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CBDT Clarify about TDS for TPAs on Payment to Hospitals

November 25, 2009

Applicability of provisions under Section 194J of Income Tax Act’61 in the case of transactions by the Third Party Administrators (TPAs) with Hospitals etc.
Circular No. 8/2009, dated 24-11-2009
A number of representations have been received from various stakeholders regarding applicability of provisions under Section 194J of Income Tax Act’61 on payments made by Third Party Administrators [...]

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PAN may be Linked with New GST Registration Number

November 25, 2009

The format of the registration number would be activated with the deliberation of Income-Tax Department as said in first discussion paper of Goods and Service Tax (GST). As per news of Business Standard “The Department of Revenue in the Ministry of Finance had recently sent a proposal to state governments for making the 10-digit permanent account number (PAN) [...]

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First Discussion Paper on Goods and Service Tax (GST) Released

November 10, 2009

The discussion paper will inform how Goods and Service Tax (GST) will be composed. It possibly will available in the House in the forthcoming winter session as the deadline for introduction of GST is April 10, 2010. However, Mukherjee has already sensible recently that there might be a delay in application of GST as there [...]

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Tax Evaders Beware, TPIS is Coming

November 9, 2009

Last Year, The CBEC, had planned a Third Party Information System (TPIS), a third party information model for excise duty. Now CBEC requires to reproduce the trials with service tax.  As per board, it is a very effective and non-intrusive set up  to obtain all apposite data to trap the tax evaders.
The CBEC has prepared [...]

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Tax Professionals in Demand due to Recent Amendments in Direct Tax and Indirect Taxes.

November 9, 2009

As you all know there have been major changes in Indian tax structure recently and deadline is very close to implementing Goods and Service Tax (GST) i.e. 1st April, 2010. The new tax framework is not so simple to comprehend for the layman. Corporate sector is also searching tax profession, who has well qualified and [...]

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An Important Announcement for Students of Final (Old) Examination – Extension by two more attempts i.e. May, 2010 and November, 2010 – (27-10-2009).

October 27, 2009

BOS/Announcement/ 227/09, Dated:- October 26, 2009
Students are hereby informed that the Council of the Institute of Chartered Accountants of India, having due regard to the concerns of students belonging to Final (Old) stream, has decided to extend the Final (Old) Examination by two more attempts namely May, 2010 and November, 2010.
Students concerned may note [...]

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ICAI confirms – No Change in Nov Schedule

October 19, 2009

Chartered Accountants Examinations, November, 2009
Many queries from students/public about change in the schedule of Chartered Accountants Examinations, November, 2009 are being received.
It is hereby clarified for information of all the Chartered Accountants Students, their parents and general public that there is no change in the schedule of Chartered Accountants Examinations, November, 2009 and the said [...]

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Highlights of e-Filing for A.Y.09-10 (up to 30/09/2009) State Wise

October 3, 2009

Highlights of e-Filing for A.Y.09-10 (up to 31/09/20009) State Wise

HIGHLIGHTS OF e- FILING SEASON AY 09-10 ( up to 31/09/2009)

(1) COMPARATIVE PROGRESS OF e-FILING OF RETURNS

Form Type

RETURNS RECD. FROM 01/04/09 TO 31/09/09

RETURNS RECD. FROM 01/04/08  TO 31/09/08

% CHANGE FROM L.Y

A.Y. 09-10

A.Y. 08-09

TOTAL

A.Y. 08-09 (incl of AY07-08)

ITR-1

5,50,148

15,595

5,65,743

4,56,291

24%

ITR-2

4,97,313

26,723

524,036

4,65,993

12.45%

ITR-3

66,361

6,434

72,795

69,652

4.51%

ITR-4

9,13,679

88,113

10,01,792

9,67,275

3.57%

ITR-5

3,87,027

10,797

3,97,824

3,87,651

2.62%

ITR-6

3,71,431

14,838

3,86,269

354,416

9%

ITR-8

503

66

569

743

-23.4%

TOTAL

27,86,462

1,62,566

29,49,028

27,02,021

9.14%

ITR 7 (for not [...]

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E-Filing of Returns and Tax Payment Challanged in Kerla High Court

September 30, 2009

A writ petition has filed by The petitioner, Mr M.K. Haridas, who is the Manager of a Kochi-based partnership firm, submitted before the court that the notification is of a compulsory nature without any option for other mode of payment.
He argued that no law allows the Government to make e-filing the only possible means of [...]

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MVAT Registration Procedure is Going to be Online from Oct, 2009

September 29, 2009

TRADE CIRCULAR
Date: 25th Sept, 2009
NO. MVAT/ Registration / e-101 Mumbai,
Trade circular No:- 25T of 2009
Subject: – Procedure for on line submission of application for obtaining registration under the MVAT Act, 2002
Ref: – Notification no. VAT/AMD-1009/ IB/Adm-6, dated 26 August 2009
Gentlemen/Sir/ Madam,
Present Procedure: At present, the applications for registration are being made manually to the Registering [...]

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Latest Bank Fixed Deposit Rates – FD Rates

September 18, 2009

Government of India has designated certain schemes as eligible for tax savings under Sec 80c of the IT Act. Amounts upto Rs. 1 lakh per year are deductible from taxable amounts under this provision.  Schemes eligible under this provision include certain Post Office schemes, tax savings bank fixed deposits (which have to be of at [...]

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KPMG Accountant Jailed

September 15, 2009

A “spineless” director at leading accountancy firm, KPMG, was jailed for four years after trying to buy his second wife’s happiness with £550,000 stolen from his employer. Andrew Wetherall, 49, branded as “spineless” by the judge, spent years defrauding the expenses system at the financial and professional services firm to provide her with expensive [...]

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Only Legal firms are Comes under Service Tax not Independent Practicing Lawyers : BCI

August 27, 2009

The service tax introduced for lawyers in this year’s budget is applicable only to legal firms and not to independent practicing lawyers cleared by The Bar Council of India (BCI).
Only law firms will have to pay the service tax and not individual lawyers.  Although the service tax will have to be paid only by law [...]

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Now Deposit Income Tax via ATM

August 25, 2009

Deposit your income tax directly by ATM
The facility has been started by Corporation Bank.  Gradually, in the next one or two years the facility will be provided by all other banks.
One can after registering with the bank can pay his income tax and a system generated challan number will be provided for record.’’ The bank [...]

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Extension of Time Limit For Filing ITR-V Form

August 16, 2009

The Central Board of Direct Taxes had, vide circular No.3/2009 dated 21.05.2009, allowed assessees who file their income tax returns in electronic form without digital signature to submit their verified ITR-V form, within a period of 30 days, thereafter. The ITR-V form was required to be sent to Post Bag No.1, Electronic City Post Office, [...]

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Advance Tax Liability Increased to 10000 from 5000

July 9, 2009

Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such taxes payable during that year are Rs.5,000/-or more.
However, It is proposed in the Union Budget 2009-10 to raise the threshold limit for payment of advance tax from the present [...]

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