| Insurance sector asked for separate limit under section 80C for long-term saving Posted: 21 Feb 2010 06:40 PM PST We would recommend a separate limit for deductions under Section 80C for long-term saving instruments such as life insurance. Currently, the deduction under Section 80C also includes short-term saving instruments such as mutual funds and fixed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Tax Planning: Buy home to reduce tax burden Posted: 21 Feb 2010 06:36 PM PST As the financial year comes to an end, it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, interest paid up to Rs 1.5 lakhs per... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| After Advance Ruling in Star debated related to TV Tax planning vs tax evasion going on Posted: 21 Feb 2010 06:29 PM PST Last fortnight, the Authority for Advance Rulings (AAR) delivered an important ruling on tax neutrality in relation to cross border mergers. The significance of ruling in the present context is attributable to tax administration's ongoing stance... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget need to clarify on issue of TDS on payment made by TPA to Hospitals Posted: 21 Feb 2010 06:24 PM PST Insurance companies are in a tizzy after the revenue-hungry income tax department asked for tax deduction at source to be imposed on most of the insurance transactions. This included payments made by insurers to foreign reinsurance companies and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Excise department detected detected evasion of service tax to the tune of more than Rs 1 crore Posted: 21 Feb 2010 05:15 AM PST A joint team of officers of customs, central excise and service tax from commissionerates of Lucknow, Kanpur and Allahabad along with officers of income tax raided the premises of certain commercial coachings and security agencies and carried out... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI considering fixing responsibility on offending firms Posted: 21 Feb 2010 05:10 AM PST Hit hard by the Satyam scam and the damage it dealt to the auditing profession, regulator ICAI is considering a proposal to penalise audit firms while also looking at radical steps like rotation of audit firms every five years, a measure also... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| I-T officer probing Koda Scam shifted to assessment wing from investigation wing Posted: 21 Feb 2010 05:06 AM PST Ujjawal Chaudhary, senior Income Tax (I-T) officer, who led the probe into the multi-crore Madhu Koda scam, may have been on the verge of unravelling the link between politicians and hawala traders when he was abruptly shifted this week. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Expectation from forthcoming budget from the point of view of taxation of Individual Posted: 21 Feb 2010 04:42 AM PST Raise the bar: The slab of tax free income has not moved up in line with the real inflation. The current basic exemption limit of Rs 1,60,000 should be increased to Rs 3,00,000. This will increase the purchasing power of individuals and stimulate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New Form 16, Form 16A, Form 16AA, Form 27D, and forms showing breakup of TDS and TCS for Financial Year 2009-10 (A.Y. 2010-11) Posted: 21 Feb 2010 04:31 AM PST All sums deducted in accordance with the provisions of sections 192 to 194, section 194A, section 194B, section 194BB, section 194C, section 194D, section 194E, section 194EE, section 194F, section 194G, section 194H, section 194-I, section 194J,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Procedure adopted by banks for allotment of Statutory Branch Audit for financial year 2010-2011 Posted: 21 Feb 2010 02:39 AM PST As Chairman, Professional Development Committee, I am receiving a lot of queries/inquiries from not only the members but also the Council Members of the Institute; I felt it expedient to apprise you of the procedure being adopted this year for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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