Income Tax Deduction U/s. 80D for Medical Insurance

Education Loan – The Mantra to Save Tax under section 80E Posted: 08 Dec 2011 07:40 PM PST The deduction under section 80E is available to an individual if following conditions are satisfied: 1. Deduction available only to Individual not to HUF or other type of Assessee. 2. Deduction amount: – The amount of interest paid is eligible for... Income Tax Deduction U/s. 80D for Medical Insurance Posted: 08 Dec 2011 07:30 PM PST Deduction U/s. 80D of the Income Tax Act, 1961 in respect of Medical Insurance Premium (Mediclaim) paid, to keep in force insurance by individual either on his own health or on the health of spouse, dependent parents and children or paid by HUF on... Service Tax on Business Auxiliary Service Posted: 08 Dec 2011 06:57 AM PST Business Auxiliary Service means any service in relation to, — (i) promotion or marketing or sale of goods produced or provided by or belonging to the client; or (ii) promotion or marketing of service provided by the client; or Service Tax on Broadcasting (Radio and Television) Services Posted: 08 Dec 2011 06:51 AM PST Broadcasting (Radio and Television) Services means any service provided or to be provided to a client, by a broadcasting agency or organization in relation to broadcasting, in any manner and, in the case of broadcasting agency or organisation,... Service Tax on Brand Promotion Services Posted: 08 Dec 2011 06:48 AM PST Brand Promotion Services - Taxable service means any service provided or to be provided to any person, by any other person, through a business entity or otherwise, under a contract for promotion or marketing of a brand of goods, service event or... Company Law – Salient features of Early Warning System Posted: 08 Dec 2011 06:41 AM PST The Ministry of Corporate Affairs introduced an Early Warning System" (EWS) in 2009 based on certain financial and non-financial indictors to ensure, as far as possible, that there is no recurrence of cases similar to Satyam Case. The criteria of... Penalty u/s 271C cannot be levied when the assessee misconstrued the provision of law and did not deduct tax at source Posted: 08 Dec 2011 05:27 AM PST In the instant case, the assessee is a Co-operative Bank. Clause 5 of sub-section (3) of Section 194A expressly exempts the Bank from deducting the tax at source on interest payable by the Bank to its members and other Co-operative Societies. As... Mother of 19 Children sentenced for for filing fraudulent Income Tax returns Posted: 07 Dec 2011 11:52 PM PST A former Los Angeles resident drew an 18-month federal prison sentence Monday for filing fraudulent income tax returns involving 20 nonexistent children, all with the same birthday. Norma Coronel, 40, an illegal immigrant who now lives in Livermore,... Central Excise Notification No. 29 – Export procedure under Notification No. 45/2001 to apply to only export to Bhutan Posted: 07 Dec 2011 11:41 PM PST Notification No. 45/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the procedure for export without payment of duty to Nepal and Bhutan. Now Nepal is removed – that is no restrictions or conditions specific to Nepal. Goods can be... Removal of intermediate goods without payment of duty allowed for export to Nepal – Central Excise Notification No. 28 Posted: 07 Dec 2011 11:38 PM PST Notification 44/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the procedure for removal of excisable goods without payment of duty for manufacture of export goods by an advance licence holder, for export to countries other than... Procurement of excisable goods without payment of duty for use in manufacture of export of goods to Nepal allowed when payment is in Indian Rupee – Central Excise Notification No. 27 Posted: 07 Dec 2011 11:34 PM PST Notification No. 43/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the conditions and procedure for procurement of excisable goods without duty for manufacture of export goods. This Notification had certain conditions that for... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Rebate of duty on excisable goods used in goods exported to Nepal allowed – Central Excise Notification No. 26 Posted: 07 Dec 2011 11:30 PM PST Notification No. 42/2001-Central Excise (N.T.), dated the 26th June, 2001 prescribes the conditions and procedure for export without payment of duty to countries other than Nepal and Bhutan. Now this Notification will apply to exports to Nepal –... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Notification No.20/2004 which granted rebate to Nepal Government rescinded – Central Excise Notification No. 25 Posted: 07 Dec 2011 11:26 PM PST Notification No. 20/2004-CENT dated 06.09.2004 prescribed the procedure for granting of rebate on goods exported to Nepal, to be paid to the Government of Nepal. Now, as the Rebate can be paid to the exporter, this notification is rescinded. –... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Service tax on Renting of Immovable Property Services Posted: 07 Dec 2011 10:39 PM PST Renting of Immovable Property Services means any service provided or to be provided to any person, by any other person, by renting of immovable property or any other service in relation to such renting for use in the course of or, for furtherance... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Service tax on Health Services Posted: 07 Dec 2011 10:04 PM PST Health Services means any service provided or to be provided by any hospital, nursing home or multi-specialty clinic,- (i) to an employee of any business entity, in relation to health check-up or preventive care, where the payment for such... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Where assessee entered into agreement with its clients for development of software and agreed to give up all rights and claims of software to be developed, such contract was not for sale of any software but contract for service simplicitor Posted: 07 Dec 2011 09:40 PM PST Section 65(53a) of the Finance Act, 1994, read with section 4 of the Karnataka VAT Act, 2003 - Information Technology Service - April, 2009 to March, 2010 - Assessee entered into agreements with its clients for development of software - Asses see... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] There is no restrictions under rule 7 of Cenvat Credit Rules in limiting distribution of service tax credit made in respect of one unit solely on ground that services are used in respect of another unit Posted: 07 Dec 2011 09:11 PM PST Rule 7 of the Cenvat Credit Rules, 2004 - Cenvat credit - Distribution of credit on inputs by office or any other premises of output service provider - Assessee paid service tax pertaining to advertisement of its product manufactured in a unit - It... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICWAI invites comment on Exposure Draft of Cost Accounting Standard – 14 on Pollution Control Cost (CAS – 14) Posted: 07 Dec 2011 08:58 PM PST Cost Accounting Standards Board, the standard-setting body of the Institute, has approved the release of Exposure Draft of Cost Accounting Standard - 14 on Pollution Control Cost (CAS - 14). The proposed standard may be modified in light of comments... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] FAQ- 4 – Companies (Cost Accounting Records) Rules, 2011 and Companies (Cost Audit Report) Rules 2011 Posted: 07 Dec 2011 08:52 PM PST The Institute has already issued Three Frequently Asked Questions providing clarifications on questions raised by members and Industry in connection with the Companies (Cost Accounting Records) Rules 2011 and Companies (Cost Audit Report) Rules... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Hc issues notice to centre on limiting 200 SMS per day per SIM Posted: 07 Dec 2011 08:52 PM PST The union government was asked today by the Delhi High Court to explain its stand on a plea challenging a statutory regulation limiting the number of short messages ( SMs) sent through a SIM a day to a maximum of 200. A bench of Acting Chief... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Tax and Inequality- A Central Concern for Effective Governance Posted: 07 Dec 2011 08:50 PM PST Union Finance Minister, Shri Pranab Mukherjee has said that it is desirable to have a periodic international dialogue on economic concerns that affects lives in all our countries. He was inaugurating the 4th International Tax Dialogue Global... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] DTC to come into force from 1st April 2012 Posted: 07 Dec 2011 08:45 PM PST Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. The proposed Direct Taxes Code brings together the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Rescinds notification no. 78/2006-Customs, dated the 8th August, 2006 Posted: 07 Dec 2011 08:35 PM PST Notification No. 108/2011- Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] PFC Tax Free Bonds -Draft Shelf Prospectus – Tax Benefit and other Highlights Posted: 07 Dec 2011 08:32 PM PST In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 (43 of 1961) the Central Government has authorised Power Finance Corporation Ltd. to issue during the FY 2011-12, Tax Free... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Exempts from Special Additional Duty (SAD) all goods exempted under notification no. 104/2010-Customs, dated 1st October,2010 when imported from Nepal. Posted: 07 Dec 2011 08:32 PM PST Notification No. 107/ 2011 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Government allows Rebate of excise duty on export of goods to Nepal under ARE-1 Procedure w.e.f. 1st March 2012 – Central Excise Notification No. 24 Posted: 07 Dec 2011 08:31 PM PST Notification No. 19/2004-CENT dated 04.09.2004 prescribes the procedure for granting of rebate for goods exported to countries other than Nepal. Now this Notification will apply to exports to Nepal too. Notification No. 24 / 2011-Central Excise... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] IRDA- Guidelines Pertaining to Corporate Agents Posted: 07 Dec 2011 08:31 PM PST eference is invited to the Authority's Circular Ref: IRDA/CAD/GDL/AGN/016/02/ 2011 dated 151h February, 2011 wherein, interalia, all Non Life Insurers are directed to lay down Minimum Business Requirements for Individual Agents. The said provision... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Quick Highlights Of E-Filing In F.Y. 2011-12 (Upto 30/11/2011) Posted: 07 Dec 2011 08:30 PM PST QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/11/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR     FORM WISE RECEIPT OF E-RETURNS UPTO 30th NOVEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Microenterprise Development – Path to Creating MNCs of Tomorrow Posted: 07 Dec 2011 08:30 PM PST In a developing nation's economy, it's the small and micro enterprises which play a vital role. If India has to have a growth rate of 8-10 percent for the next couple of decades, it needs a strong micro and small sector and micro entrepreneurs need... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] IRDA – Calling applications for Offline Agents Training Institutes Posted: 07 Dec 2011 08:30 PM PST IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interlinked and unless the policyholders' interests are protected the industry cannot achieve the required penetration. The... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Govt decides to increase minimum pension to Rs. 1000 per month for Workers Covered by EPFO Posted: 07 Dec 2011 08:30 PM PST The recommendations of the Pension Implementation Committee (PIC) of the Employees' Provident Fund Organisation to increase the minimum pension amount to Rs. 1000 per month is to be placed before Central Board of Trustees, Employees Provident Fund... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Credit Channel of Monetary Transmission in India – How Effective and Long is the Lag? Posted: 07 Dec 2011 08:30 PM PST This paper examined the operation of credit channel of monetary policy rate transmission in India during the post-LAF period of 2001:3 to 2011:3. Drawing on the literature, two reduced form equations, one representing nominal bank credit and the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] A.P. (DIR Series) Circular No.54 – Deferred Payment Protocols between Government of India and erstwhile USSR Posted: 07 Dec 2011 08:27 PM PST A.P. (DIR Series) Circular No.54 Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 53 dated December 2, 2011, wherein the Rupee value of the special currency basket was indicated as Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Identity Card to Every Adult Resident of the Country under NPR; No Card being issued by UIDAI Posted: 07 Dec 2011 08:25 PM PST The Home Ministry has a proposal to issue every adult resident in the country an identity card. The Government has decided to create a National Population Register (NPR) by collecting information on specific characteristics of all usual residents in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Circular dt. 23rd May, 2011 , Splitting of Minimum Wages for the purpose of PE contribution not permissible – kept in abeyance Posted: 07 Dec 2011 08:16 PM PST The circular no.Coord. / 4 (6) 2003/ clarification / Vol. -II/ 7394 dated 23.05.2011 regarding splitting of minimum wages for the purpose of PF contribution is kept in abeyance in view of the verdict of Hon'ble High Court of Punjab and Haryana in... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] MMRDA demands Rs. 50000/- for giving report asked under RTI Posted: 07 Dec 2011 08:01 PM PST THANE: Information comes at a price, but Thane resident Omprakash Sharma learnt that the cost could be prohibitive when the information concerns public issues and is to be given by a public body like the Mumbai Metropolitan Region Development... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]