Avoid TDS deduction on income – Submit Form 15H/15G

Now, have an enemy list on your Facebook account Posted: 27 Mar 2012 09:19 PM PDT Love it or hate it, Facebook is a positive place - you can 'Like' things, but not dislike them, and you can have Friends, but not enemies... until now. EnemyGraph is a new app which lets you add Enemies to your Facebook profile - including real... [[ This is a content summary only. Visit www.taxguru.in for full article.]] India not a no-tax country – FM Posted: 27 Mar 2012 09:13 PM PDT In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.India is not a no-tax country, India has a determined tax rate, but it is not a tax... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt collects 1.14 lakh Crore Excise duty from Tobacco Products in first 10 month Posted: 27 Mar 2012 09:05 PM PDT Excise duty from Tobacco Products - The total revenue collected from central excise duty during the financial year 2011-12 (upto January, 2012) is about Rs. 1,14,046 Crore (provisional). The total excise duty collected from tobacco products... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tax Concession on Education Loan u/s. 80E Posted: 27 Mar 2012 09:02 PM PDT Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his income chargeable to tax, on account of any amount paid by him in the previous year by way of interest on loan taken by him from any... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Assessee can claim exemption u/s. 54 in revised return for amount invested in property after due date U/s.139(1) Posted: 27 Mar 2012 08:40 PM PDT Hon'ble Punjab & Haryana High Court in the case of CIT Vs. Miss Jagriti (supra) has held that sub-section (4) of section 139 provides the extension period of limitation as an exception to sub-sec. (1) of sec. 139 of the Act. Sub-sec. (4) was in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Is India a Tax Hell? Posted: 27 Mar 2012 08:25 PM PDT Finance Ministry, while presenting the much disillusioned and indifferent Union Budget with heavy fanfare and subsequent silence, brought out an amendment that took many people by surprise. It was not just a normal amendment. Rather, it was the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Proposal of 10 Services under Reverse Charge Mechanism in Service Tax Law – Are these TDS provisions in Indirect Tax Law? Posted: 27 Mar 2012 08:19 PM PDT Finance Minister, since last two budgets, is planning to cover more and more TDS applicability, strict compliance of TDS provisions and heavy penal clauses for non-compliance under direct tax law. In fact, TDS is a far more easy and early collection... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Goa CM reduces petrol prices by Rs. 11 per Liter Posted: 27 Mar 2012 07:27 PM PDT Goa Chief Minister Manohar Parrikar Monday presented a populist budget by slashing petrol prices by Rs 11, announcing Rs 1,000 allowance for housewives, proposing to stabilise domestic gas cylinder prices, and setting target of 15 per cent GDP... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deduction u/s. 80DD for expenses incurred on maintenance/ medical treatment of a disabled dependant Posted: 27 Mar 2012 05:52 AM PDT Section 80DD allows a deduction to an individual or HUF if the person has incurred in the previous year any expenditure on medical treatment (including nursing), training and rehabilitation of a dependant with a disability or paid or deposited any am [[ This is a content summary only. Visit www.taxguru.in for full article.]] Avoid TDS deduction on income – Submit Form 15H/15G Posted: 27 Mar 2012 05:40 AM PDT Form 15G and form 15H are used for avoiding the TDS deduction at source if deductee expects his Income to be lower then the taxable limit. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to th [[ This is a content summary only. Visit www.taxguru.in for full article.]] TDS under section 194B on winning from Lottery Posted: 27 Mar 2012 05:39 AM PDT Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This is deducted at source (TDS). A Three per cent education cess is payable on the tax... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Taxation of Derivatives Posted: 27 Mar 2012 05:23 AM PDT Since, there is no transfer or delivery of the underlying asset in case of futures, the income or loss from it cannot be taxed under the head "capital gains. Therefore, depending upon the fact whether the assessee is a trader or an investor, the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Search, Seizure and Survey Simplified Posted: 27 Mar 2012 04:56 AM PDT Search and Seizure are the burning topics in current Tax scenario. It seems that North Block is completing its direct as well as indirect tax targets through this amour of 'SEARCH and SEIZURE'. As the corporate's as well as practitioners need to be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Unlocking the Provisions of Public Provident Fund (PPF) Posted: 27 Mar 2012 03:16 AM PDT .Where to Open a PPF account?: A PPF account can be opened at any SBI Branch or at any Branch of its subsidiary bank. You can also visit any nationalised bank in your neighbourhood or head post office or selection grade sub-post offices to open a PP [[ This is a content summary only. Visit www.taxguru.in for full article.]] No interest disallowance For advances given to group and subsidiary companies out of commercial expediency Posted: 26 Mar 2012 10:07 PM PDT Advances were given to the said group companies as part of the corporate / business strategy of the assessee to expand the business operations. Assessee's further submission is that lower authorities further failed to appreciate that since the loans... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Training expense of employee cannot be treated as capital expenditure Posted: 26 Mar 2012 09:41 PM PDT Assessee has not obtained any benefit of enduring nature. The royalty is payable on the basis of volume of sales year to year. In the event of termination of agreement has to discontinue uses of material provided return everything in this respect.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Govt may modify GAAR if required Posted: 26 Mar 2012 09:24 PM PDT Amidst fears that FIIs may be taxed for short-term capital gains in stock markets, the government today said it will examine and modify the General Anti Avoidance Rules (GAAR) if required. [[ This is a content summary only. Visit www.taxguru.in for full article.]] SBI hikes fixed deposit rates by upto 1% Posted: 26 Mar 2012 09:20 PM PDT Country's largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Rs 2.73 lakh crore of outstanding income tax dues locked up in tax disputes Posted: 26 Mar 2012 09:14 PM PDT As on September 30, 2011, a net amount of Rs 3,50,000 crore approximately is outstanding as income tax dues, out of which Rs 2,73,000 crore approximately is locked up in tax dispute at various levels," Minister of State for Finance S S... [[ This is a content summary only. Visit www.taxguru.in for full article.]] UCBs – Guidelines issued under Section 36(1) (a) of the BR Act, 1949 (AACS) – Implementation of the provisions of Foreign Contribution (Regulation) Act, 2010 Posted: 26 Mar 2012 09:05 PM PDT The Reserve Bank, considering the public interest and on being satisfied that it is necessary so to do, in exercise of the powers conferred by Clause (a) of sub-section (1) of Section 36 of the Banking Regulation Act, 1949 (AACS) and of all the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Changes made to the UN Model Convention and Commentary in the 2011 Posted: 26 Mar 2012 09:05 PM PDT The 2011 update replaces the 2001 version of the UN Model Double Taxation Convention and Commentary (2001 Version). The 2011 UN Update makes a number of revisions to the commentary on· Article 5 (Permanent establishment), to the MC and · Commentary... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Soon NPS subscriber can exercise their individual choices regarding investment pattern & pension fund manager Posted: 26 Mar 2012 09:05 PM PDT Management of Funds Under NPS The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Extension of prohibition on export of Pulses (except Kabuli Chana and 10,000 tonnes of organic pulses) upto 31.03.2013 Posted: 26 Mar 2012 09:03 PM PDT Notification No 109 (RE – 2010)/2009-2014 Prohibition on export of pulses has been extended by one more year; from 31.03.2012 to 31.03.2013. But, there are two exceptions to this. One is export of Kabuli Chana. Second is export of Organic Pulses and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Procedure for refund / revalidation of DEPBs/Reward Scrips for re-credit of 4% CVD (SAD) Posted: 26 Mar 2012 09:02 PM PDT PUBLIC NOTICE No. 105/2009-14(RE 2010) This will reduce the transaction cost and procedural burden as it will facilitate utilisation of re-credit without requiring it to be presented to RA of DGFT for an endorsement of revalidation. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Revised Treaty of Trade between India and Nepal Posted: 26 Mar 2012 09:01 PM PDT Circular No. 961/04/2012-CX As you are aware, Duty refund procedure (DRP) prescribed by Notification No. 20/2004-CE(NT) dated 6.9.2004 has been rescinded vide Notification No. 25/2011-CE(NT) dated 5.12.2011 w.e.f 1st March, 2012. Export to Nepal... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 64/1994 dated 21st November, 1994 vide Notification No. 25/2012 – Customs (N. T.) Posted: 26 Mar 2012 09:00 PM PDT Notification No. 25/2012 - Customs (N. T.) In exercise of the powers conferred by clause (d) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Draft Manual on the functioning of Official Liquidators Posted: 26 Mar 2012 09:00 PM PDT Chapter VII of the Companies Act deals with winding up procedures to be followed for liquidating the affairs of the company. The present Companies (Court) Rules, 1959 framed by the Hon'ble Supreme Court of India supplement the winding procedures and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] S. 80-IA Of The Income-Tax Act, 1961 – Deductions – Profits And Gains From Industrial Infrastructure Undertakings, Etc. -M/s. Creative Infocity Limited Posted: 26 Mar 2012 09:00 PM PDT NOTIFICATION NO. 13/2012 [F.NO. 178/25/2005-ITA-I], DATED 22-3-2012 Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Education Loan – Eligibility Criteria for interest subsidy Posted: 26 Mar 2012 08:57 PM PDT Students whose parental income is less than Rs. 4.5 lakhs per annum and are enrolled in recognized technical & professional courses, after class twelfth, in India are eligible under the scheme. Educational loans of such students disbursed from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Prosecution for Concealing Income & Measures for Checking Out-Flow of Black Money Posted: 26 Mar 2012 08:56 PM PDT Income Tax Department receives information from various sources including from foreign governments under the Double Taxation Avoidance Agreement (DTAA). Whenever such information is received, it is investigated and any untaxed amount is assessed and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Not legally feasible for banks in India to undertake Islamic banking activities in India Posted: 26 Mar 2012 08:55 PM PDT Introduction on Interst Free Banking The Reserve Bank of India (RBI) has received references from the India Centre for Islamic Finance for introducing interest-free banking in the country in order to ensure inclusive growth with innovation in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Methodology for Transfer of Risks amongst Members of Indian Motor Third Party Declined Risk Insurance Pool and declaration of ultimate loss ratio for 2011-12 Posted: 26 Mar 2012 08:50 PM PDT ORDER No. IRDA/NL/ORD/MPL/72-7 03/2012 The Authority under Para (13 'e'): Manner of Calculating the Obligations, of its order No. IRDA/NL/ORD/MPL/277/12/2011, dated 23rd December, 2011 constituted a committee headed by Chairman, General Insurance... [[ This is a content summary only. Visit www.taxguru.in for full article.]] IRDA Notification on Daily Declaration of NAV Posted: 26 Mar 2012 08:48 PM PDT CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012 Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to... [[ This is a content summary only. Visit www.taxguru.in for full article.]]