The due date for submission of ITR-V for A.Y. 2010-11 has been extended upto 31.10.2011 or 120 days from the date of upload whichever is later. Source :- www.incometaxindiaefiling.gov.in To give an opportunity for the assessees who have filed their returns online (E filing) and are yet to receive an acknowledgement after sending the signed […]
Time limit for Submission of ITR-V for A.Y.2010-11 extended Read More »
Travel by train, passport fee, capitation fees to education institutions and non-compete fees given by companies may come under tax net as the government considers a ‘negative list’ model to tax services, which will boost its tax revenues significantly. Most countries follow the negative list model-where a list of exempted services is specified and every
Train travel, passport fee, capitation fee may come under service tax net Read More »
The service Tax Department has made the E filing of Half yearly Returns of Service Tax mandatory w.e.f 1st October 2011. The relevant Notification is reproduced below :- Click here to send an enquiry to us [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA
E filing of Service Tax returns made mandatory Read More »
The Income-tax Department has issued Circular N0 05/2011 dtd 16th August 2011 containing the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2011-2012 and explains certain related provisions of the Income-tax Act. This circular will be a handy reference for Employers deducting tax from their
Tax Deduction on Salaries – Clarification Circular Read More »
As per SEBI Circular No CIR/ IMD /DF / 14 /2011 dtd August 9, 2011, the Foreign Investors who meet the KYC (Know Your Customer) requirement may invest in Equity and Debt Schemes of Mutual Funds (MF) in India. This is subject to a overall ceiling of US $10 billion for Equity Schemes. Click here to
Foreign Investors can invest in Mutual Funds in India now !!! Read More »
The Ministry of Company Affairs has introduced a new scheme namely “Company Law Settlement Scheme , 2011“. The Salient Features of this scheme are :- 1) This scheme condones the delay in filing of Documents with Registrar of Companies. 2) It also grants immunity from prosecution 3) The additional fees payable will be only 25%
Company Law Settlement Scheme 2011-Last Chance to file your belated ROC returns Read More »
As per recent Notification No DBOD.BP.BC. No. 26 / 21.01.001/2011-12 dtd 01/08/2011 issued by the Reservce Bank of India, the Issue and Payment of DD in excess of Rs. 50000/- by all banks in India shall be transacted only through the debit to the customer’s account. This means, any purchase of Demand Draft in excess of
Issue and Payment of DD in excess of 50000/–New RBI Direction Read More »
Cost Inflation Index for Financial years from 1981-82 which is required to calculate Indexed Cost of Acquisition and/or Indexed Cost of Improvement. [table id=8 /]
Cost Inflation Index Table Read More »
The TNVAT (5%) imposed on the textile products with effect from 12.07.2011 has been withdrawn by the Government of Tamilnadu with retrospective effect. This was announced by the Chief Minister of Tamilnadu after the Cabinet meeting decided to withdraw this tax. The relevant Notification is reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2011/07/GO-90_210711.pdf”]
TNVAT 5% on Textiles Withdrawn Read More »
The Tamilnadu Government has changed the rate of TNVAT from 4% to 5% and 12.5% to 14.5%. The relevant notification is attached below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2011/07/GO76_110711.pdf”]
Changes in TNVAT Rates Read More »
As per recent Notification from the Ministry of Corporate Affairs, the DPIN (Designated Partner Identification Number) has been replaced by DIN (Director Identification). In view of the above, any person who is intending to become a designated partner in an LLP shall apply for DIN and get the same approved. If a person holds both
This Tax Calculator will calculate the tax Payable in respect of Individuals & HUF for the year 2010-11 (A.Y.201-12) Enter your data only in Green shaded Cell. You will get the tax payable Send your comments to sridharca@gmail.com
Tax Calculator for 2010-11 (A.Y.2011-12) Read More »
The Income-tax Department has issued a new Notification No 37/2011 dtd 01.07/2011. As per this notification , all Individual/HUF/Partnership Firms who are covered under Tax Audit u/s.44 AB of the Income-tax Act, shall electronically file their return of Income with the Digital Signature of the Assessee/Partner. This will be applicable from the A.Y.2011-12 onwards. The
E filing with Digital Signature mandatory for Tax Audits Read More »
NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL] DATED 23-6-2011 In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department
Cost Inflation Index for Financial Year 2011-12 is 785 Read More »
No.402/92/2006-MC (14 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, dated the 23rd June, 2011 PRESS RELEASE The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for
Exemption from Filing of return for Salaries Employees Read More »
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