The new financial reporting format -eXtensible business reporting language (XBRL), will soon allow individuals to read a company’s balance sheet in a language of their choice. Once the standard balance sheet is converted into XBRL, it will be updated on the website of the ministry of corporate affairs (MCA) in any of the regional languages [...]
Medical Insurance Portability From 1st October 2011 !
September 15, 2011 by
Come October and medical insurance buyers who are not satisfied with their existing policies can switch to another insurer without paying any extra premium. The IRDA has issued the final guidelines to be followed by insurance companies regarding portability. IRDA has set 1st October 2011 as the date for commencing health insurance portability. Insurance Portability...
RBI for one- time tax relief to foreign banks converting into local subsdiary
September 8, 2011 by Leave a Comment
In a step that could cause national revenue loss to the tune of thousands of crores, the Reserve Bank of India (RBI) has requested the Government for a one-off tax relief for foreign banks that convert into local subsidiaries. Why tax relief ? An official working on this proposal stated that “RBI has suggested that [...]
RBI puts an end to pre-payment penalty on floating car and home loans
September 7, 2011 by 3 Comments
RBI’s new directive to put an end to pre-payment penalty charges in case of floating rate loans for homes and cars has been welcomed by lakhs of customers who want to pre-pay their loans, but are forced to pay pre-payment charges as high as 3% of the outstanding loan at the time of closure of [...]
Software to Assist A.Os to Track Manipulation of Accounts !
August 24, 2011 by Leave a Comment
The Income Tax department has finally got a solution to deal with its problem of scrutinizing huge data of electronically maintained accounts for identifying wrongdoings and tax evasions in them. THE CBDT now has in hand, software that has a set of standard tools that will run on the data under scrutiny and track manipulation [...]
EPF members may soon get a minimum monthly pension of Rs 1000.
August 22, 2011 by Leave a Comment
Good news for EPF members. Union Labour Minister Mallikarjun Kharge is currently in talks with trade union leaders and employers to discuss a proposal to increase the minimum monthly pension for members of the Employees’ Provident Fund ( EPF ) to Rs 1,000. This would be the first revision in workers’ pension income under EPF [...]
Maharashtra, gear up to shell out more for property tax, courtesy new cess
August 20, 2011 by Leave a Comment
If the Maharashtra state Government has its way, one will have to pay more property tax, on account of a cess that the Government plans to levy on property tax in addition to the existing ones pertaining to trees, education and repairs. The urban development (UD) department has proposed a 0.5% cess on the general [...]
SBI Gold Fund, a new scheme for those interested in investing in the yellow metal
August 20, 2011 by Leave a Comment
SBI Mutual Fund has launched a new scheme for those interested in investing in gold and raking in returns because of the continuous steep hike in gold prices. SBI Gold Fund is an open ended scheme to enable investors to systematically invest in gold. The fund offer will open on August 22 and close on [...]
CBEC to attach properties of service tax evaders
August 18, 2011 by Leave a Comment
The Central Board of Excise and Customs has decided to take some very harsh steps against service tax evaders, including attachment of property. A Finance Ministry official stated that that service tax evasion was growing at an alarming rate of over 70% and that data showed that of the 15 lakh registered service tax assesses [...]
Government to introduce TDS mechanism on Service Tax
August 18, 2011 by Leave a Comment
In order to boost its service tax collections, the Government is contemplating on introducing the time tested tax deducted at source (TDS) mechanism for Service Tax. The Central Board of Excise and Customs (CBEC) have set up a committee to examine the feasibility of TDS in service tax and to work out on a method [...]
Now get ready to pay a health surcharge !
August 16, 2011 by Leave a Comment
The Government is once again planning to fall back on its surcharge tool to fund yet another ambitious plan – free healthcare to citizens. Just like one has been paying cess for education and highway construction, the Government is now considering a proposal to levy a surcharge to fund its ambitious plan of providing free [...]
Direct Tax Code likely to miss its April 2012 implementation deadline
August 12, 2011 by 2 Comments
In another blow to the Government, the Direct Tax Code is once again most likely to miss its already extended deadline of April 2012. It is now being expected to be implemented in April 2013 along with the proposed goods and services taxation (GST). Direct Tax Code The DTC that is meant to replace the [...]
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