Tips to save Income tax for Salaried Person

Tips to save Income tax for Salaried Person Posted: 07 Feb 2012 07:40 PM PST Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting down your key financial objectives, the tentative time of money requirement... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SC directs Speak Asia to deposit investos Money Posted: 07 Feb 2012 07:08 PM PST The Supreme Court has directed the Singapore-based firm Speak Asia, accused of duping investors to the tune of Rs 1,300 crore, to deposit before it the amount payable to investors and concerned authorities. A bench of justices Dalveer Bhandari and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI asks banks to refund unclaimed deposits estimated over 1700 crore rupees Posted: 07 Feb 2012 06:51 PM PST The Reserve Bank of India, RBI on Tuesday asked banks to locate and refund unclaimed deposits estimated at over 1700 crore rupees. In an instruction to banks, the RBI said that banks in public interest must play a more pro-active role by finding the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] FEMA – Claim for interest in the nature of compensation for wrongful retention of money is not maintainable Posted: 07 Feb 2012 06:43 PM PST Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could have been awarded to the respondent on the seized Indian currency only. The learned Single Judge has however applying... [[ This is a content summary only. Visit www.taxguru.in for full article.]] It is not permissible for the executing authority to look beyond the order it is required to execute Posted: 07 Feb 2012 05:52 PM PST Oriental Bank of Commerce (Delhi HC) - We have considered the rival contentions and gone through the record carefully. The order passed under Section 263 became final. Learned Commissioner while exercising the powers under Section 263 has decided... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Excise Duty- Value Based Exemption Scheme for Small Scale Industries Posted: 07 Feb 2012 05:08 PM PST The Finance Bill-2011 levied Excise duty at the rate of 10% on ready-made garments and made-up articles of textiles when they bear or are sold under a brand name. Hitherto, ready-made garments and made-up articles were exempt from Central Excise... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Corporate India wants no change in tax rates in 2012-13 Budget Posted: 07 Feb 2012 04:47 PM PST Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Budget on 16th March and Rail Budget on March 14 Posted: 07 Feb 2012 03:00 PM PST The Union Budget, delayed because of elections in five states, will now be presented on March 16, four days after Parliament will begin its Budget session. The budget session, which normally commences in the third week of February, will start on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Excise Duty on Readymade Garments- The magic figure of exempted turnover of Rs. 8.90 Crore Posted: 07 Feb 2012 02:39 PM PST While initiating debate on the Finance Bill-2011 the Finance Minister said that the garment traders had criticised the proposed 10 per cent excise duty on readymade garments saying it would hurt the small business. He added. 1) "To address this... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Eligibility to appear in May 2012 Integrated Professional Competence exam(IPCE) Posted: 07 Feb 2012 09:00 AM PST The Council at its 312th meeting held from 25-27 December 2011 passed a Resolution under Regulation 205 to the effect that candidates who register for Integrated Professional Competence Course (IPCC) and complete eight months study course, as on the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amendment in Appendix – 30 A relating to Export Obligation Period under Advance Authorization/DFIA Schemes Posted: 07 Feb 2012 08:54 AM PST Public Notice No. 96 (RE-2010)/2009-2014 Export Obligation Period for import of silk in any form is increased from six months to nine months. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Assessee has right to plan its affairs in such a manner which may result in payment of least tax possible Posted: 07 Feb 2012 02:21 AM PST CIT Vs. Rajan Nanda (Delhi HC) -Every assessee has right to plan its affairs in such a manner which may result in payment of least tax possible, albeit, in conformity with the provisions of Act. It is also permissible to the assessee to take... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No Penalty for wrong / non furnishing of PAN in TDS return if Asseee files later revised return with Correct PAN Posted: 07 Feb 2012 01:22 AM PST ITO (TDS) Panchkula v. Bharat Electronics Ltd. (ITAT Chandigarh) it is apparent from the record that the assessee deducted TDS correctly and revised the PAN and filed revised statement in Form No. 26Q, hence there was sufficient compliance of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Time to Invest Big in Infrastructure – Infrastructure Bonds Posted: 06 Feb 2012 11:22 PM PST Mr. Suneet Maheshwari, CEO of L&T Infrastructure Finance Company Limited which opened Tranche 2 of its tax saving infra bonds, expects huge infrastructure investments in India over the next 5 years . While highlighting the strong future... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Provisions written back can not be added to income if provision was not allowed in the earlier year Posted: 06 Feb 2012 08:10 PM PST CIT VS. Mohan Meakin Ltd. (Delhi HC) - In the case of the uncashed cheques amount to Rs.1,97,758/-, the finding of the Tribunal is that that there was no claim for deduction in any of the earlier years and, therefore, the amount cannot be added... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If relationship of principal and an agent exsit then TDS is deductible on Commission Posted: 06 Feb 2012 08:06 PM PST CIT Vs. Mother Dairy India Ltd. (Delhi HC) - It is a well-settled proposition that if the property in the goods is transferred and gets vested in the concessionaire at the time of the delivery then he is thereafter liable for the same and would be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No Service tax payable if benefit of service accrued to the foreign clients outside the Indian territory Posted: 06 Feb 2012 08:03 PM PST In the instant case, the services rendered by the appellant were consumed abroad where the appellant's clients used the service of inspection/test/analysis to decide whether the goods intended to be imported by them from India conformed to the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Addition U/s. 68 for non reply of Notice U/s. 133(6) – ITAT remanded matter Back to A.O. Posted: 06 Feb 2012 08:03 PM PST ITO v. JMD Global (P) Ltd. (ITAT Delhi) - Before the ld CIT(A), it was contended by the assessee that all the allottees were in Calcutta and as the notice u/s 133(6) were sent towards the fag end of the time barring period, the same could not be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Exemption from service tax on export not available if payment not received in convertible foreign exchange Posted: 06 Feb 2012 08:02 PM PST The service tax of Rs.2,63,754/- stands confirmed against the applicant for the period from March, 2007 to September, 2007 under the category of business auxiliary services. During the said period, the applicant provided services to the client... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ITAT reduces addition made by AO after rejecting the books of accounts Posted: 06 Feb 2012 08:02 PM PST Rajesh Agarwal Vs. ITO (ITAT Delhi) - It is found that there were discrepancies in the book result filed, traced on the scrutiny of the books made by the Assessing Officer which could not be properly replied/explained. So, action of the Assessing... [[ This is a content summary only. Visit www.taxguru.in for full article.]] GTA – Cestat Explains Conditions for Abatement of 75% from the gross freight value under Notification No. 32/2004-ST dated 03.12.2004 Posted: 06 Feb 2012 08:01 PM PST We find that the abatement of 75% from the gross freight value under Notification No. 32/2004-ST dated 03.12.2004 as amended is not available in the absence of such declaration/consignment note containing transaction particulars. The Commissioner... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SEBI (Buy-back of Securities) (Amendment) Regulations, 2012 Posted: 06 Feb 2012 08:00 PM PST In exercise of powers conferred by sub-section (1) of section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with clause (f) of sub-section (2) of Section 77A of the Companies Act, 1956 (1 of 1956) the Board hereby... [[ This is a content summary only. Visit www.taxguru.in for full article.]] All you want to Know about Deflation Posted: 06 Feb 2012 08:00 PM PST Though the effects of deflation are just the opposite to those of inflation, deflation also poses its own menacing threat to economic stability in a system. Effects of Production. Deflation adversely affects the level of production, investment... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Unclaimed Deposits/ Inoperative Accounts in Banks – Display list of Inoperative Accounts Posted: 06 Feb 2012 07:58 PM PST Keeping in view public interest, it has been decided that banks should, in addition to the instructions contained in the above mentioned circular, play a more pro-active role in finding the whereabouts of the accountholders of unclaimed deposits/... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Finance Minister hopes an Upward Revision in the GDP Growth Posted: 06 Feb 2012 07:56 PM PST The Union Finance Minister Shri Pranab Mukherjee said that the main reason for decline in the GDP growth is slowdown in industrial growth, in particular in investment growth. The Finance Minister said that the negative growth in mining sector along... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Sebi directs two to pay Rs 2.72 cr for unlawful gains Posted: 06 Feb 2012 07:51 PM PST Market regulator the Securities and Exchange Board of India (Sebi) has directed two individuals -- Shailesh S Jhaveri and Harsha M Shah -- to collectively pay Rs 2.72 crore for their involvement in fraudulent and unfair trade practices during... [[ This is a content summary only. Visit www.taxguru.in for full article.]]