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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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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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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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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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Clarification of TDS for Arrears to Govt. Employees

September 1, 2009

Clarification regarding deduction of tax at source (TDS) from payments of second installment of arrears to Government employees on account of implementation of Sixth Central Pay Commission’s recommendations.
Circular No. 6/2009, dated 31-8-2009
Under the provisions of Section 192 of the Income-tax Act, an employer is required to deduct tax at source from any payments in the [...]

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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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Company Bill 2009 – Download

August 13, 2009

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 [...]

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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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Know the Procedure of Union Budget | How to Prepare ?

July 6, 2009

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 [...]

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Send ITR-V only by Ordinary Post

July 3, 2009

“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 [...]

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Economic Survey Highlights 2008-09

July 3, 2009

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 [...]

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Railway Budget Highlights by Mamta Banarjee | 2009-10

July 3, 2009

* No hike in passenger fares. * No hike in freight rates. * Book stores, PCOs to be set up across stations * Infotainment services on Rajdhani and Shatabdi trains * To take the private-public partnership route to develop stations [...]

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