Posted Date : 05-Jan-2014 , 05:13:40 pm | Posted By Rohit

BASIC CONCEPTS OF SERVICE TAX   Service tax in India The Tax Reforms Committee headed by Dr. Raja J. Chelliah recommended imposition of “Service Tax” on selected services. On these recommendations, Dr. Manmohan Singh, the then Union Finance Minister, in his Budget speech...

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Category : Service Tax | Comments : 0 | Hits : 1517

Posted Date : 05-Jan-2014 , 08:27:54 am | Posted By Surendra Kumar Dash

NOKIA TAX CASE The Income Tax department on Friday moved the Delhi High Court seeking "directions/clarifications" of the December 12 order by which the assets of mobile phone handset maker Nokia in India were defreezed.   A bench, headed by Justice S Ravindra Bhat, posted the plea ...

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Category : Income Tax | Comments : 0 | Hits : 351

Posted Date : 04-Jan-2014 , 11:34:42 am | Posted By CA Ramesh K Chhajer

Deduction in respect of Medical Insurance Premium (Mediclaim) paid to keep in force insurance by individual either on his own health or on the health of spouse, dependent parents and children or HUF on the health of any members of the family. A Mediclaim policy is a must because should you fall sick...

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Category : Income Tax | Comments : 0 | Hits : 375

Posted Date : 03-Jan-2014 , 09:54:17 pm | Posted By Vimmi

Many taxpayers, who have filed their returns and sent across their verification form in June or July, usually get the acknowledgement and refunds around this time of the year. However, quite often, many taxpayers complain that they did not get the intimation of the receipt of their ITR-V (verificati...

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Category : Income Tax | Comments : 1 | Hits : 1202

Posted Date : 03-Jan-2014 , 09:40:47 pm | Posted By Vimmi

    RBI (Reserve Bank of India)   The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently ...

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Category : Banking | Comments : 1 | Hits : 1992

Posted Date : 02-Jan-2014 , 01:26:15 pm | Posted By Surbhi Singhal

            Hello readers. Greetings of the season!               As the New Year has arrived, some of us have resolved to indulge in disciplined financial planning in an effort to achieve our financial ...

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Category : Finance | Comments : 0 | Hits : 565

Posted Date : 01-Jan-2014 , 01:25:36 pm | Posted By Dulichand Kushwaha

So many people want to quit their high profile jobs and turn to social work! If you are one of them, you should know that setting up an organization, such as an NGO, in India is no easy task. But if you’re determined, there’s help at hand.   NGOs are organizations that usually w...

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Category : Income Tax | Comments : 0 | Hits : 1098

Posted Date : 31-Dec-2013 , 04:29:35 pm | Posted By Dulichand Kushwaha

Property is a favourite Indian asset class and one of the main reasons for this is its ability to generate regular cashflows through rent. In this column, we will look at the various aspects involved when an NRI rents out a property in India. The definition of NRI for the purposes of repatriation wi...

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Category : Income Tax | Comments : 0 | Hits : 275

Posted Date : 31-Dec-2013 , 04:21:43 pm | Posted By Dulichand Kushwaha

Assessees paying excise duty and service tax of Rs 1 lakh will have to mandatorily pay the levies electronically with effect from January. The earlier ceiling for mandatory e-filing was Rs 10 lakh. "From January 1, 2014, a manufacturer or a Service Tax payer who has pa...

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Category : Excise | Comments : 0 | Hits : 515

Posted Date : 31-Dec-2013 , 12:31:24 pm | Posted By Dulichand Kushwaha

In that first hardly noticed moment in which you wake, coming back to this life from the other more secret, moveable and frighteningly honest world where everything began, there is a small opening into the new day which closes the moment you begin your plans. What you can plan is too small f...

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Category : General | Comments : 0 | Hits : 216

Posted Date : 31-Dec-2013 , 12:28:14 pm | Posted By Dulichand Kushwaha

Friends, क्या आपने ध्यान दिया है कि जब कोई strong belief टूटती है तो फिर...

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Category : General | Comments : 0 | Hits : 262

Posted Date : 31-Dec-2013 , 12:24:15 pm | Posted By Dulichand Kushwaha

2013 की आखिरी पोस्ट में मैं इस साल की तीन ऐसी घटनाओ का जì...

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Category : General | Comments : 0 | Hits : 288

Posted Date : 31-Dec-2013 , 11:18:19 am | Posted By Surendra Kumar Dash

Paper wise exemption to Cost Accountants:  A candidate who has passed the Final examination of the Institute of Cost Accountants of India, shall be  exempted from the following papers of the CS  Executive / Professional Programmes :     Executive Programm...

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Category : Students Zone | Comments : 0 | Hits : 262

Posted Date : 30-Dec-2013 , 01:08:36 pm | Posted By Surendra Kumar Dash

REBATE TO INDIVIDUAL TAX PAYER W.E.F. 01.04.2013       As per the Central Finance Budget 2013, a new Income Tax Section has introduce under section 87A, where can get relief as well as Rebate Maximum Rs. 2,000/- who’s taxable income up to 5,00,000/-....

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Category : Income Tax | Comments : 0 | Hits : 367

Posted Date : 28-Dec-2013 , 11:04:09 am | Posted By Dulichand Kushwaha

As the financial year comes to an end, it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, interest paid up to Rs 1.5 lakhs per annum on a home loan can be set-off from sa...

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Category : Income Tax | Comments : 0 | Hits : 283

Posted Date : 28-Dec-2013 , 10:59:58 am | Posted By Dulichand Kushwaha

What is Cost Inflation Index (CII)?   It is a measure of inflation that finds application in tax law, when computing long-term capital gains on sale of assets. Section 48 of the Income-Tax Act defines the index as what is notified by the Central Government every year, having regard ...

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Category : Income Tax | Comments : 0 | Hits : 503

Posted Date : 28-Dec-2013 , 10:58:24 am | Posted By Dulichand Kushwaha

Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.The Income Tax Act allows for d...

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Category : Income Tax | Comments : 1 | Hits : 1010

Posted Date : 28-Dec-2013 , 10:57:26 am | Posted By Dulichand Kushwaha

The intent behind this write-up is to discuss the intricacies of several seemingly inconsistent judgements which have made the matter of availing trade discount a discounting issue in itself.   Though the VAT provisions are similar at large across the states, there are var...

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Category : GST | Comments : 0 | Hits : 405

Posted Date : 27-Dec-2013 , 02:43:54 pm | Posted By Dulichand Kushwaha

Provident Fund scheme was started by few concerns even before the enactment of the act. The government in 1952 framed this act for the benefit and welfare of the employees. This act is applicable to employees drawing pay not more than Rs. 6,500 pm but at the time of registration the same employee pa...

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Category : General | Comments : 0 | Hits : 730

Posted Date : 27-Dec-2013 , 02:16:02 pm | Posted By Dulichand Kushwaha

Traditionally banks in India have four types of deposit accounts, namely Current Accounts, Saving Banking Accounts, Recurring Deposits and, Fixed Deposits.   However, in recent years, due to ever increasing competition, some banks have introduced new products, which combine the features of...

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Category : Banking | Comments : 0 | Hits : 616