| Tax Deductors Expect few more Notices Posted: 11 May 2011 07:27 PM PDT 
Drive to clean up TDS database by May 20, 2011TO immediately redress the grievances of tax payers who have claimed refunds, but because of the default on the part of tax Deductors, tax demands have been created, CBDT advises all the CCITs (CCA) to ensure the following: i. Where TDS Returns have been filed : TDS Returns with very high number of mismatches have been identified by the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| GOLD LOAN AGAINST GOLD MUTUAL FUNDS BY RELIANCE FINANCE Posted: 11 May 2011 07:25 PM PDT 
Reliance Commercial Finance, an Anil Ambani group company, today forayed into the business of providing loans against gold units a first-in-industry offering where gold in paper form can be used as collateral. The company will provide loans up to Rs 1 crore under this programme, for which it has entered into an exclusive tie-up with another group firm, Reliance Mutual Fund. Initially,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| TDS on Hired vehicle on fixed amount Covered under 194C not 194I Posted: 06 May 2011 07:09 PM PDT 
Briefly, the facts of the case are that the assessee is a local authority and is engaged in development of areas in and around Ahmedabad outside municipal limits. It was seen that the assessee had hired cars on fixed rent payments but TDS was deducted @ 2% treating the same as contract. Since the cars are one type of machinery, and rent is paid at fixed monthly rate, according to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Make Rs 50,000 payment via cell phone Posted: 05 May 2011 06:56 PM PDT 
Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank decided to increase the limit of money-loading to Rs 50,000 from the existing limit of Rs 5,000."The maximum value of such prepaid semi-closed m-wallet shall not exceed Rs 50,000," a RBI notification said. Leading mobile operators Bharti Airtel and Vodafone had tied up with SBI and ICICI... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Diesel & petrol may cost Rs 5 more from next week Posted: 05 May 2011 06:31 PM PDT 
Fuel prices will rise next week as the government is planning to increase the state-set price of diesel by up to Rs 5 per litre while oil companies are preparing to raise petrol rates by a similar amount after assembly polls end on May 10. The empowered group of ministers (EGoM) on fuel prices, which fixes the price of diesel, cooking gas and kerosene, will meet on May 11 to consider the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| interest rate on savings bank accounts raised by 50 basis points Posted: 04 May 2011 06:59 PM PDT 
The Reserve Bank of India (RBI) has raised the interest rate on savings bank accounts by 50 basis points (bps), or half a per cent, from 3.5% to 4%, which will boost returns to savers hurt by rising inflation but squeeze profits of banks. With headline inflation now close to double digits, returns for all those who have parked money in savings accounts have been negative for quite a while... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| REFUSAL OF POSTAL ORDERS AS RTI FEE TO INVITE ACTION Posted: 04 May 2011 12:10 PM PDT 
The government has decided to impose a penalty on officials who do not accept postal orders as fees for getting information under the Right to Information Act. The Department of Personnel and Training has issued a circular in this regard. Refusal to accept fees through the Indian Postal Orders may be treated as refusal to accept the application. It may result into imposition of penalty by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| INDIVIDUAL TAXPAYERS NEED NOT DECLARE HIGH-VALUE TRANSACTIONS Posted: 04 May 2011 12:07 PM PDT 
The Central Board of Direct Taxes (CBDT) has given a breather to individual tax payers from declaring high-value transactions with banks, mutual funds, credit cards, etc via the income tax return forms. The newly notified income tax return forms for the Assessment Year 2011-12 including Sahaj, Sugam, ITR 2, ITR 3 do not carry the dreaded Annual Information Return (AIR) blocks. We... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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