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New Eight Services Added under Service Tax

March 10, 2010

Finance Bill 2010 has introduced eight new services to charge service tax. These 8 New services Added in Service Tax  Net ( Tax will come in force from the date to be Notified). The following are the list of services introduced in Finance Bill 2010. You can see the highlights of Budget 2010 related [...]

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CBEC Reduces Quantum of Service Tax for e-filing of Return

March 7, 2010

CBEC Reduces Quantum of Service Tax for e-filing of Return from 50 Lacs to 10 lacs as per notification given below.

NOTIFICATION NO 01/2010–ST. Dated: February 19, 2010
In exercise of the powers conferred by sub-sections (1) and (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following [...]

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Tax Audit Limit Increased after Budget 2010

March 7, 2010

Tax audit limit increased from forty lakh rupees to sixty lakh rupees in case of persons carrying business, and tax audit limit increased from ten lakh rupees to fifteen lakh rupees in case of persons carrying profession.
Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts [...]

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Changed Threshold Limit of TDS after Budget 2010

March 6, 2010

Every person is responsible for deduct tax at source on the payment of any specified amount to any person at the specified rates, if it is above the prescribed limit by income tax act. Each section has its own prescribed limit to deduct tax at source (TDS).  However, no need to deduct tax at source [...]

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Download Budget 2010 Files

March 2, 2010

Download Budget 2010 Speech, Finance Bill 2010, Memorandum/Changes of Service Tax, Direct Taxes, Central Excise
Dear Readers, sorry for slow updates, actually my server was clashed because of high traffic on the day of budget 2010. However, I am covering substances of budget 2010 accompanying to direct and indirect taxes. I have previously given highlights [...]

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Highlights of Budget 2010

February 28, 2010

The budget 2010 has stated by our honorable fiance minister Mr. Pranab Mukherjeeon Feb 26, 2010. I know you have not enough time to read the full budget 2010, so here we will discuss only about the main highlights of budget 2010. You can also download the full budget 2010’s speech on main website of [...]

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Union Budget 2010: New Income Tax Rates for A.Y. 2011-12

February 26, 2010

The new income tax rates or Income tax slab applicable for F.Y. 2010-11, A.Y. 2011-12 as announced in Budget 2010 . This is very good news for taxpayer to raise the limit of 10% bracket upto 5 Lakh. Most of the people are confused about income tax rates because a lots of amendments have done [...]

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Live Budget 2010 Online

February 25, 2010

The Union Budget 2010 is to be announced today. All news channels are showing the budget 2010 complete coverage. The news channels also translating budget 2010 speech in hindi. But for some reason if you are not able to see on the TV, they have also arranged the web streaming to see Union [...]

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Budget 2010: Expectations of Experts

February 21, 2010

The tax leaders and experts are expecting a lot from Budget 2010. All experts from their own industries have own expectations  from Union Budget 2010. Only 5 days left to end of this suspense when budget 2010 will be presented by our honorable Finance Minister. But for the time being it is very useful to [...]

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Income Tax Notification No. 9/2010 – Income Tax (First Amendment) Rules, 2010, Dt. 17/2/2010

February 21, 2010

Income-tax (First Amendment) Rules, 2010 – Notification No. 9/2010/F.No. 142/27/2009-SO(TPL), dated 17-2-2010.
Income tax Notification No. 9/2010

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Union Budget 2010-11 Expectations: Everyone’s!

February 20, 2010

The Union Budget for 2010-11 will be presented on February 26 two days in advance of the usual date because of government holidays. Everyone’s eyes on budget 2010-11 because of several reasons like inflation, taxation rates, uncertainty of global market. The expectation of common man from the finance minister is too high for the Union [...]

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Income Exempt Under Section 10

February 14, 2010

Section 10 lists a number of incomes which are exempt from tax and which are not to be included in the income for taxation under the Income-tax Act provides that the agricultural income will be considered for the purpose of determining the rate of tax levied on non-agricultural income.
Section 10 is particularly devoted to allowance [...]

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List of Useful Codes for Filing Income Tax Return

February 14, 2010

The list of codes is very useful while preparing income tax returns, especially when we are filing online through software provided by the income tax department. Please check the below list and kept in front of you while preparing the income tax return.
List of Useful Codes for Income Tax Return

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Download TDS Calculator for A.Y. 2010-11

February 14, 2010

As you all go through online TDS calculator for A.Y. 2010-11. Readers like the calculator so much and request for download it. So we have prepared this calculator for you in excel. Please download TDS Calculator for A.Y. 2010-11. Click Here to Download TDS Calculator. Please check all conditions and notes before download and use [...]

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How to Get Importer Exporter Code (IEC) Number in India?

February 12, 2010

This article “how to get an importer exporter code number (IEC number) in India” is basically for those who have an interest to start the business of import export into or from India. Export at these days is one of the most high-income businesses in India. The income from export business is also exempted [...]

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Clarification regarding Schedule Entry C-70 – Paper – MVAT Circular

February 6, 2010

No.DDQ-ll-2008/ Adm-3/10
Circular No.7T of 2010, Dated: Date: 3rd February 2010
Sub: Clarification regarding Schedule Entry C-70 – Paper.
Ref: (1)   Trade Circular No. 35T of 2005 dt. 9.11.2005,   (2)   Trade Circular No.1T of 2006 dt. 3.1.2006.
In the above referred circulars it was clarified that certain types of papers would be covered by the scope [...]

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