Income tax Calculators from A.Y. 2001-2002 to A.Y. 2012-2013

TDS credit to be allowed if difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. One lac Posted: 03 Feb 2012 07:59 PM PST Instruction No. 01/2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considered by the Board. In order to clear backlog of returns, the following decisions have been taken: (i) In all returns... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction u/s. 80C for tuition/school fees paid for education of children Posted: 03 Feb 2012 07:51 PM PST Who is Eligible: Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children's... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction U/s 80D for Mediclaim Premium to Individual, HUF and Senior Citizens Posted: 03 Feb 2012 07:45 PM PST For Individual Basic deduction - Mediclaim premium paid for Self, Spouse or dependant children. Maximum deduction Rs 15,000. In case any of the persons specified above is a senior citizen (i.e. 65 years or more as of end of the year up to F.Y.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Things you should know about the ETDS-ETCS Posted: 03 Feb 2012 07:38 PM PST What is quarterly e-TDS/TCS statement? Who is required to file e-TDS/TCS return? Are the forms used for e-TDS/TCS return same as for physical returns? What are the forms to be used for filing annual/quarterly TDS/TCS returns? Is it mandatory to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Solutions to the errors while doing the ETDS Posted: 03 Feb 2012 07:20 PM PST Invalid File Header Record Length. Invalid File Creation Date. Invalid File Sequence Number. Invalid TAN/TFC Id. Invalid TAN of Deductor / Employer / Collector. Invalid PAN of Employer /Deductor/Collector [[ This is a content summary only. Visit www.taxguru.in for full article.]] If business was set up during the year Assessee entitled to benefit of carry forward of business loss and depreciation Posted: 03 Feb 2012 04:11 PM PST ITO Vs. Berger Impex India (ITAT Delhi) - CIT (A) after considering all these submissions has observed that the assessee had started efforts and other activities for its trade though there is no purchase and sale during the initial period. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] FM asked to retain tax rates at existing levels and to increase exemption limits Posted: 03 Feb 2012 11:14 AM PST Worried over the impact of global financial turmoil on the economy, India Inc today asked the finance ministry to retain tax rates at existing levels, but increase exemption limits to promote growth. In their customary pre-Budget meeting with... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income tax Calculators from A.Y. 2001-2002 to A.Y. 2012-2013 Posted: 03 Feb 2012 08:00 AM PST We are uploading herewith Income tax calculators from A.Y. 2001-2002 to A.Y. 2012-13 prepared by Mr. Nithyanand a Software Professional working in Bangalore. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Brief Study of Deduction of tax on Salary U/s. 192 Posted: 03 Feb 2012 07:25 AM PST Deduction by ship-owners - Ship-owners are liable to deduct tax at source under section 192(1). For the purposes of determining the rate of tax applicable, the total salary of the seaman for the year may be estimated as the amount of wages due for a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CA, CS, CWA Amendment Act, ICWA name change effective from 1st February,2011 Posted: 03 Feb 2012 07:20 AM PST In exercise of the powers conferred by sub-section (2) of Section 1 of the Chartered Accoun­tants (Amendment) Act, 2011 (No. 3 of 2012) the Central Government hereby appoints the 1st day of February, 2012 as the date on which the provision of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Payment under inter-linked contracts for manufacturing attracts TDS u/s 194C Posted: 03 Feb 2012 07:02 AM PST CIT Vs. Nova Nordisk Pharma India Ltd. (HC of Karnataka) - We find that this is not simply a situation of a product manufactured to the specifications of the assessee, being sold to the assessee at the price fixed by the supplier but this is a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Genuineness of transaction when identity of the share holders has not been established and notice u/s. 133(6) remained unserved Posted: 03 Feb 2012 07:00 AM PST ACIT Vs. M/s Sikka Papers Mills Ltd. (ITAT Delhi) -In this case the identity of the share holders has not been established in order to ascertain the genuineness of the transactions, Assessing Officer issued commission u/s. 131(d) to the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] For exercise of power U/s. 263, it is mandatory that order passed by AO should be erroneous and prejudicial to interest of Revenue Posted: 03 Feb 2012 07:00 AM PST CIT Vs. Software Consultants (Delhi High Court)- For exercise of power under Section 263 of the Act, it is mandatory that the order passed by the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. In the present... [[ This is a content summary only. Visit www.taxguru.in for full article.]] FM Holds Meeting with Representatives of Business and Trade as Part of Pre-Budget Consultations Posted: 03 Feb 2012 06:18 AM PST Calls for 9 percent Plus Growth for a Sustainable Period to achieve the Objective of Inclusive Growth; Industry Asks for Improvement in Outcome of Expenditure on Social Programmes, Widening of Tax Net, Shifting to Accrual Based Budgeting from Cash... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Accepting SMS Sent by IRCTC on Par With Electronic Reservation Slip (ERS) for Undertaking Train Journey on E-Tickets Posted: 03 Feb 2012 06:16 AM PST In a move to further make Train Reservation Ticketing System passenger friendly, the Ministry of Railways has decided to permit Short Messaging Service (SMS) sent by its PSU, Indian Railways Catering & Tourism Corporation (IRCTC) containing... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Initiatives on Safeguards of Deserted NRI Women Posted: 02 Feb 2012 08:29 PM PST A scheme was launched in 2007 to provide legal /financial assistance to the deserted or divorced overseas Indian women through the Indian Missions/Posts. It was revised and the revised scheme came into effect from November, 2011. The scheme would be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] India Exempts Essential Commodities to Bhutan from Export Bans Posted: 02 Feb 2012 08:29 PM PST Bhutan has expressed happiness over acceptance of their request of exemption from application of any export bans on essential commodities. The Minister of Commerce, Industry and Textiles, Shri Anand Sharma, during his meeting with Mr. Lyonpo Khandu... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Mahindra Satyam receives provisional attachment order from the Income Tax Department Posted: 02 Feb 2012 08:24 PM PST Mahindra Satyam today said it has received a provisional attachment order from the Income Tax Department attaching land and buildings of the company. The company had received a provisional attachment order dated January 30, 2012, from the Additional... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Constitution of DRP at specified places vide ORDER NO. 1/FT&TR/2012 Posted: 02 Feb 2012 08:09 PM PST ORDER NO. 1/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I], dated 31-1-2012 -In exercise of powers conferred under section 144C of the Income-tax Act, 1961, and in supersession of earlier orders, the Board hereby constitutes the Dispute Resolution... [[ This is a content summary only. Visit www.taxguru.in for full article.]] TRAI Releases Pre-Consultation Paper on "Allocation of Spectrum in 2G Band in 22 Service Areas by Auction" Posted: 02 Feb 2012 08:01 PM PST The Telecom Regulatory Authority of India (TRAI) has today released a Pre-consultation Paper on "Allocation of Spectrum in 2G band in 22 Service Areas by auction" for comments of the stakeholders.The Hon'ble Supreme Court of India in its Judgment... [[ This is a content summary only. Visit www.taxguru.in for full article.]] IRDA – Discussion paper on Tying And Bundling Insurance Policies With Other Services And Goods Posted: 02 Feb 2012 08:00 PM PST This paper seeks to discuss issues relating to tying and bundling insurance policies with other services and goods and how conflicts of interest that arise need to be dealt with. In particular, conflicts of interest that may arise in respect of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Appeal filed by the assessee liable to be unadmitted/dismissed, for non attendance Posted: 02 Feb 2012 07:55 PM PST PTC India Ltd. Vs ACIT (ITAT Delhi) - This is the appeal filed by the assessee against the order dated 30.9.2011 of CIT(A)-XVII, New Delhi pertaining to A.Y. 2008-09. However at the time of hearing no one was present on behalf of the assessee nor... [[ This is a content summary only. Visit www.taxguru.in for full article.]] IRDA – Constitution of Health Insurance Forum Posted: 02 Feb 2012 07:51 PM PST The health insurance segment of the insurance industry has been growing significantly. The IRDA has underpinned the growth of this market by registration of standalone health insurance companies, by nurturing the development of Third Party... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Grant of Loans and Advances and Award of Contracts to Directors of Banks and their Relatives Posted: 02 Feb 2012 07:24 PM PST We have come across an instance, where loans and advances have been sanctioned to the relative of a Director of a bank, at a concessional rate of interest, thereby circumventing the spirit of the restrictions contained under Section 20 of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI asks commercial banks not to overvalue houses while providing loans Posted: 02 Feb 2012 07:24 PM PST Please refer to our circular DBOD.No.BP.BC.69/08.12.001/2010-11 dated December 23, 2010 on "Housing loans by commercial banks – LTV ratio, risk weight and provisioning" wherein it was advised that in order to prevent excessive leveraging, the LTV... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 Industrial and Commercial Bank of China Limited Posted: 02 Feb 2012 07:21 PM PST We advise that the name of Industrial and Commercial Bank of China Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD.IBD.No./8136/ 23.03.026/2011-12 dated December 01, 2011 published in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICWAI Circular regarding Change in Cut off date for training from Dec.12 to Dec.13 Posted: 02 Feb 2012 06:34 PM PST Pursuant to the decision taken by 271st council meeting held on 24th September 2011, the Practical Training scheme for the students registered under Revised Syllabus 2008 (Registered for Intermediate course on or after 01.01.2008), stands modified... [[ This is a content summary only. Visit www.taxguru.in for full article.]] FAQs – The Companies (Cost Accounting Records) Rules 2011 (CARR) & The Companies (Cost Audit Report) Rules, 2011 (CAR) Posted: 02 Feb 2012 06:34 PM PST FAQs - 1 on Companies (Cost Accounting Records) Rules, 2011 - CARR (Amended on 07 Dec, 2011). FAQs - 2 on Companies (Cost Audit Report) Rules, 2011 CAR (Amended on 07 Dec, 2011). FAQs - 3 on CARR & CAR - 2011. Revised FAQs - 4 on CARR... [[ This is a content summary only. Visit www.taxguru.in for full article.]]