| Infrastructures Bonds: New Tool to Save Tax Posted: 21 Jul 2010 08:55 PM PDT 
In this year's budget, Finance Minister made an announcement that deduction upto Rs 20000 would be allowed from the total income of taxpayer if investment is made in long term infrastructure bonds (which were to be notified later). This investment... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Capital gains – I-T dept Notifies Cost Inflation Index for financial year 2010-11 or Assessment Year 2011-12 Posted: 21 Jul 2010 08:54 PM PDT 
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| What is Form 16 (Salary Certificate) and how is it different from Form 16? Posted: 21 Jul 2010 08:53 PM PDT 
At the end of the year, you need to collect Form 16 from both your employers as that is the basis on which you would file your returns. When you join a new organisation, you should furnish your TDS details from the previous employer to your current... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| No Income Tax raids and surveys costing Government Rs 180 crore a day Posted: 21 Jul 2010 08:46 PM PDT 
Mumbai could lose at least Rs 5 crore a day for the next few days because there will be no Income Tax (I-T) raids and surveys, during which a large chunk of tax is collected. Nearly 90 per cent of the I-T department's staff across the country has... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| DTC, GST Bills likely to be introduced in the Monsoon session beginning next week Posted: 21 Jul 2010 08:42 PM PDT 
The government on Tuesday said the direct taxes code (DTC) Bill and a constitutional amendment bill to implement the goods and services tax (GST ) are likely to be introduced in the Monsoon session beginning next week. "It is our expectation that... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Finance Minister to look into continuation of tax sops: SEZ developer Posted: 21 Jul 2010 08:37 PM PDT 
The revised discussion paper on the Direct Tax Code (DTC), which would overhaul the Income Tax Act, proposes tax exemptions only for the existing SEZ units. "In case no income tax benefit is provided to the new SEZ units, no entrepreneur would like... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Speech of Finance Minister at the Meeting with the Empowered Committee of State Finance Ministers Posted: 21 Jul 2010 08:35 PM PDT 
As for specific issues, let me begin with the issue of exemption threshold under GST. In this regard, it was the suggestion of the Empowered Committee that the Centre should consider retaining the exemption threshold of Rs.1.5 crore (presently... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Regarding levy of service tax on all taxable services relating to transmission and distribution of electricity -ST Notification No 45/2010 Posted: 21 Jul 2010 08:21 PM PDT 
the Central Government is satisfied that a practice was generally prevalent regarding levy of service tax (including non-levy thereof), under section 66 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as 'the Finance Act'), on all... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Insurance Funds Soon for Infrastructure: Pranab Mukherjee Posted: 21 Jul 2010 08:17 PM PDT 
The Union Finance Minister, Mr Pranab Mukherjee, on Tuesday said the Insurance Regulatory and Development Authority and the Planning Commission will develop a framework to give a further fillip to infrastructure financing by the insurance industry.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Income-tax (Sixth Amendment) Rules, 2010 – Substitution of rules 30, 31, 31A, 31AA, 37CA, and 37D; Form Nos. 16, 16A and 27D; insertion of Form No. 24G and omission of rule 37A – Corrigendum to Notification No. 41/2010, dated 31-5-2010 Posted: 21 Jul 2010 08:11 PM PDT 
Notification No. 55/2010 [F.No.142/27/2009-SO(TPL)], dated 19-7-2010.In the Notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 41/2010 dated 31st May, 2010 bearing S.O. 1261(E) and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions vide Notification No. 56, 57, 58/2010 Posted: 21 Jul 2010 08:07 PM PDT 
Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions Notification No. 56/2010 [F.No.203/157/2009/ITA.II], dated 20-7-2010 It is hereby notified for general... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Income Tax Return Filing deadline nears Posted: 21 Jul 2010 07:59 PM PDT 
An individual should pay the government a part of his income, which is known as Income Tax returns. It can be regularly filed either in physical or electronic form. Tax is not just a source of income for the government in order to increase their... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| GST may kick off in April next year with three rates Posted: 21 Jul 2010 07:32 PM PDT 
To begin with, next year, he suggested, the Centre will adopt a three-rate formula. While Mukherjee proposed that the rate of taxation for services be fixed at 8 per cent, a dual-rate regime for goods was recommended at the meeting of the empowered... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Useful info for those who drive a vehicle Posted: 21 Jul 2010 04:22 PM PDT 
From now onwards, the Traffic Police cannot catch a motorist just to examine the driving license or vehicle documents.They can catch you only if you have violated any traffic laws or if you are driving drunk. Remember that when caught for traffic... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| New Bench will hear again the petition filed by Price Waterhouse challenging the jurisdiction of SEBI Posted: 21 Jul 2010 02:22 PM PDT 
A newly-constituted Division Bench at Bombay High Court will hear anew the petition filed by audit firm Price Waterhouse challenging the jurisdiction of capital market regulator SEBI to investigate its role in the multi-crore Satyam fraud. [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Real Estate- Wait and Watch Posted: 20 Jul 2010 11:22 PM PDT 
One of my friend who is a well renowned real estate promoter was struggling to pay his bank loan in the year 2008 when the recession have touched the shores of Indian real estate business. He had to almost sell all his properties of his own to pay... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Sebi panel suggestes tax parity for shareholders who tender their shares in open offer and those who sell through the stock market Posted: 20 Jul 2010 11:14 PM PDT 
A Sebi panel has suggested tax parity be introduced for shareholders who tender their shares in open offer and those who sell through the stock market. According to the Sebi Takeover Advisory Committee, the open offer only provides an opportunity to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Filing Online Income Tax Return? Tips to secure your transaction Posted: 20 Jul 2010 10:52 PM PDT 
With July 31 just a couple of weeks away, it's time to get papers in order to file your taxes. The traditional method has been to hire a chartered accountant who does the needful. But now, with the advent of tax portals, even tax filing can be done... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
| Warehousing permission to Storage Tanks mounted on a vehicle Posted: 20 Jul 2010 06:04 PM PDT 
Necessary action may immediately be taken to withdraw such facility, if any, granted by any field formation under your jurisdiction. It is also requested to advise such assesses to avail the option of rebate under Rule 18 of Central Excise Rules for... [[ This is a content summary only. Visit www.taxguru.in for full article ]] (File online ITR at just Rs. 119)  |
