Wealth tax exemption limit raised Posted: 08 Jul 2009 07:24 PM PDT 
Enhancement of the limit for payment of wealth tax under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, on the valuation date,...  |
Income Tax department need to allot Document Identification Number (DIN) to each correspondence sent or received by it Posted: 08 Jul 2009 07:18 PM PDT 
It is now well accepted that "tax administration is tax policy". A tax administration designed to foster voluntarily compliance yields higher revenue than a sound tax policy administered by an...  |
Budget aimed at Rationalisation of provisions related to TDS Posted: 08 Jul 2009 07:09 PM PDT 
Tax deduction at source is a method of collecting taxes on behalf of the Government at the time of payment or credit. The Income-tax Act casts a legal responsibility on the deductor to deduct tax on...  |
Limit for Liability to pay advance tax increased to 10000 from existing 5000 Posted: 08 Jul 2009 06:51 PM PDT 
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 tax payable during that year...  |
All business having turnover less than 40 Lakh can claim benefit of presumptive taxation scheme Posted: 08 Jul 2009 06:47 PM PDT 
There has been a substantial increase in small businesses with the growth of transport and communication and general growth of the economy. A large number of businesses and service providers in rural...  |
Payment in cash to transporters upto 35000 allowed from 01.04.2009 Posted: 08 Jul 2009 06:30 PM PDT 
Enhancement of limit for disallowance of expenditure made in the case of transporters Under the existing provisions of the Income-tax Act, where an assessee incurs any expenditure, in respect of...  |
Service tax on Legal Consultancy, more clarification needed Posted: 08 Jul 2009 01:41 AM PDT 
THE focus of this write up is restricted to `Legal Consultancy Service' which is one of the new services brought into the service tax net in Budget 2009 and the scope of this new levy. This...  |
CA been allowed to do Excise Audit, Cost Accountant fear their profession may become redundant Posted: 07 Jul 2009 10:50 PM PDT 
Cost accountants fear their profession may become redundant as the budget has allowed chartered accountants to do excise audit, which was their exclusive domain. "Allowing chartered accountants...  |
Government merged the Authority for Advance Rulings (AAR) for direct and indirect taxes Posted: 07 Jul 2009 10:46 PM PDT 
The government has merged the Authority for Advance Rulings (AAR) for direct and indirect taxes, the two arms of Finance Ministry, where overseas firms and Non-Resident Indians can know their tax...  |
Announcement of Rules amending Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 Posted: 07 Jul 2009 09:13 PM PDT 
Notification No.23/2009 – Service Tax– New Delhi, the 7th July, 2009 G.S.R. (E).- In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central...  |
Amendment in the Taxation of Services (Provided from outside India and Received in India) Rules, 2006 Posted: 07 Jul 2009 09:04 PM PDT 
Notification No.22/2009 – Service Tax–New Delhi, the 7th July, 2009 G.S..R. (E).- In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central...  |
Amendments in Notification No. 1/2002 – Service Tax, dated the 1st March, 2002. Posted: 07 Jul 2009 08:59 PM PDT 
By notification No. 1/2002–ST dated 01.03.2002 the Central Government exempts the taxable services provided, by Government of Rajasthan under Group Personal Accident Scheme, to its employees in...  |
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