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CBDT Clarify about TDS for TPAs on Payment to Hospitals

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 (TPAs) to hospitals on behalf of insurance companies for settling medical/insurance claims etc with the hospitals. 2. The .....

PAN may be Linked with New GST Registration Number

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) the starting point for registering GST payees. Read Full Story

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

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 is a lack of consensus among states. So the main line-up for the government is to sort out the issue .....

Tax Evaders Beware, TPIS is Coming

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 with its proposal to launch a third party information system to tackle service tax evasion. The sources can be .....

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

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 experienced in the changing algorithm of tax laws in India. Almost every company is searching for tax professionals, who are .....

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

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 that the Council has made it clear that no further extension will be granted under any circumstances. CA.R.Devarajan Director, .....

ICAI confirms – No Change in Nov Schedule

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 examinations shall be held as per the schedule already notified i.e. from 5th November, 2009 to 19th November, .....

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

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 .....

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

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 filing returns and e-payment of tax. According to him, introducing a new system of payment without granting sufficient time .....

Latest Bank Fixed Deposit Rates – FD Rates

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 least 5 years duration) as well as Equity Linked Savings Schemes (ELSS) which are equity based mutual funds requiring a .....

KPMG Accountant Jailed

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 gifts and holidays. The fraud went undetected because he kept claims under £5,000, which did not need authorisation, Southwark Crown Court .....

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

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 firms, clients of such firms will have to spend more.

Now Deposit Income Tax via ATM

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 has also tied up with the I-T department and NSDL where a customer can view his tax payment .....

Advance Tax Liability Increased to 10000 from 5000

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 Rs.5,000/- to Rs.10,000/-. The recommended amendment will take impact from the 1st April, 2009. Hence, advance-tax for the financial .....

Rajasthan Budget 2009-10 Highlights, Budget Speech

You can view/ download Rajasthan Budget 2009-10 Speech and other documents of the Modified Budget for the fiscal year including Budget Highlights, Finance Bill, Major Head wise record of Revenue and Receipt and expenditure online on Rajasthan Govt. Ministry of Finance website at the following link: No major changes in Value Added Tax, No other tax levied. See complete Rajasthan Budget 2009-10 Highlights, http://finance.rajasthan.gov.in/budget2009m.shtm Rajasthan Budget 2009-10 Highlights, Budget Speech

Highlights of Punjab Budget 2009-10, Budget Speech

Punjab Budget 2009-10Punjab state Finance minister Manpreet Singh will present the budget estimates for the remaining part of the year 2009-10. The general discussions on budget estimates would be held on July 8, 9 & 10, 2009. The budget would be telecast live on Jalandhar door darshan from 12 noon onward, an official spokesman said. Source: Punjab NewsLine Punjab Budget 2009-10 Highlights, Budget Speech You can view/ download Punjab Budget 2009-10 Speech and other documents .....

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