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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 .....

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 .....

What is EEE or EET or ETT in Terms of Taxation?

What do the three characters meanings? I understand these words are very untidy to you but comprise so much significance in the taxation world. So let’s try to understand these expressions. “E” means Exempt “T” means Taxable. “T” means Taxable. Words laid down above appears to be higgledy-piggledy for non-professionals, but for all taxpayers it is must to understand these words before investing in saving instruments like PPF, NSC, FD, Post Saving account. Almost all .....

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 .....

Whether SAP Training is Essential for CA/ICWA/ACS’s

As the business needs are very complex in nature, the implementation of an SAP-ERP package needs CA/ICWA/ACS/MBA”s with functional skills for evaluation, Business Process Reengineering (BPR),Mapping of Business requirements, Report designing, ensuring Business controls, customization of the package for the specific requirements, Documentation etc. What is SAP SAP is the world’s leading provider of business software which specialises in industry specific Enterprise Resource Planning (ERP) solutions. It can be quite rewarding if you learn SAP .....

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 .....

Railway Budget Highlights by Mamta Banarjee | 2009-10

* 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 * Priority for food and water on trains * Developing multi-functional complexes at stations * Priority to passenger amenities * Rail projects shouldn’t be gauged by economic viability but governed by social viability: Mamata * .....

How to Verify Paid Challan ?

How to verify a paid challan ?On receipt of the amount, receiving bank will upload the details in the Challan to Government via NSDL through its OLTAS (Online Tax Accounting System) return within 3 working days. Once deductor makes the payment, he should cross-verify the Amount and CIN that has been uploaded by the receiving Bank to NSDL. This should be cross-verified by the deductor, with either his TAN number or CIN number provided by .....

Mayawati is the Highest Tax Payer Politician

BSP Chief and UP Chief Minister Mayawati paid more than Rs. 26 crore for year 2007-08 to income tax department. Reportedly, most of her income apparently comes from “gifts” from her supporters. Her income is estimated to be around Rs 75-80 crore.She is the highest income-tax payer among all politicians in India.

Who is Bollywood’s Highest Tax Payer?

No not Amitabh Bachhan, not Shahrukh Khan……!. Akshay Kumar is the No.1 Indian Celebrity who has paid Rs. 31 Crore…… tax for the A.Y. 2008-09. Surprising……..! (see this video.) Related: No.1 tax payer indian celebrity, Highest tax payer.

How to Form a Charitable Trust

A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered u/s 25 of the Companies Act. It generally takes the form of a trust when it is formed primarily by one or more persons. To form a Society at least seven persons are required. Institutions engaged in promotion of art, culture, commerce etc. are often registered as non-profit companies. These forms are enumerated .....