| TAX RATES DUE DATE COMPLIANCE CHART FOR TAX PAYERS ,CA'S Posted: 22 Nov 2011 06:27 PM PST 
The Committee for Capacity Building of CA Firms and Small & Medium Practitioners of ICAI as a part of its commitment to strengthen the Small & Medium Practitioners has brought out the publication on Quick Insight for the Members of ICAI. The Quick Insight will contain important information on the compliance of matters pertaining to the Direct Tax & Indirect Tax, Accounting &...  |
| ONLINE FOREX TRADING THROUGH INTERNET PORTAL IS ILLEGAL :RBI Posted: 20 Nov 2011 06:25 PM PST 
Attention of the Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 53 dated April 07, 2011 wherein AD Category I banks were advised to exercise due caution and be extra vigilant in respect of the margin payments being made by the public for online forex trading transactions through credit cards / deposits in various accounts maintained...  |
| “Set-off” of export receivables against import payables- Liberalization of Procedure Posted: 20 Nov 2011 06:22 PM PST 
Attention of Authorized Dealer Category – I (AD Category – I) banks is invited to the fact that the requests received from the exporters through their AD branches for set-off of export receivables against import payables are considered by the Reserve Bank of India. As a measure of further liberalization, it has been decided to delegate power to AD Category – I banks to deal with the cases of...  |
| Repayment of Term/Fixed Deposits in banks Posted: 20 Nov 2011 06:20 PM PST 
It has come to our notice that some banks insist on the signatures of both the depositors to allow repayment of money in fixed/term deposits, though the deposit account is opened with operating instructions (sometimes called 'repayment instructions'), 'Either or Survivor' or 'Former or Survivor'. Such insistence on the signatures of both the depositors has the effect of making the mandate given...  |
| NEGATIVE LIST OF SERVICE TAX(CONCEPT PAPER) REVISED RELEASED Posted: 18 Nov 2011 05:09 AM PST 
1.0 Background 1.1 A Concept Paper on the "Taxation of Services Based on a Negative List" was circulated on August 31, 2011 to seek feedback from all stakeholders. Many chambers, service providers' associations, professional institutes, business entities and individuals have provided valuable inputs. 1.2 The feedback received indicates an overwhelming support for the taxation of ...  |
| EXCISE FORMS RETURN FORM APPLICATION FORMS Posted: 18 Nov 2011 05:07 AM PST 
You must have the latest version of Acrobat Reader to read these forms - Form of applicationSettlement Commission - Form of application for settlement of a case under section 32E GAR 7 Challan (Front || Reverse) G.A.R.-7 Proforma for Central Excise Tax Payments (Receipt & Payment Rules 26) FORM A-1New Central Excise Registration form. To fill this form...  |
| SERVICE TAX FORMS ST-1 ST-2 ST-3 REFUND FOR CHALLAN FORM Posted: 18 Nov 2011 04:59 AM PST 
You must have the latest version of Acrobat Reader to read these forms Form type Brief Description G.A.R. 7 G.A.R. Proforma for Service Tax payments (For payments from April, 2007 onwards) [Front] [Reverse] ST - 1 Application form for registration under Section 69 of the Finance Act, 1994 ST - 2 Certificate of registration under Section 69 of...  |
| INCOME TAX RATE CHART SLAB FY 11-12 AY 12-13 Posted: 17 Nov 2011 06:53 PM PST 
Income tax rate chart /slabs for Assessment year 2011-12 and earlier years has been given chart form as under in respect of Individual , HUF(hindu undivided Family) ,BOI(body of individuals) ..So download The charts for Link given below or you can read the same online as shown below As per the Finance Act, 2011, income-tax rates for the financial year 2011-2012 (i.e. Assessment Year...  |
| DOWNLOAD FREE SOFTWARE FOR E TDS RETURN VER 2.6 Posted: 16 Nov 2011 06:08 AM PST 
TIN-NSDL has released free software for filing for E TDS statement .This utility can be used for regular as well as correction returns.Key features of NSDL Return Preparation Utility (RPU) version 2.6 Unmatched challan: On import of consolidated file in the NSDL RPU (version 2.6), an alert message "Statement contains unmatched challan. The same has been highlighted in red colour" will...  |
| SERVICE TAX RATE CHART SERVICE TAX PAYMENT DUE DATE Posted: 16 Nov 2011 05:59 AM PST 
6.1 In case of Individuals or Proprietary Concerns and Partnership Firm, service tax is to be paid on a quarterly basis. The due date for payment of service tax is the 5th of the month immediately following the respective quarter ( in case of e-payment, by 6th of the month immediately following the respective quarter). For this purpose, quarters are: April to June, July to September, October...  |
| FREE E BOOK ON SERVICE TAX UPDATED FY 11-12 Posted: 15 Nov 2011 09:55 AM PST 
Free E Book on service tax matters updated up 25.08.2011 is available for download. The most important is that is that it covers changes by Finance Act 2011.More over its free to download. It covers Following topics. Sr. No. Topic Page No. 1 General ………………………………………………. 4 1-A. Budgetary changes 2011-12………………………….. 7 2 Registration…………………………………………… 9 3 Payment of Service...  |
| PETROL PRICES REDUCED BY RS 1.85 WEF 16.11.11 Posted: 15 Nov 2011 05:33 AM PST 
Indian Oil and other companies have decreased the petrol prices from today midnight (16.11.11) by Rs 1.85(excluding sales and state taxes) means actual decrease is around Rs 2.25 In few states .Earlier Motor Spirit (MS) prices were de-regulated by Government of India w.e.f. 25.06.2010.In the current year (2011-12), as a result of rising international MS prices, IndianOil has revised MS prices...  |
| PPF INTEREST RATE IS MARKET LINKED NOW Posted: 14 Nov 2011 09:25 AM PST 
Every one is Happy that PPF rate is increased by 0.6 % But do we know that PPF rates are no longer Fixed for long time NOW? . If you had planned for your future corpus thinking that your Public Provident Fund (PPF) and other small savings options would give almost fixed returns, be ready to make fresh calculations. From December 1, the small savings returns would become...  |
| Details of 15G-15H to be provided in E TDS statement from 01.11.11 Posted: 13 Nov 2011 05:46 AM PST 
Particulars of transactions with no deduction Earlier there was requirement to submit details of all payments / credits where no deduction was made in view of certificate of no deduction issued by the income-tax officerAdditionally, now details of payments/ credit where no deduction was made in view of submission of self declaration under section 197A for no deduction of tax under the following...  |
| INTEREST RATE INCREASED PPF ,NSC ,MIS,POSA LIMIT ALSO INCREASED Posted: 11 Nov 2011 07:08 AM PST 
Interest Rates on Small Savings InstrumentsThe rate of interest paid under Post Office Savings Account (POSA) will be increased from 3.5% to 4% p.a. The rate of interest on small savings schemes will be aligned with G-Sec rates of similar maturity, with a spread of 25 basis points (bps) with two exceptions. The spread on 10 year NSC (new instrument) will be 50 bps and on Senior...  |
| CHANGES IN SMALL SAVING SCHEMES KVP DISCONTINUED Posted: 11 Nov 2011 07:04 AM PST 
Rationalisation of Schemes The maturity period for Monthly Income Scheme (MIS) and National Savings Certificate (NSC) will be reduced from 6 years to 5 years. A new NSC instrument, with maturity period of 10 years, would be introduced. Kisan Vikas Patras (KVPs) will be discontinued. The annual ceiling on investment under Public Provident Fund (PPF) Scheme will be increased...  |
| PPF LIMIT RAISED ONE LAKH PPF INTEREST RATE 8.6% INCREASED Posted: 11 Nov 2011 06:03 AM PST 
Govt has increased Limit in PPF account to 1,00,000 and increased interest rate on PPF Account to 8.6 % from earlier 8 % Further few more changes has also been proposed in other schemes.we will update effective date as soon as confirmed. PPF Investment limit raised to 100000 from 70000. Interest on PPF account has been raised to 8.6 % from 8 % Interest on loan from PPF raised to 2 % from 1...  |
| 1 % SUBSIDY ON HOUSING LOAN FROM APRIL THIS YEAR: RBI Posted: 11 Nov 2011 05:27 AM PST 
The liberalised scheme for 1% interest subsidy by government on housing loans up to Rs15 lakh will be available for the borrowers whose loans were sanctioned and disbursed from April this year, reports PTI. The new scheme under which the loan limit for interest subvention was raised to Rs15 lakh, subject to the total housing cost of Rs25 lakh, will remain valid up to March 2012, the Reserve Bank...  |
| VERIFY YOUR SERVICE TAX NUMBER EXCISE CODE CHECK STATUS ADDRESS LOCATION Posted: 10 Nov 2011 06:20 PM PST 
1. what is service tax new code system In new system all service tax code/excise (STC) are of 15 characters and based on Pan. first ten character are same as PAN ,11-12 digit is "ST" in all service tax code(In few cases "SD" is also used) ,13-15 is sr no for service tax number alloted against a pan number ,if you have applied for one service tax number against a pan than your service tax number...  |
| FREE E FILING SOFTWARE EXCEL ER-1 ER-2 ER-3 ER-4 ER-5 ER-6 ER-8 Posted: 09 Nov 2011 09:54 PM PST 
Assessees can file their Central Excise and Service Tax Returns using following offline Excel Utilities/XML Schema by downloading the same from this page. It is advised that the latest Excel Utility may be used every time, for filing Returns, by downloading it from the link given below Click on the respective Excel Utility/XML Schema hyperlink to download. Please refer the detailed...  |
| SERVICE TAX RETURN ST-3 EXCEL E FILING FREE Posted: 09 Nov 2011 09:54 PM PST 
Assessees can file their Service Tax Return ST-3 using following offline Excel Utilities by downloading the same from this page. It is advised that the latest Excel Utility may be used every time, for filing Returns, by downloading it from the link given below Click on the respective Excel Utility/XML Schema hyperlink to download. Please refer the detailed Instructions Sheet embedded within...  |
| HOW TO PAY EXCISE SERVICE TAX ONLINE (E PAYMENT) Posted: 09 Nov 2011 09:53 PM PST 
For e-payment, assessees should open a net banking account with one of the authorized banks (currently there are 28 banks), list of which is available on the EASIEST (Electronic Accounting System in Excise and Service Tax) website of CBEC, maintained by NSDL (https://cbec.nsdl.com/EST/). Payment through ICICI Bank, HDFC Bank and Axis Bank can be done by assesses for select Commissionerates only,...  |
| SET OFF CARRY FORWARD OF LOSSES IN INCOME TAX INDIA Posted: 09 Nov 2011 07:04 PM PST 
Set off of losses and carry forward of losses is tedious subject for taxpayers and mostly confusing but with the help of chart given below,it is very easy to understand all the heads ,inter heads adjustment in very easy manner.In this chart adjustment in the previous year and adjustment in next year if possible has been shown. Hope it would be helpful to you to under stand the set off and carry...  |
| CAPITAL GAIN EXEMPTION 54,54B,54EC,54F AT A GLANCE Posted: 09 Nov 2011 07:02 PM PST 
Capital gain on sale of certain assets is exempted on purchase/construction of specified assets under section 54,54B,54EC,54F subject to few conditions.These exemption has been tabulated on the basis of following points. Who can claim exemption Eligible assets sold Assets to be acquired for exemption Time limit for acquiring the new assets Exemption Amount Whether "Capital gain...  |
| CHEQUE DRAFT VALID ONLY FOR 3 MONTHS WEF 01.04.2012 Posted: 08 Nov 2011 05:47 AM PST 
Payment of Cheques/Drafts/Pay Orders/Banker's Cheques In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date of the instrument. 2. It has been brought to the notice of Reserve Bank by Government of India that some persons are taking undue advantage of the said practice of...  |
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