and world class Taxpayer Services. The automated environment at CPC requires forms to be designed in... ...... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| COLOR,FONT,PAPER SIZE IS MUST IN SAHAJ SUGAM NEW ITR FORMS Posted: 23 Apr 2011 12:59 PM PDT 
Can the forms be used in Black and white format, If no Why not Black and White Format will not be accepted in SAHAJ and SUGAM Forms. It is mandatory for axpayer's to file the required color document. Will formats other than the prescribed format be accepted by Department? No, formats other than the prescribed format would not be accepted by Department. Income... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| CPC issues Guidelines on SAHAJ form Posted: 22 Apr 2011 08:24 PM PDT 
Central Processing Centre, Banglore has issued guidelines on the new income tax form ITR-1 i.e SAHAJ. It provides who can and who can not file return of income. Read below what it says Who can file SAHAJ ? Who can not file SAHAJ ? Important point to note that guideline provides that persons having income [...] CPC issues Guidelines on SAHAJ form is a post from: taxworry.comRelated posts:Which... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Tax Havens not so heavenly any more- tax officials being deployed there Posted: 22 Apr 2011 12:11 PM PDT 
Investigations in several scams in the telecom and real estate sectors have revealed that a large amount of funds involved in these scams surfaced from tax havens like Mauritius and hence Indian agencies have now begun to take extreme steps to prevent such money laundering activities. A recent measure that the Income Tax department has [...] Tax Havens not so heavenly any more- tax officials... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| TDS Calculator For Fy 2011-12 . Who Neeeds TDS rates ? Posted: 22 Apr 2011 10:50 AM PDT 
Clutch of withholding tax (TDS) is increasing day by day.Certain provisions of tds are required to be dealt on day to day basis spec illy for TDS under section 192, 193, 193A, 194,194C,194H,194I,194J of the I T Act . The rates of tax at source under Income Tax Act are fixed differently for different kinds [...] TDS Calculator For Fy 2011-12 . Who Neeeds TDS rates ? is a post from:... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Who can use SAHAJ?Who cannot use SAHAJ? Posted: 21 Apr 2011 11:52 PM PDT 
1.what is SAHAJ SAHAJ is the newly designed ITR-1 which replaces SARAL Income Tax Return. It is the most modern technology enabled Tax Payer Friendly Form. 2.Who can use SAHAJ?This return form is to be used by the Individual whose total income for the assessment year 2011-12 includes income from salary/pension:or Income from one house property(excluding where loss brought... ...... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| No service Tax if payment made before 01.07.2010 Construction of Complex Services Posted: 21 Apr 2011 11:39 PM PDT 
ST : Clarification regarding Liability of Service Tax under the category "Construction of Complex Services"TRADE NOTICE NO. 1/2011, DATED 15-2-2011, ISSUED BY CENTRAL EXCISE COMMISSIONERATE, PUNE-III "Construction of Complex Services" is defined as:-Section 65(105)(zzzh) of the Act defines the taxable service as 'any service provided or to be provided to any person, by any other person'... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Mumbai High Court-amendment making derivative transaction is not retrospective Posted: 22 Apr 2011 01:06 AM PDT 
Whether the transactions in exchange traded financial derivatives are "speculative transactions" as defined in Section 43(5) of the Income Tax Act,1961 ? b) If so whether clause (d) inserted to the proviso to Section 43(5) of the Act w.e.f. 1-4-2006 wo... Mumbai High Court-amendment making derivative transaction is not retrospective is a post from: taxworry.comRelated posts:Now Derivative... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Polls make IT Department richer by Rs 27.72 crores Posted: 22 Apr 2011 01:06 AM PDT 
The Income tax Department's efforts to keep a strict watch on flow of money in poll bound states since March 1st has not gone waste. The department has managed to seize till date a total of Rs 27.72 crores as "unaccounted money" in cash from poll bound states. The money was seized in states where [...] Polls make IT Department richer by Rs 27.72 crores is a post from:... [[ This is...... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Diamond Trade and Real Estate- top black money spinners admits top IT Department official Posted: 22 Apr 2011 01:06 AM PDT 
A top IT department official has bluntly gone ahead and admitted that diamond trade followed by real estate sector are notorious for black money transactions. B P Gaur, Director General of Income Tax (Investigations) in an interview told reporters that "in certain areas like real estate or diamond trade there is a lot of circulation [...] Diamond Trade and Real Estate- top black...... [[... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Why ITR-1 SAHAJ or Rule 12 require immediate amendment? Posted: 22 Apr 2011 01:06 AM PDT 
Readers are already apprised about Error in ITR-1( SAHAJ) income tax form for Asst Yr 2011-12 . Now let us discuss about a confusion which is embedded in otherwise simple income tax form . Rule 12 of the Income Tax Rule determines which form should be used by a tax payer. CBDT has , while [...] Why ITR-1 SAHAJ or Rule 12 require immediate amendment? is a post from:... [[ This is a......... [[... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Housing Deals in Delhi now under taxman scanner Posted: 22 Apr 2011 01:06 AM PDT 
In yet another step to prevent the circulation of black money, the Central Board of Direct Taxes has announced that it will begin reviewing property deals in Delhi and take action against those found to be evading taxes. The Income Tax Department has already carried out several search and seizure operations in the National Capital [...] Housing Deals in Delhi now under taxman... [[... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Advantage e-returns- quick filing, quick refunds Posted: 22 Apr 2011 01:06 AM PDT 
The Central Board of Direct Taxes is leaving no stone unturned in order to popularise and encourage tax payers to electronically file their returns. The board has now announced another incentive to lure taxpayers to file e-returns, it has promised expeditious refunds in such cases. Normally refunds take about 5-10 months to be processed, but [...] Advantage e-returns- quick... [[ This is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Mumbai High Court-amendment making derivative transaction is not retrospective Posted: 21 Apr 2011 11:09 PM PDT 
Whether the transactions in exchange traded financial derivatives are "speculative transactions" as defined in Section 43(5) of the Income Tax Act,1961 ? b) If so whether clause (d) inserted to the proviso to Section 43(5) of the Act w.e.f. 1-4-2006 wo... Mumbai High Court-amendment making derivative transaction is not retrospective is a post from: taxworry.comRelated posts:Now Derivative Trading... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Polls make IT Department richer by Rs 27.72 crores Posted: 21 Apr 2011 09:07 AM PDT 
The Income tax Department's efforts to keep a strict watch on flow of money in poll bound states since March 1st has not gone waste. The department has managed to seize till date a total of Rs 27.72 crores as "unaccounted money" in cash from poll bound states. The money was seized in states where [...] Polls make IT Department richer by Rs 27.72 crores is a post from: taxworry.comRelated posts:No... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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