Update: Now Form 16A is to be issued after download from NSDL only and there is New Date For Quarterly TDS Statement & New Data Requirement from 1st November 2011 ! Income Tax Form 16 & Form 16A are two very important forms for taxpayers whose money has suffered TDS . CBDT has reformatted these certification under section 203 of the...
How to change the address or any other data in PAN database?
May 30, 2010 by
Income tax PAN is a must for every one in India .Not just for income tax purpose , but for many other transactions which you may intend to do . Now , if you have a PAN , there may just arise situation that you need to change the data which you had originally given...
RBI takes steps to check lottery winning mails or sms frauds
May 29, 2010 by
There has been a spate of fictitious offers of cheap funds in recent times from the fraudsters through letters, e-mails, mobile phones, SMS, etc. Almost everybody is getting mails or sms of lottery winnings and for that small transactions fee is charged. The gullible masses , out of sheer greediness , are believing such mails or sms...
CBDT instructs lower deduction certificate through computer only !
May 29, 2010 by 1 Comment
A taxpayer can apply for the certificate of deduction of tax at lower rate u/s 197 of the I.T. Act . Till this time certificate issued under section 197 of the I.T.Act were done manually with no database in income tax department. Now Central Board of Direct Taxes has issued instruction no 4 /2010 stating that now onwards lower [...]
No service tax on reinsurance commission-CBEC issues Circular !
May 15, 2010 by Leave a Comment
Great relief to insurance companies indeed .The Central Board of Excise and Customs (CBEC) has issues circular to clarify that service tax cannot be levied on the reinsurance commission . The reason , as per circular is that an insurance company does not provide any service to a reinsurance company. Read the circular Circular No. 120(a)/2/2010-ST F.No.332/29/2009-TRU Government [...]
Should the individual account be closed in order to claim bad debt under I T Act?
May 12, 2010 by
Two questions arise for determination before Supreme Court in Vijaya Bank Ltd vs CIT . the manner in which actual write off takes place under the Accounting principles. whether it is imperative for the assessee-Bank to close the individual account of each debtor in it’s Books or a mere reduction in the “Loans and Advances...
Filing of return is only way to get Refund of TDS deducted on FDR
April 29, 2010 by
I have already made posting about how to prevent tds on interest income. . However , Sri J.B. Verma has asked "TDS has been deducted by my bank on the interest on Fixed Deposits Receipts though I have no taxable income & PAN No.. What should I do to get refund from Income Tax Deptt. ?
Now Federal Bank Accepts New PAN Application !
March 30, 2010 by
The facilities to get the PAN has extended . UTITSL and NSDL are providing facilities for allotment of PAN. The Federal Bank has now jumped to this and providing the same fascilities. According to its website , this facilities are not restricted to its existing customer , but even non cutomer can avail the facilities
Can Both Joint Account Holder Open Senior Citizen Saving Scheme Separately?
January 17, 2010 by
In the Senior Citizen's Saving Scheme 2004 If I invest !5 Lacs in Joint account along with my wife( My wife as a second account holder) is my wife entitled to open another account of 15 lacs in her name and me as second joint holder? Dolford Menezes , Aurangabad Yes, your wife can open
IS TDS on Payments to Friend as Consulatncy Fee Necessary?
January 15, 2010 by
income tax on consultancy fee : Hi, I have a proprietorship concern. I have to pay 50% of the profits to a friend of mine who helps me in the conduct of business. He desires that that money be paid to him as consultancy fee. I do not have any registration other than PAN card. He is also not registered anywhere
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