Limit For Gratuity For Private Employees Enhcnaced to Rs 10 Lakh!

The Union cabinet today cleared a proposal to raise the ceiling for payment of gratuity to private sector employees from Rs 3.5 lakh to Rs 10 lakh. The Government employees already get enhanced gratuity of Rs 10 Lakh vide acceptance of recommendation of Sixth Pay Commission.
Till now , however , the exemption is limited [...]

e-Payment of Service Tax Compulsory For Payer of Rs 10 Lakhs or More in F.Y 2009-10

The electronic payment option for payment of service tax  was available only to those who had paid a service tax of Rs 50 lakh or more including utilisation of Cenvat credit. Now , the Central Board of Excise and Customes has made electronic payment of service tax compulsory from April 1, 2010, vide notification No.1/2010,  [...]

Circular on FBT Advance Tax Adjustment Issued!

Section 115WM of the Income-tax Act, 1961 – Income-tax on fringe benefits – Chapter XII-H not to apply after a certain date – Adjustment of advance tax in respect of fringe benefits for assessment year 2010-11 against advance tax

Circular No. 2/2010, dated 29-1-2010

The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) [...]

Return Filing & Obtaining Tax Audit Report Date Extended For Pune, Satara, Kolhapur and Sangli Taxpayers !

Central Board of Direct Tax has extended the date of filing the return as well as for obtaining the tax audit report to 31st October 2009 for taxpayers of Pune, Satara, Kolhapur and Sangli districts in Maharashtra in view of Swine Flu and riots in those places. Download the notification from here

How Buying Property After 1st October 2009 May Make You Liable to Tax ?

1st October is a black day for individual and common man as far as taxation law is considered. In its attempt to stop black money , Finance Act 2009 brought in drastic amendment in section 56(2)(vii) by which two class of tax payers are affected : Individual & Huf.
The said provision is section 56(2)(vii)(b)(ii) which [...]

Highest Ever Cost Inflation Index Notified For FY 2009-10!

Highest ever Cost Inflation Index notified by Central Govt. The cost inflation index is used when you compute the long term capital gains on sale of a capital asset. Therefore, higher CII means, less taxable lng term gains. Read the notification below
NOTIFICATION NO : 67/2009, Dated: September 9, 2009
In exercise of the powers conferred by [...]

Filing Information About Remittance of Foreign Exchange A Must Now!

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 [...]

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

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 regard
RBI/2008-09/493 Ref. No. DGBA.CDD.H-10566/15.15.001/2008-09

June 5, 2009

The General Manager [...]

Got Long Term Capital Gains? Buy NHAI 54EC Bonds Now!

National Highway Authority of India has invited application for tax free bonds eligible for investment u/s 54EC. So , anyone who has long term capital gains in hand and wants to save tax can invest in the 54EC bonds issued by NHAI . The application acceptance starts on 11/5/2009 and ends on 31/3/2010 subject to [...]

CBDT Extends Dates For Claiming Higher Depreciation Benefits on Commercial Vehicle Purchase!

It was reported earlier on this blog CBDT Notifies Enhanced Depreciation and Changes Due Date For Filing Quarterly Statements of TDS in Case Of Non Residents .

Now the Central Board of Direct Taxes have issued a notification vide S.O. 989(E) dated 21st April 2009 (NotificationNo.37/2009/F.No.142/01/2009-TPL) to this effect, substituting the words “1st day [...]

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