SIMPLE TAX INDIA

TAX REBATE ON 3-YR BANK FDS LIKELY

noreply@blogger.com (Rajan Gupta) — Fri, 17 Feb 2012 15:27:00 +0000

Following concerted pressure from banks, the finance ministry has agreed to consider a proposal to reduce the lock-in period for bank deposit eligible for tax rebate to three years from five years, even though it goes against the spirit of the Direct Tax Code. If this proposal finds it way into next months budget, it will make bank fixed deposits, which currently fetch an annual return more than...

Furnishing of Annual Statement by a non-resident having Liaison Office in India.

noreply@blogger.com (Rajan Gupta) — Fri, 17 Feb 2012 15:19:00 +0000

NOTIFICATION NO.5/2012[F.NO.142/25/2011-SO(TPL)], DATED 6-2-2012 INCOME-TAX S.O…………(E).- In exercise of the powers conferred by section 285 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1). These rules may be called the Income-tax (2nd...

Tax free Bonds(3000 Cr) to be issued by REC

noreply@blogger.com (Rajan Gupta) — Fri, 17 Feb 2012 15:12:00 +0000

S.O. (E).- In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the Rural Electrification Corporation (hereinafter referred to as the entity), to issue, through a public issue, during the financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of...

SERVICE TAX IS PAYABLE ON FLATS ALLOTTED TO THE LANDOWNER

noreply@blogger.com (Rajan Gupta) — Fri, 17 Feb 2012 03:51:00 +0000

When the landowner is given flats in lieu of cash, such flats become liable to service tax, says the Finance Ministry's clarification of February 10, among other things. Suppose, the landowner invites a builder to demolish his bungalow and construct 10 flats thereon, with two flats being allotted to him as sale consideration, the two flats, though for non-cash consideration, would attract service...

TAXPAYER-FRIENDLY DIRECT TAX CODE

noreply@blogger.com (Rajan Gupta) — Fri, 17 Feb 2012 03:44:00 +0000

The panel of Parliament examining the Direct Taxes Code (DTC) Bill has almost finalised its recommendations. It wants more taxpayer-friendly measures. With the government expected to bring provisions in the coming Budget to change the rules that led to it losing in the tax dispute with Vodafone in court, the standing committee on finance feels these changes shouldn’t harm genuine investors. And,...

Book Your Air Ticket At fixed Price for one year

noreply@blogger.com (Rajan Gupta) — Wed, 15 Feb 2012 15:30:00 +0000

For the first time in India, Via has launched Air Coupons at a fixed price starting from 2499 (inclusive of taxes) that allow you to fly anywhere anytime in India for the next one year. No hidden charges Please note that 1 Via Air Coupon = 1 one-way ticket for anywhere in India depending upon your coupon type. There are three types of Via Air Coupons: 1. Rs 2499 Air Coupon. 2. Rs...

No AC Journey in train possible without Identity Card

noreply@blogger.com (Rajan Gupta) — Wed, 15 Feb 2012 15:13:00 +0000

From today onwards i.e. 15th February 2012, anyone of the passengers/the passenger booked on the ticket issued from computerized Passenger Reservation System (PRS counters) and Internet (i-ticket) undertaking journey in AC-3 tier, AC-2 tier, 1st AC, AC Chair Car and Executive Classes will have to carry one of the nine prescribed proofs of identity (in original) during the journey. The...

Deduction Section 80DD Maint- Medical treatment Handicapped Dependent

noreply@blogger.com (Rajan Gupta) — Mon, 13 Feb 2012 16:11:00 +0000

Section 80DD Deduction under this section is available subject to following conditions Eligible Taxpayers to whom deduction is Available:This deduction can be claimed By Resident Individual/HUF. He may be ordinary resident Indian or Not ordinary resident Indian. He may be foreign citizen or Indian citizen. However Non resident can not claim this...

DEDUCTION UNDER NEW PENSION SCHEME NOT INCLUDED IN 1LAKH SAVING LIMIT

noreply@blogger.com (Rajan Gupta) — Mon, 13 Feb 2012 15:40:00 +0000

The New Pension Scheme (NPS) was introduced by the Union Government in 2003. According to the new scheme, employees appointed on or after January 1, 2004 will contribute 10 per cent of their Pay and Dearness Allowance to the Pension Fund Regulatory and Development Authority under the Ministry of Finance. An equal amount will be contributed by the Centre. The scheme is mandatory for Government...

INCOME TAX RATES 2011-12 EXEMPTION DEDUCTION TAX CALCULATION INCOME TAX READY RECKONER FREE

noreply@blogger.com (Rajan Gupta) — Mon, 13 Feb 2012 15:33:00 +0000

SMALL FREE INCOME TAX READY RECKONER 2011-12INCOME TAX RATES 2011-12 FY ,INCOME TAX RATES 2012-13 AY, INCOME TAX DEDUCTION AT A GLANCE 80C TO 80U , CAPITAL GAIN EXEMPTION AT A GLANCE 54 ,54B, 54EC,54F,SET OFF AND CARRY FORWARD LOSSES, DUE DATES , CHALLAN FORM ,OTHER TAX RELATED INFORMATION RELATED TO FINANCIAL YEAR 2011-12, INCOME TAX SLAB RATES , INCOME TAX CALCULATION , INCOME TAX READY...

TDS calculator for Fy 2011-12 fy 10-11 fy 09-10

noreply@blogger.com (Rajan Gupta) — Mon, 13 Feb 2012 02:57:00 +0000

TDS Calculator From fastfact.co.in � MS Excel based. No macros used. � Just select the Type of Payment, Deductee, the applicable rate is displayed. � Enter the amount being paid and tds amount gets computed. � Download TDS Calculator FY:0910 (Right click and save the file) � Download TDS Calculator FY:1011 (Right click and save the...

Income tax calculator FY 11-12 10-11 09-10

noreply@blogger.com (Rajan Gupta) — Mon, 13 Feb 2012 02:54:00 +0000

Income Tax Calculator from fastfact.co.in � MS Excel based. No macros used. � Enter the earnings, investments and deduction details to auto calculate income tax. � Computation of HRA, Children Education allowance and conveyance allowance. �Download Income Tax Calculator FY:0910 (Right click and save the file)�Download Income Tax Calculator FY:1011 (Right click and...

SERVICE TAX ON CONSTRUCTION SERVICES: CLARIFICATIONS

noreply@blogger.com (Rajan Gupta) — Sun, 12 Feb 2012 13:54:00 +0000

CIRCULAR NO. 151/2/2012-ST, DATED 10-2-2012 Many issues have been referred by the field formations, in the recent past, seeking clarification regarding the levy and collection of service tax on construction services [clauses (zzq),(zzzh) of section 65(105) of the Finance Act, 1994], in the light of varying business models. Across the country, divergent business models and practices are being...

E PAYMENT INCOME TAX :AUTO FILING OF DATA ON TIN NSDL

noreply@blogger.com (Rajan Gupta) — Fri, 10 Feb 2012 14:44:00 +0000

Mandatory e- payment of Income tax :E payment of taxes is mandatory for following type of persons 1.All Corporates. 2.person other than corporate but covered under section 44AB(compulsory Tax audit) and meaning of taxes here includes tds also other important aspects of e-payment is that one can make payment of taxes from other persons account also E payment can be made...

Leave Travel Concession/Assitance LTA/LTC u/s 10(5) exemption

noreply@blogger.com (Rajan Gupta) — Fri, 10 Feb 2012 14:35:00 +0000

Please provide me the provisions of LTA and documents required in respect of it. Is it possible to allow an employee to avail the benefit of it in the first year of their service. Further I want to know as a employer what are my responsibilities as employer while allowing exemption u/s 10(5) and what type of documents I have to demand from employee claiming...

Professional Tax Deductiont from salary-u/s16(iii)

noreply@blogger.com (Rajan Gupta) — Fri, 10 Feb 2012 14:32:00 +0000

How we can adjust professional tax from individual tax computation like maharastra case. ? Section 16(iii) : As per section 16(iii) of Income tax act ,Professional tax on employment or tax on employment levied by state under article 276(2) of the Constitution is allowed as a deduction from the Salary income. Tax should be Paid By the Employee: Profession tax should...

30% Income tax Slab from 20 Lakh :Standing Committee

noreply@blogger.com (Rajan Gupta) — Fri, 10 Feb 2012 02:58:00 +0000

The standing committee on finance of Parliament headed by former finance minister Yashwant Sinha is expected to meet on Friday to consider and adopt its recommendations on the proposed direct taxes code. Main Recommendation are Exemption Limit to be raised :300000 Four slabs for Taxes 30 Slab from 20,00,000 15 % rate for Dividend distribution Tax . Minimum alternate tax on SEZ 12.5 to 15 %...

INTEREST ON HOUSE LOAN SELF OCCUPIED HOUSE 150000 or 30000?

noreply@blogger.com (Rajan Gupta) — Thu, 09 Feb 2012 13:06:00 +0000

As you may know where a person has occupied more than one house for residential purposes, only one house, as chosen by him will be treated as ‘self occupied’ and all other houses will be deemed to be let out and the income from such houses would be computed as indicated earlier. In regard to one house treated as used for own residential purposes throughout the year, Section 23 (2) (a) prescribes...

WORKS CONTRACT SERVICE - MEANING OF THE EXPRESSION 'GROSS AMOUNT'

noreply@blogger.com (Rajan Gupta) — Wed, 08 Feb 2012 15:33:00 +0000

CIRCULAR NO. 150/1/2012-ST, DATED 8-2-2012 Reference has been received from a field formation seeking clarification as to whether 'gross amount', for the purpose of payment of service tax under the Works Contract Composition Scheme, included the value of free of cost supplies, for the period prior to 07/07/2009. 2. The issue has been examined. The meaning of the expression 'gross amount'...

DISPLAY OF LIST OF INOPERATIVE ACCOUNTS ON BANK WEBSITE

noreply@blogger.com (Rajan Gupta) — Wed, 08 Feb 2012 15:31:00 +0000

Please refer to our Circular DBOD.No.Leg.BC.34/09.07.005/2008-09 dated August 22, 2008, wherein detailed instructions have been given to banks on dealing with unclaimed deposits/inoperative accounts. They have been advised to find the whereabouts of the customers and their legal heirs. These instructions,inter alia, include (i) annual review of accounts in which there are no operations, (ii)...

who can correct Challan Data after deposit?( PAN/TAN/Section/AY/Amount)

noreply@blogger.com (Rajan Gupta) — Tue, 07 Feb 2012 15:36:00 +0000

NSDL receives tax collection data as uploaded by the bank. It is not authorized to carry out any changes in the data sent by the bank to TIN. The fields that can be corrected and the entity authorized to carry out corrections are as below: In Challan 281 TDS challan Major Head Means Company(20) or Non company(21) Minor head means payable by taxpayer (200) or Payable on regular assessment...

How to calculate Age in Excel.

noreply@blogger.com (Rajan Gupta) — Tue, 07 Feb 2012 15:06:00 +0000

You can calculate a persons age based on their birthday and todays date. The calculation uses the DATEDIF() function. The DATEDIF() is not documented in Excel 5, 7 or 97, but it is in 2000. (Makes you wonder what else Microsoft forgot to tell us!) Birth date :29-Apr-73 Years lived : 38 =DATEDIF(C8,TODAY(),"y") and the months : 9 =DATEDIF(C8,TODAY(),"ym") and...

No house loan for Stamp duty Registration Charges:RBI

noreply@blogger.com (Rajan Gupta) — Tue, 07 Feb 2012 03:12:00 +0000

The Reserve Bank of India’s latest notification to banks, to exclude stamp duty, registration and like charges while calculating the value of a property they intend to finance.The notification effectively means home buyers would have to arrange for more funds on their own, as banks will not lend for these charges any more.. This could lead to a further decline in home sales in the...

DA RATE WEF JAN 2012 TO BE 65 % (7 % INCREASE)

noreply@blogger.com (Rajan Gupta) — Mon, 06 Feb 2012 15:39:00 +0000

DA(dearness allowance rates are fixed on the basic of All India Consumer Price Index for industrial workers.Base year has been taken as 2001. This new DA rate system is adopted by Central and State Govts and public sector Under takings from 01.01.2006 with new pay scale as declared by the Pay commission . DA rates are to be announced half yearly basis and applicable from first of January and...

80 C SAVINGS - WHO's NAME CAN BE DONE ,MINIMUM HOLDING PERIOD

noreply@blogger.com (Rajan Gupta) — Sun, 05 Feb 2012 14:45:00 +0000

Normally person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name . We have consolidated the rules which resolve the issue . After reading this post if any doubt left then ask queries in comment section . Deduction under section 80C...