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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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Latest Bank Fixed Deposit Rates – FD Rates

September 18, 2009

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 [...]

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

August 16, 2009

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 [...]

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

August 3, 2009

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 [...]

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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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How to Verify Paid Challan ?

June 27, 2009

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 [...]

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Mayawati is the Highest Tax Payer Politician

April 30, 2009

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.

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Who is Bollywood’s Highest Tax Payer?

April 30, 2009

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.

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How to Form a Charitable Trust

April 11, 2009

A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company [...]

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