Digital Signatures required for electronically filing of IT return for Firms and Individuals/HUFs covered under section 44AB

The firms, Individuals or HUFs who are carrying any Business (Turnover or receipts exceeds Rs.60 lacs) or profession (Gross receipts exceeds Rs.15 Lacs) and their accounts are required to be audited (will have to mandatorily take the digital signatures and file their Income Tax returns using them.Rule 12 of Income Tax Rule has been amended...

Check Your EPF Account Balance From Today !

Another good news for the PF account holders – while they would be able to see their Provident Fund Account balance from today, the EPFO is taking steps to make the settlement of claims and transfer of funds from one account to another hassle free by introducing online application forms for the same. The EPFO...

Double Bonanza for Senior Citizens – IDBI Federal launches Life’s Term Plan – eligible for deduction u/s 80C

Private insurer IDBI Federal, a joint venture of IDBI Bank, Federal Bank and Ageas, a multinational insurance company from Europe, has launched a Life Term Plan for senior citizens. Those who have missed the bus to get themselves insured during their young age, it’s not late.Anybody who is above the age of 50 yrs but...

Have a Visa Debit Card – Can buy Mutual Funds online.

Fidelity Mutual Fund and ICICI Pru Mutual Fund has launched a facility wherein an investor can buy MFs of the two fund houses using their Visa Debit Card. All the Fund houses provide their investors with the facility of buying funds through internet banking but the idea of using Visa Debit credit has exclusively been...

785 is the cost inflation index for FY 2011 – 12

The Central Government  vide notification No. 35/2011 dated 23-6-2011 has announce Cost Inflation Index for FY 2011-12 at 785. Cost inflation Index is important whenever you sell or plan to sell your long term assets and want to calculate the Long Term Capital Gain Tax Liability.This  index is then used to determine inflated cost of...

Exemption from Filing Return to Salaried Class Just For Name Sake !

That is true , if one sees the condition under which a person getting salary below five lakhs will get exemption from filing of tax return. As per  Notification No. 36/2011, dated 23-6-2011, by which the Central Government  has exempted individuals having the total income below Rs. 5 lakhs required fulfillment of following condition in...

When is Income from Royalties or Technical Fee of Foreign Companies Exempt?

Its exempt when Central Government exempts such income u/s 10(6C). Section 10 of the Income Tax Act, 1961 lists down the incomes that are not to be included in the total income while computing the total income of any person. Further Clause 6C gives Central Government the power to notify in the Official Gazette to...