| Little known schemes under section 80C of the Income Tax Act, 1961 Posted: 22 Feb 2010 07:58 PM PST If an individual falls in the 30% tax bracket and has exhausted the maximum limit of Sec 80C, one can save Rs 33,000 in taxes. We runs you through the provisions of Section 80C. However, we highlight those schemes that are little known and which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Non-exempt capital loss cannot be set off against exempt capital gains Posted: 22 Feb 2010 07:47 PM PST S. 10 (38) inserted w.e.f. 1.10.2004 provides that long-term capital gains (LTCG) on which security transaction tax (STT) is paid shall not be included in total income. The assessee earned long term capital gain (LTCG) of Rs. 33,01,57,200 on sale of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Bad debts need not be proven to be irrecoverable u/s 36(1)(vii). It is sufficient if they are written off Posted: 22 Feb 2010 07:43 PM PST In the case of TRF Limited vs. CIT (Supreme Court) Supreme Court had to consider whether after the amendment to s. 36 (1) (vii) w.e.f. 1.4.1989, an assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| It department asking to pay full advance tax to corporates Posted: 22 Feb 2010 07:37 PM PST The Income-Tax (I-T) department in Mumbai is summoning CEOs and CFOs of mid-size companies with the objective to communicate to them that anything less than the full payment of advance taxes will not be acceptable. I-T department sources said a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| IT department decided to collect tax on compensation paid by Essar Steel for land acquisition Posted: 22 Feb 2010 07:33 PM PST The Income Tax (IT) department's decision to collect IT from the land losers getting compensation above Rs one lakh from Essar Steel for the company's pelletisation project at Paradeep has paralyzed the land acquisition process. Land losers have... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Corporates requested RBI non to ban currency derivatives Posted: 22 Feb 2010 07:22 PM PST Many of the biggest names in Corporate India are telling the Reserve Bank of India (RBI) not to clamp down on currency derivatives — financial products that have baffled firms that never understood the risks and sparked court feuds with banks which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DDT needs to be withdrawn to avoid double taxation of same income Posted: 22 Feb 2010 07:18 PM PST Every domestic company is liable to pay a Dividend Distribution Tax @15% on the amount declared, distributed or paid by such company by way of dividends. The effective rate of tax works out to16.995%. The proposed Direct-tax Code also contains... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| What is Budget? Posted: 22 Feb 2010 06:58 PM PST What is the Budget? Why is it so important? Why does it affect all of us? And, above all, how does one interpret the budgetary lingo flying around? Union Budget is the annual report of India as a country. It contains the government of India's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Why we need budget? Posted: 22 Feb 2010 06:48 PM PST Union Budget is the Annual Financial Statement of India presented every year on the last working day of February. This time, however, the Union Budget will be presented on February 26, as February 28th is a Sunday. Also, since the stock market is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Child education: Where to Invest and when to start Investing? Posted: 22 Feb 2010 06:31 PM PST In this era of increasing fees, the education of children has become a major component of financial planning. It is important that parents start planning early to ensure that there are no hiccups at the final stages of there child's education. And... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| What is Shield Plus Plan? Posted: 22 Feb 2010 06:23 PM PST Shield Plus is a fixed term, 10-year, single premium, unit-linked insurance plan (Ulip) that gives a choice of six fund options. Quite like, most other products in the same genre. The main difference here is that this plan also has a fund called... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT circular on Amendment in Policy Circular No. 94 dated 16.6.2009 – Verification of new IEC Posted: 22 Feb 2010 06:16 PM PST The physical verification shall be carried out by a team of two officials which shall be led by an officer not below the rank of FTDO. However in exceptional circumstances, and with specific orders of the HOO in RA's a two member team comprising of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 14/2010, Regarding anti dumping duty on Cold Rolled Flat Products of Stainless Steel Posted: 22 Feb 2010 06:11 PM PST CUSTOMS Notification No 14/2010, Regarding anti dumping duty on Cold Rolled Flat Products of Stainless Steel, originating in, or exported from the People's Republic of China (China PR), Korea, European Union, South Africa, Taiwan (Chinese Taipei),... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 13/2010, Exemption of customs duty on specified goods when imported into India for the purpose of organising the Common Wealth Games, 2010 Posted: 22 Feb 2010 06:04 PM PST First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India for the purpose of organising the Common Wealth Games, 2010(hereinafter referred as Games), from the whole of the duty of customs leviable thereon which is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Customs Notification No 12/2010, Regarding anti dumping duty on Bus and Truck Radial Tyres, originating in, or exported from the People's Republic of China (China PR) and Thailand Posted: 22 Feb 2010 06:01 PM PST Whereas, in the matter of imports of Bus and Truck Radial Tyres, (hereinafter referred to as the subject goods) , falling under item nos. 40112010 (for tyres) and 40131020 and 40129049 (for tubes and flaps respectively) of the First Schedule to the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Ministry of Finance approved 12 FDI Proposals worth 1046 crore Posted: 22 Feb 2010 05:34 PM PST Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on February 12, 2010, Government has approved 12 Proposals of Foreign Direct Investment amounting to Rs. 1045.611 Crore approximately. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Standardisation and Enhancement of Security Features in Cheque Forms Posted: 22 Feb 2010 05:17 PM PST Paper-based cheque clearing continues to be one of the popular modes of initiating payment transactions in the country. During the period April-December 2009, clearing houses in the country have processed on an average around 4.5 million cheques... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Announcement relating to taxation papers for students appearing in May 2010 examination PE-II [Income-tax and Central Sales Tax], PCC/IPCC [Taxation], Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws] Posted: 22 Feb 2010 05:11 PM PST Consequent to abolition of fringe benefit tax, certain benefits taxed earlier as fringe benefits in the hands of the employer would now be taxable as perquisites in the hands of the employees. For this purpose, new perquisite valuation rules have... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ESIC approves enhancement of wage ceiling from 10,000 to 15,000 Posted: 22 Feb 2010 04:57 PM PST The ESI Corporation has approved to enhance wage ceiling from Rs 10,000 per month to Rs15,000 per month for coverage of employees under the ESI Scheme in its 149th meeting held on Friday under the chair- manship of Union Minister of Labour and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Regression of European Economies Posted: 22 Feb 2010 04:37 PM PST Europe have been struggling the worst recession breeze. US economy have shown signs and activities of recovery through its massive stimulus plans and cost cutting measures. Unemployment has touched to all time historic high putting pressures on the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Finally China Acknowledged the Bubble Posted: 22 Feb 2010 04:31 PM PST For so many months all economist and equity and financial research analysts across the world have been trying hard to accentuate the eyes of the world economy that china is building a asset bubble fuelled by excess over capacity. Now finally it... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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