| New Income tax Return form ay 2011-12 Fy 2010-11 SAHAJ SUGAM Posted: 22 Apr 2011 01:41 AM PDT 
SIncome Tax department has released new Income Tax form for assessment year 2011-12.New Year return season has started with release of new ITR form for Assessment year 2010-11. Two new form has been introduced first is Sahaj which is replacement of Saral-II and identical to old form and second is Sugam (4S) to be filled in the case of a person being an individual or a Hindu... [[ 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: 22 Apr 2011 01:21 AM 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! ]]  |
| Who can use SAHAJ?Who cannot use SAHAJ? Posted: 22 Apr 2011 12:40 AM 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... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  This posting includes an audio/video/photo media file: Download Now |
| RBI cautions banks on e-banking Posted: 20 Apr 2011 09:23 PM PDT 
The Reserve Bank of India (RBI) had cautioned banks that though e-banking as a new technology has many capabilities, it also has many problems and users are hesitant to use the system. "The use of e-banking has brought many concerns from different stakeholders. Everybody's primary concern is security. As more and more people are exposed to the information superhighway, privacy of information... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Accounting code for new services added in budget 2011 Posted: 20 Apr 2011 07:53 PM PDT 
ST : Accounting Codes for the taxable services introduced vide the Finance Act, 2011CIRCULAR NO.136/5/2011-TRU, DATED 20-4-2011 Heads of Account under the Major Head "0044-Service Tax" in respect of the new taxable services have been allotted by the Office of the Principal Chief Controller of Accounts, CBEC. 2. Accounting Codes for the purpose of payment of service tax are as... ...... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| SAHAJ ,SUGAM ON SIMPLE PAPER B/W NOT ACCEPTABLE ????? Posted: 19 Apr 2011 12:23 PM PDT 
As I have informed you earlier that new forms are seems to be machine readable and my guess is correct . New forms are designed for readable through machines so that paper returns can be uploaded in income tax department computer system automatically .But this change is problematic for assessees . Now you can not use these formS(Sahaj and Sugam) after printing it out from your black... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| NEW ITR-1 SAHAJ ,NEW ITR 4S SUGAM DOWNLOAD PDF FORMAT Posted: 19 Apr 2011 12:21 PM PDT 
Income Tax department has recently issued Income tax return forms vide notification 18/2011. Two new form has been introduced first is Sahaj which is replacement of Saral-II and identical to old form and second is Sugam (4S) to be filled in the case of a person being an individual or a Hindu undivided family deriving business income and such income is computed in accordance... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Status of Quarterly TDS/TCS Statement now available by SMS Posted: 19 Apr 2011 11:10 AM PDT 
NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS: Accepted: This status is provided if the statement is accepted by TIN.Rejected: This status is provided if the statement is rejected by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| NO RETURN UP TO 5 LAKH ,NOTIFICATION IN JUNE,E FILE & GET REFUND IN ONE MONTH Posted: 19 Apr 2011 10:52 AM PDT 
E-filing has also become necessary in view of the rising refund claims.The government paid Rs.78,000 crore of tax refunds in 2010-11 as against Rs.57,100 crore in the previous fiscal.The income-tax department has been trying to make the refund process faster and efficient by using technology. A refund banker scheme is already in place in the whole of country to ensure taxpayers get refunds... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Buying /selling House? Taxman is watching & may call You!!! Posted: 18 Apr 2011 07:26 PM PDT 
If you're buying a house, expect a call from the taxman. The income tax (I-T) department has decided to toothcomb property deals that could throw light on irregularities or tax evasion all over the country. Both individual and corporate deals are set to come under the taxman's lens. "We'll review all property deals to find out whether any black money has changed hands and detect tax evasion,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| New Sahaj Tax Form Probes Agriculture Income Posted: 18 Apr 2011 10:59 AM PDT 
The Income Tax Department has asked taxpayers to furnish details earned from agriculture in its newly modified I-T return form -Sahaj -for assessment year 2011-12. Known as Saral-II and originally meant for the service class, the Sahaj form has a column devoted to income from agriculture. "This information on agricultural income is for record only and not to be taxed," a senior I-T... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| 5 % VAT ON WHEAT AND PADDY IN PUNJAB Posted: 18 Apr 2011 10:50 AM PDT 
GOVERNMENT OF PUNJABDEPARTMENT OF EXCISE & TAXATION(EXCISE AND TAXATION II BRANCH) Notification The April, 2011 No. S.O. /P.A.8/2005/S.8/2010- Whereas the State Government is satisfied that circumstances exist, which render it necessary to take immediate action in Public interest; Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Are you eligible for Loan Posted: 17 Apr 2011 06:49 PM PDT 
Credit Appraisal is the process followed by banks to determine the borrower's ability to repay his loan as well as his trust worthiness. A prospective borrower has to go thorough the stages of credit appraisal as practiced by different banks. The main factor banks will consider is "proof" that shows that the borrower is capable of repaying the loan on time. For this, they will look into... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Arrears Calculator for Punjab Govt employees Posted: 17 Apr 2011 06:02 AM PDT 
Download Arrears calculator for Punjab GoVt employees as well as PSEB employees. fill The required Details and download Free calculator in Excel with Instructions For arrears calculation for 43 Month allowed by Pun jab Govt In three Installments . Calculator is very easy to use , however Instruction are given where ever is required .This Calculator is prepared by CA RAJAN GUPTA, Dy CAO,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Introduction of remedial measures to mitigate difficulties faced by service tax assessees in e-filing of Service tax returns Posted: 16 Apr 2011 08:06 PM PDT 
TRADE NOTICE, DATED 17-2-2011 Members of the Trade and public are hereby informed that the Directorate General of Systems and Data Management, Customs & Central Excise, New Delhi, have taken due care of their difficulties faced by Service Tax Assessees in "e-filing" and introduced remittal measures as detailed below :-(i) A Service Desk has been set up with a national toll-free number... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| IRDA INCREASES PREMIUM RATES FOR THIRD-PARTY MOTOR INSURANCE Posted: 16 Apr 2011 03:10 AM PDT 
The Insurance Regulatory and Development Authority (Irda) today raised the premium rates for third-party motor insurance policies by 10-65 per cent across different categories of vehicles and ownerships. While third-party premiums for personal cars and two-wheelers were raised by 10 per cent, new premiums for commercial vehicles would be higher by 65 per cent. The new rates are effective... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| INDIANS WORK 8 HOURS A DAY ahead of UK, Aus, Italy, Korea, France, Germany, Belgium Posted: 14 Apr 2011 11:51 AM PDT 
INDIANS work for 8.1 hours every day, more than the average figure for the entire developed world and individual countries like the UK, Australia, France, Italy and Germany. However, the average work-hour for Indians is less than the same for people in countries like the US, China and Japan, while those in Mexico are the busiest in the world, anew global survey has found. "Mexicans work... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Five tips for printing Excel data more efficiently Posted: 14 Apr 2011 11:50 AM PDT 
Many Excel users are skilled at manipulating data in their worksheets — but when the time comes to print certain portions of the data, the results aren't what they want. Fortunately, once you master a few of Excel's print options, you can avoid frustration and save a lot of time. Here are several easy ways to enable the appropriate settings to print just what you need, when you need it.1: Set... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Mobile payment platform from eMudhra Consumer Services Posted: 14 Apr 2011 10:23 AM PDT 
Corporation Bank has launched CorpMcash, an easy and secure mobile payment platform from eMudhra Consumer Services. The mobile payment solution is called CorpMcash. The process is simple and convenient for both consumers and merchants for making and receiving payments through their mobile phones without having to divulge any information such as phone numbers or account numbers.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| 89(1) relief calculator for arrears received in Fy 2011-12 Posted: 14 Apr 2011 08:31 AM PDT 
Many state Govt have allowed 6/5th pay arrears in Financial year 2011-12 and onwards. Due to arrears , income tax of employees in respect of financial year 2011-12 is going up and employee are receiving very less net amount after deduction of tax .Many knows that arrears can be breakup in respective years and tax relief can be claimed u/s 89(1) but most of them have no idea... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Remuneration to partner allowed Even Partnership deed not specified Amount:HP High Court Posted: 13 Apr 2011 04:17 AM PDT 
CBDT Circular which specifies that for s. 40(b)(v), the partnership deed should specify the remuneration, is invalid The assessee, a firm, provided by the partnership deed that its partners would be "working partners within the meaning of s. 40(b)" and "be paid a monthly salary as per the income-tax provisions". The AO relied CBDT Circular No. 739 dated 25.3.1996 and held that because the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| TAXMAN 'GIFTED' INDIA RS 72,000 CR Posted: 13 Apr 2011 04:10 AM PDT 
The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here. "The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers in the fiscal year 2009-10 against Rs 57,000 in the previous financial year," Chandra said... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| GOVT TO SOON NOTIFY 'SUGAM' IT FORM FOR SMALL TAXPAYERS Posted: 13 Apr 2011 04:06 AM PDT 
The Finance Ministry will soon unveil the simpler income tax return form 'Sugam', which is aimed at reducing compliance burden on small businessmen and professionals. "Sugam is currently being examined by the Law Ministry and will be notified soon," a Revenue Department official said. Finance Minister Pranab Mukherjee in his budget speech for 2011-12 had announced the new simplified return... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| CHECK REFUND ,RETURN PROCESSING STATUS ON PHONE Posted: 12 Apr 2011 07:37 PM PDT 
Update on CPC - Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following: Status of receipt of ITR-V at CPC Processing status of e-filed returns Refund issues (refund status can be check online ) Any other information related to processing of returns at... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| UID NUMBER COULD BE USED FOR MARKET TRANSACTIONS Posted: 12 Apr 2011 07:25 PM PDT 
MARKET intermediaries, who are constantly on the lookout for avenues to reduce overhead and compliance costs, have found a new tool. The Unique Identification number or UID can be used to cut down processes and costs involved in completing the Know Your Customer (KYC) formalities, they say. A suggestion to this effect has already been made to the Securities and Exchange Board of India... [[ 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: 
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: taxworry.comRelated posts:Do... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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