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New TDS Procedure Kept In Abeyance by CBDT!

June 30, 2009 By taxworry Leave a Comment

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Excerpt: No.402/92/2006-MC (14 of 2009) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi dated 30th June 2009 PRESS RELEASE The Central Board of Direct Taxes have further decided that the Notification No.31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being.Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or…

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Filing Information About Remittance of Foreign Exchange A Must Now!

June 30, 2009 By taxworry Leave a Comment

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Excerpt: CBDT has issued Circular No. 04/2009 dated 29/06/2009 by which procedure to file information regarding foreign exchange remittance electronically is now made must . The gist of the circular is given below:   Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force. The Reserve Bank of India has also mandated that except in the case of certain personal remittances which have been specifically exempted, no remittance shall be made to a non-resident unless a no objection certificate has been obtained from the…

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Can Nominee of Deceased Prevent TDS on Deposit in Senior Citizen Savings Scheme

June 8, 2009 By taxworry Leave a Comment

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Excerpt: Yes, the good news is that now nominee of the deceased can file 15G or 15 H Form to the banks where the deceased had made deposits in Senior Citizen Savings Scheme 2004. Please read the circular of RBI to banks in this regardRBI/2008-09/493 Ref. No. DGBA.CDD.H-10566/15.15.001/2008-09 June 5, 2009 The General Manager Government Accounts / Business DepartmentState Bank of India / State Bank of Indore/State Bank of PatialaState Bank of Bikaner & Jaipur /State Bank of TravancoreState Bank of Hyderabad / State Bank of Mysore /Allahabad BankBank…

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