SIMPLE TAX INDIA

ONLINE TAN REGISTRATION MANDATORY FOR ALL TAN HOLDER

noreply@blogger.com (RAJABABU) — Thu, 12 Nov 2009 17:12:00 +0000

One more step towards total computerisation of TDS system ,Income tax department now makes mandatory to register their TAN(tax deduction account number) online on Tin-Nsdl Site .The Basic reason as shown in the website are as under Authenticated access (through user ID and password) will...

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First Discussion Paper on GST (Goods and Services Tax) released .

noreply@blogger.com (RAJABABU) — Wed, 11 Nov 2009 05:05:00 +0000

Today ,The Empowered Committee Of State Finance Ministers has released First discussion Paper on the GST (Goods and service tax).The GST as name suggests is a combined tax at a Uniform rate in lieu of Indirect tax like VAT,CST ,excise etc.except few exception here and there.According...

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TDS ON JOB WORK U/S 194C AMENDED FROM 01.10.2009

noreply@blogger.com (RAJABABU) — Sun, 01 Nov 2009 14:05:00 +0000

Amendments in section 194C from 01.10.2009:As per amendment through Finance Act(2) ,2009,new Section 194C has been substituted for old section 194C .New Section is applicable from the 01.10.2009.The main changes in the new section is given as under Separate rates for contractor and subcontractor...

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DIWALI GIFT TO EMPLOYEE AFTER FBT-INCOME TAX

noreply@blogger.com (RAJABABU) — Mon, 12 Oct 2009 17:58:00 +0000

Here we discuss Tax implication of Diwali gift to employee after withdrawal of FBT. Rule 3(7)( IV) of the Income-Tax rules relating to valuation of perquisites provides that: “the value of any gift, or voucher, or token in lieu of which such gift may be received by the employee or by member...

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GIFT OF IMMOVABLE PROPERTY AFTER 1.10.2009 & ISSUES

noreply@blogger.com (RAJABABU) — Sun, 11 Oct 2009 16:15:00 +0000

Taxation of transactions in immovable property without consideration or for an inadequate consideration, if registration not done within 30th September, 2009 1. Introduction : The newly inserted provisions of section 56(2)(vii) have been made applicable from...

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Critical areas on DTC for detailed examination identified: FM

noreply@blogger.com (RAJABABU) — Fri, 09 Oct 2009 14:03:00 +0000

Finance Minister has announced that the Government has identified seven critical areas on the Direct Taxes Code for further detailed examination. At an interactive session with representatives of trade and industry from all over the country, here today, Shri Pranab Mukherjee said that the areas...

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e TDS return new FVU 2.128(PPT) how to download challan details and prepare etds return

noreply@blogger.com (RAJABABU) — Wed, 07 Oct 2009 18:20:00 +0000

related post NEW TDS RATE FY 09-10 AFTER BUDGET TDS Rate Applicability : Frequently Asked Questions FREE SOFTWARE FOR ETDS RETURN 01-10-09 Inconsistencies in Etds Return -PPT

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HIGHLIGHTS OF e- FILING SEASON AY 09-10 ( up to 30/09/2009)

noreply@blogger.com (RAJABABU) — Tue, 06 Oct 2009 02:42:00 +0000

1 HIGHLIGHTS OF e- FILING SEASON AY 09-10 ( up to 30/09/2009) (1) COMPARATIVE PROGRESS OF e-FILING OF RETURNS Form Type RETURNS RECD. FROM 01/04/09 TO 30/09/09 RETURNS RECD. FROM 01/04/08 TO 30/09/08 % CHANGE FROM L.Y A.Y. 09-10 A.Y. 08-09 TOTAL A.Y. 08-09 (incl of...

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FREE SOFTWARE FOR ETDS RETURN 01-10-09

noreply@blogger.com (RAJABABU) — Thu, 01 Oct 2009 11:30:00 +0000

Data structure of quarterly e-TDS statements have been modified by the Directorate of Income Tax (Systems).Key changes in new etds returns has been given below . This changes are applicable on every return which are to be submitted after 1.10.2009 whether its relates to period prior to...

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TDS Rate Applicability : Frequently Asked Questions

noreply@blogger.com (RAJABABU) — Fri, 25 Sep 2009 19:04:00 +0000

What is the date when the Finance Bill became Finance Act 2009 ? 19-08-2009 In which cases surcharge on TDS rates is NOT applicable ? On all payment to residents On all payment to non-corporate non-residents On all payments to foreign corporate if total payment is less than 1 Crore In which...

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FEW DAYS LEFT FOR GIFT TAX PLANNING

noreply@blogger.com (RAJABABU) — Thu, 24 Sep 2009 17:33:00 +0000

Individuals receiving shares, jewellery, valuable art efacts or even property valued at over Rs 50,000 as gifts from non-relatives, will have to start paying tax from October 1,2009 The budget has extended the provision to tax cash gifts in the hands of the recipient to all non-cash gifts as well....

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CHEQUE COLLECTION CHARGES MAXIMUM-150/- per cheque!!!!!

noreply@blogger.com (RAJABABU) — Wed, 23 Sep 2009 17:39:00 +0000

Dear Friends, The News is old a Bit but what I noticed in practical life that Banks are still charging at Higher rates ,so refer The Given circular to Your banker and save money form Undue charges.Lets Fight for our...

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DEPOSIT TDS NOW AND GET DEDUCTION IN FY 2008-09

noreply@blogger.com (RAJABABU) — Tue, 22 Sep 2009 17:06:00 +0000

Dear friends., As per section 40a(ia) few type of expenses are disallowed if tds has not been deducted & deposited on time but in budget 2008 , relaxation has been given in this provision as per that provision this is the last chance for that persons who have incurred specific...

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TUITION FEES PAID FOR CHILDREN U/S 80C

noreply@blogger.com (RAJABABU) — Mon, 21 Sep 2009 11:54:00 +0000

Today we will discuss important points regarding deduction available for payment of tuition fees .we try to cover each and every aspect on the issue ,if any left ,or you have different opinion than of us ,please record in comments. Relevant part of the section 80c is reproduced here...

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DEDUCTION U/S 80D MEDICLAIM POLICY

noreply@blogger.com (RAJABABU) — Sun, 20 Sep 2009 15:42:00 +0000

Dear Friends , In this post we will discuss the provisions related to section 80D.If you have a query or want to add something to the given matter then please add in the comment section. Addition to section 80 C:Section 80D is available other than 100000 deduction available under 80C for life...

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NEW TDS RATE CHART FY 09-10 AFTER BUDGET

noreply@blogger.com (RAJABABU) — Tue, 15 Sep 2009 13:53:00 +0000

TDS rates has been proposed to be changed by Finance Minister in Budget 2009 .Basically following changes has been done in the TDS rates effective from 01.10.2009 No surcharge and cess on tax deducted on non-salary payments made to resident taxpayers.so now onwards(Tax should be deducted on...

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E STAMP DUTY -NOW REGISTER COMPANY FROM ANY WHERE ON COMPUTER

noreply@blogger.com (RAJABABU) — Mon, 14 Sep 2009 17:00:00 +0000

Registrars of Companies have to ensure that proper stamp duty is paid on the instruments registered with their office. As of now, physical submission of documents is mandatory where stamp duty is levied in order to ascertain that applicable stamp duty has been paid. In the present scenario, even...

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COST INFLATION INDEX 2009-10 NOTIFIED

noreply@blogger.com (RAJABABU) — Wed, 09 Sep 2009 14:54:00 +0000

Today (09.09.2009) Cost Inflation index for Financial Year 2009-10 Has been notified.The Index is to be used for the calculation of Long term capital Gain on Capital assets .More over person who has sold their assets in April & looking to invest money in Bonds is looking for this Notification...

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TRANSPORT OF GOODS BY RAIL:NO SERVICE TAX

noreply@blogger.com (RAJABABU) — Sun, 06 Sep 2009 06:14:00 +0000

In the Finance Budget 200p,FM has introduced new services in the service tax net ,One of these services is " transport of goods by rail".Further Govt has issued list of exempted goods on which service tax on " transport of goods by rail" is not applicable and a blanket 70 % abatement is...

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HOUSE PROPERTY INCOME –DIRECT TAX CODE

noreply@blogger.com (RAJABABU) — Thu, 03 Sep 2009 07:40:00 +0000

Major changes has been made in calculation of house property income under direct tax code,2009.Like Income from employment (salary Income) major exemption has been removed under direct tax code .Moreover a new notional income concept has been introduced in the Income from house property. Main...

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SERVICE TAX ON RAILWAY FREIGHT-EXCEPTIONS

noreply@blogger.com (RAJABABU) — Tue, 01 Sep 2009 12:57:00 +0000

Service tax has been imposed on service provided to any person in relation to transport of goods, by rail in Finance Act(2) 2009.A new sub-clause (zzzp) of clause (105) of section 65 of the Finance Act,has been inserted in service tax act.The tax on this service is applicable from...

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ICAI ,PCC 2009 ( INTER )RESULT CHECK HERE

noreply@blogger.com (RAJABABU) — Mon, 31 Aug 2009 19:12:00 +0000

The results of the Chartered Accountants Professional Education - II and Professional Competence Examinations held in June, 2009 are likely to be declared on Tuesday, the 1st September, 2009 after 6 A.M. on the following website check Professional Education Examination - II Results check...

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REVISED 3CD AND VARIOUS ISSUE OF 3CD

noreply@blogger.com (RAJABABU) — Sun, 30 Aug 2009 17:12:00 +0000

In exercise of the powers conferred by section 295 read with section 44AB of the Income-tax Act, 1961, the CBDT through its Notification No. 36/2009, dated 13-4-2009, has inserted a new clause 17A in Form 3CD in Appendix-II of the Income Tax Rules, 1962. Amount inadmissible u/s 23 of MSMED Act,...

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2ND INSTALLMENT 60 % RELEASED ISIXTH PAY COMMISSION I MINISTRY OF FINANCE ORDER

noreply@blogger.com (RAJABABU) — Tue, 25 Aug 2009 12:51:00 +0000

Good News For allMinistry of Finance today issued office memorandum no F.No.l/l/2008-IC dated 25.08.2009 wide which it has been notified that second installment of 60% arrears of sixth pay commission be paid to Govt.employee immediately . Further it is notified that in case...

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SERVICE TAX REGISTRATION PROCEDURE AMENDMENT IN REGSITRATION

noreply@blogger.com (RAJABABU) — Sat, 22 Aug 2009 14:56:00 +0000

The provisions under service tax with regard to registration not only require the assessee to register himself when he starts providing a taxable service, but also to amend his certificate of registration every time there is a change in his business profile. He is also required to...

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