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Do’s, Don’t's and Common Errors while e-filing Income Tax Return

Do’s, Don’t’s and Common Errors while e-filing Income Tax Return. A must see presentation for professionals and laymen made by income tax department officially. do’s, don’t’s and common errors while e-filing income tax return

Tax Rates for Non Resident of India (NRI)

Tax Rates for Non Resident of India (NRI) by (etaxindia.org) a) In general Slab rates for Non-Residents are similar to the slab rates of Indian Resident Individual (i.e., General Category) b) But there are some exceptions to the above condition as follows: S.No Source of Income Sec Tax Rates 1 Dividends received by NRI (Other than dividends referred in Sec.115-O 115A (1)(a)(i) 20% 2 Interest received by NRI from Government or Indian concern on monies .....

Banks Won’t Have to Pay Service Tax on Forex Deals!

The era of development in the banking sector of the economy has come across many changes which have helped in catering the needs of the banking sector to a very large scale and thus, creating a pool of interest for both sections of the economy, that is, the bankers and its customers. With the presence of some fluctuating ratios such as cash liquidity ratio and statutory liquidity ratio, there is also some other charges which .....

Infrastructure Bond – Save Tax or Make investment or Both?

Infrastructure bond are being issued by many companies, like ICICI, IDBI, LIC and many more. Infrastructure bonds are bonds that provide funds for the development of the real estate in the country. They are specialised bonds and can be issued for this purpose only that is the funds raised from the issue of infrastructure bonds can’t be utilised for any other purpose. There are certain point that a person should always remember before investing in .....

Procedure to Apply Online Import Export Code (IEC)

Policy Circular No.10 (RE-2010)/2009-14 Dated the 31st December,2010 Subject:- Provision of additional facility for filing Importer Exporter Code (IEC) applications “on-line”. DGFT is introducing additional facility on DGFT’s website (http://dgft.gov.in) for enabling members of trade to file their IEC applications ‘on-line” with effect from 1.1.2011. 2. Presently, the applications for obtaining an IEC are filed manually with the concerned Regional Authority of DGFT. The applications are filed in hard copy in the prescribed proforma with .....

Happy New Year 2011 to All etaxindia.org Readers

CBDT Clarification on Tax Scrutiny of Mergers and Acquisitions Cases

PRESS RELEASE DATED 14-12-2010 The Central Board of Direct Taxes (CBDT) has clarified that the Income Tax Department is currently scrutinizing only a handful of cases relating to takeovers, mergers and acquisitions; not 380 or 100 as reported in some sections of the media. Tax scrutiny is an ongoing process and the numbers vary from year to year. This has already been stated in replies to several Parliament Questions. The Income Tax Department reposes trust .....

Minimum Alternate Tax (MAT) – An Overview

Section 115J which was a special provision applicable to a company if its total income as computed under the Income tax was less than thirty per cent of its book profit was introduced with effect from 1.4.1988 but was discontinued with effect from 1.4.1991. It was revived as Section 115J with effect from 1.4.1997 as a provision deeming total income equal to thirty per cent of book profit of companies referred to earlier. This provision .....

Etaxindia Introducing “Tax India Forum” for Experts and Laymen

Etaxindia.org has introduced a new public forum to discuss the tax planning, tax updates, tax laws, finance planning, Insurance, investment and more. You can ask the doubts, problems from other community members. Ask the questions to the professionals, which you can’t do without the help of the experts. So one and all should join the “Tax India Forum / Community / Club”, whichever you name it. Don’t need to say that “Community can enhance our .....

Etaxindia Invites Guest Writers for Revenue Sharing Program

etaxindia.org welcome guest writers, authors who are interest to write for etaxindia.org, a leading blog for taxpayers and tax professional community. To write for us, please to this link

Punjab VAT Rates Increased from 4% to 5% w.e.f. 29-1-2010 on Schedule B Items

The proposal to increase VAT rate from 4 to 5 percent of two member (SAD-BJP) committee formed by Punjab Government has concluded today. As another proposal of 10 percent will not applicable right now. The most recent public notice by Excise and Taxation Department of Punjab has increased the VAT rate by 1% on scheduled B items given under Punjab VAT Act 2005. Every item which is under scheduled B will be taxed at 5%. .....

Set off of long term capital loss with indexation against long term capital gains without indexation is allowable

This is very important case for tax professional to read coveing topic “set off of long term capital loss with indexation against long term capital gains without indexation is allowable”. So I am giving here full extract of the case. ITAT, MUMBAI BENCH ‘B’, MUMBAI Keshav S. Phansalkar v. ITO ITA NO. 3261/MUM/2007 JUNE 3, 2009 RELEVANT EXTRACTS : 8. Section 70(3) of the Act postulates that for any assessment year where there is a .....

Simplified the provisions of interest payable by the assessee on default of payment of income tax u/s 234A

For defaults in furnishing return of income (Sec.234A) Rate of Interest – 1% per month or part of month (Simple Interest) Period for which interest is payable – Commencing on the date immediately following the due date for filing the return of income and ending on – a) The date of furnishing the return (where return has been filed after the due date); or b) The date of completion of assessment under section 144 (where .....

Free Virtual Stock Market for Layman

Free Virtual Stock Market for Teenagers and Layman Everyone wants to earn money in a short time but that is possible only in dreams. In my view only one spot is here to get dream true that is stock market. All can not earn money in the stock market. You should be expertise to get it, for this you can play virtual stock market game to enter real stock market game. I am telling you .....

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 .....

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 .....

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