The Reserve Bank of India vide its Monetary Policy statement has announced the reduction of repo rate by 50 basis points. Consequent to this announcement, it is likely that the banks shall reduce the rate of interest on Car,Housing and other loans which are offered under the Floating rate of Interest.
RBI reduces rate by 50 basis points Read More »
The Department of Industrial Policy & Promotion, Government of India has issued a new FDI policy circular (Circular 1 of 2012) with the updated details of the policy of the Government of India with regard to Foreign Direct Investments (FDI) in India. Click here to download the FDI Circular.
New FDI Policy Circular Issued. Read More »
The CBDT vide its circular No 03/2011 dtd 13.05.2011 had stipulated that Form 16A in respect of tax deducted at source on or after 01/04/2011 shall be mandatorily downloaded from TIN website (with unique TDS Certificate Number) in case of company including banking company ,banking institution,co operative society engaged in banking business. For other deductors
Issue of TDS Certificate in Form 16A – to be generated from TIN Central System Read More »
The Income tax department,vide its Notification No 15/2012 dtd 30/03/2012 has restricted the rate of depreciation on windmills from 80% to 15% w.e.f. 01/04/2012. The relevant Notification is reproduced below :- Income-tax (Fourth Amendment Rules, 2012 – Depreciation restricted to 15% on wind mills installed after 31-3-2012 Notification No. 15/2012 [F.No.149/21/2010-SO(TPL)] S.O.694(E), dated 30-3-2012 In
Rate of Depreciation on Windmills reduced to 15% Read More »
In the recent Budget presented in the parliament, the finance minister has introduced a new provision in the Income-tax Act,1961 , wherein certain property transfers were brought into the ambit of Tax Deduction at Source. This move by the Government of India is aimed at not only increasing the revenue for the Government but also
All about Tax deduction at Source (TDS) on Immovable Property Transfers Read More »
The Central Board of Direct Taxes vide its Notification dtd S.O. 626(E) dtd 28th March 2012 has notified new return forms (manual forms) for the previous year 2011-12 (Assessment Year 2012-13). Form No Applicable to Download Link ITR-1 SAHAJ Indian Individual [wpdm_file id=8] ITR-2 For Individuals and HUFs not having Income from Business (or)
New Income-tax return forms for the year 2011-12 (A.Y.2012-13) notified Read More »
The Financial Year 2011-12 closes on 31-3-2012 falling on Saturday. All the Income Tax Offices through out India shall remain open on this day and the receipts counters shall also work during normal office hours. This direction is issued for administrative convenience by the Central Board of Direct Taxes in exercise of powers conferred under
Income-tax offices to remain open on 31/03/2012 Read More »
As per the Finance bill 2012, the rate of Service Tax has been increased from 10% to 12%. The effective rate of Service Tax to be charged has been increased from 10.3% to 12.36%. This will be effective from 1st April 2012.
Effective date for Increase in Rate of Service Tax Read More »
The last date for Payment of Service tax pertaining to the month of March 2012 and for Quarter ending March 2012 is 31st of March 2012. In case of payment by Challan GAR 7, click here to download the Challan In case of e-payment of Service Tax, Click here to make the payment online.
Last date for Service tax for March 2012. Read More »
Nowadays,large number of NBFC’s have started giving loans against the Gold Jewellery and the size of the Loan Portfolio is in increasing trend day by day. In order to regulate the same and as a prudential measure , the reserve bank of India vide its Notification dtd 21st March 2012 has imposed certain restrictions on
RBI Restriction on Gold Loans given by NBFC Read More »
SPECIAL DEPOSIT SCHEME FOR NON-GOVERNMENT PROVIDENT, SUPERANNUATION AND GRATUITY FUNDS – NOTIFIED RATE OF INTEREST ON SUCH DEPOSITS NOTIFICATION NO.5(4)-B(PD)/2011, DATED 13-3-2012 It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F.
Non-Govt PF, Superannuation and Gratuity fund – Revision in Rate of Interest Read More »
Credit card usage is in India is in increasing trend over the years. The plastic money offers vide range of facilities and comfort apart from avoiding the risk of carrying money in hand. Credit cards if used wisely can aid you manage your finances effectively. But on the other hand, the usage of credit cards
CREDIT CARDS – A TRAP CALLED MINIMUM DUE PAYMENT Read More »
DIRECT TAX PROPOSALS v Changes in Tax Slabs : The existing differentiation of Male and Female assessees has been removed. The tax rates for all Individual assessees below 60 years of age for the year 2012-13 is as follows :- Income Level Rate of Tax Upto Rs. Rs. 2,00,000/- Nil Rs. 2,00,001 to Rs. 5,00,000/-
BUDGET 2012 – IMPORTANT TAX PROPOSALS Read More »
Income-tax is a very famous and well known direct tax inIndia. But many Income-tax assessees are unaware of the fact that they are also liable to pay wealth-tax and file Wealth-tax returns every year along with their Income-tax returns. In this article , let us try to analyse the various provisions with regard to Wealth-tax
Wealth-tax – Are you Complying with the Provisions ? Read More »
Every person holding Deposits with Banks/Financial Institutions/Companies must have heard about these forms 15G & 15H. As a depositor, you will be required by the bankers/financial institutions/Companies to submit Form 15G/15H for non deduction of tax at source (TDS). But, how many of us really know, what this Form 15G/15H is and what are the
All about Form 15G & Form 15H Read More »
