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Educating Children About Tax Matters: New Programme of Government

Government has decided to structure a communication appraoch for school children in the age group of 10-12 years (Class V&VI) and 16-18 years (Class X to XII) to commence them to the subject “Need for taxation in civil society”. The main aim of the plan is to prepare children to be responsible and compliant taxpayers when they grow up so that they willingly contribute towards nation building. With this programme, the Government wishes to reach .....

SEBI Bans ULIP of 14 Insurance Companies

SEBI on Friday has banned 14 big insurance companies like SBI Life, TATA AIG and ICICI Prudential. The ban for receiving money for any Unit Linked Insurance Products (ULIP). SEBI has also banned ULIP products of other companies also. The following are the list of banned companies of ULIP Products by SEBI. List of Banned Companies of ULIP by SEBI Aegon Religare Life, Aviva Life, Bajaj Allianz, Bharti AXA, Birla Sunlife, HDFC Standard Life, ING .....

Babus Get More: Dearness Allowance Increased by 8%

For compensate the rising prices of commodities, the cabinet approved to increase Dearness allowance (DA) for central government employees along with pensioners by 8 per cent. The additional dearness allowance would be released w.e.f. January 1, 2010. I know, this is very relaxation moment for central government employees to tackle the inflation. But private sector employees are also hoping for the best. Last year, DA was increased by 6% w.e.f. Jan 1, 2009. Have a .....

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

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 .....

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 .....

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 .....

Company Bill 2009 – Download

The Corporate Affairs Minister (Shri Salman Khurshid) has announced, in response to a question in the Lok Sabha, that the Company Bill will be reintroduced in Parliament as the Companies Bill 2009. Last year the Companies Bill 2008 was introduced in the Lok Sabha but did not become law. The bill, introduced by Corporate Affairs Minister Salman Khurshid, is centred on stakeholder protection with the provision for class action suits that allow a group of .....

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 .....

Know the Procedure of Union Budget | How to Prepare ?

The below slide show informs, in what way policy makers prepare budget. What matters, they ponder before making draft budget i.e. Bare bones/framework to analysis expenditure, Legal framework and most importantly impact on Citizens. There are lotted of things to do. View below Slide show to get fundamental knowledge about technique and prcoedure to make union budget.

Send ITR-V only by Ordinary Post

“Message from Income Tax Department” published on their website. Please furnish the Form ITR-V to the Income Tax Department , CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka BY ORDINARY POST ONLY within thirty days after the date of transmitting the data electronically. ITR-V sent by Speedpost, Registered Post or Courier will not be accepted. No Form ITR-V shall be received in any other office of the Income-tax Department .....

Economic Survey Highlights 2008-09

Economic growth decelerates to 6.7 per cent in 2008-09 compared to 9 per cent in 2007-08 and 9.7 per cent in 2006-07. Per capita growth at 4.6 per cent. Deceleration in growth spread across all sectors except mining and quarrying; agriculture growth falls from 4.9 per cent in 2007-08 to 1.6 per cent 2008-09. Manufacturing grows at 2.4 per cent, slowdown attributed to fall in exports and a decline in domestic demand. Global financial meltdown .....

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