9 FAQs on Capital Gains Account Scheme !

Capital Gains Account Scheme 1988  ( the Scheme after this ) is well known among tax payer as this is one scheme for providing relief to tax payer by providing extra two years to buy or construct the house.The  Scheme has prescribed its own  rules and forms . This site has posted earlier on the...

Cost Audit & Compliance Report Now by 31st Jan 2013 !

The cost audit report and compliance report dates have been extended to 31st January 2013 , as per the GENERAL CIRCULAR NO. 43/2012, DATED 26-12-2012 issued by Ministry of Corporate affairs . The said circulars is as under In continuation of MCA’s General Circular Nos. 8/2012, dated May 10, 2012 [as amended on June 29, 2012] and 18/2012, dated July 26, 2012, it has been...

Senior Citizen Interest Rate 9.3 % from 1st April

Senior citizen savings scheme has got an amendment in rate of interest ! It has been notified vide NOTIFICATION NO.GSR 321(E), DATED 25-4-2012 that all deposits in senior citizen savings scheme 2004 shall be 9.3 %. Read the notification SENIOR CITIZENS SAVINGS SCHEME (AMENDMENT) RULES, 2012 – AMENDMENT IN RULE 7 NOTIFICATION NO.GSR 321(E), DATED...

VDIS 2011 A reality ??

It was this site that reported Is VDIS coming back this budget 2011-12? Media reports that the government is seriously  considering the option of a voluntary disclosure scheme” for bringing back unaccounted money kept in banks abroad.VDIS was launched by the finance ministry domestically in 1997 and it helped the government increase revenue collections dramatically....

Senior Citizen Savings Scheme: No Age Bar for Retired Defence Personnel

A retiring employee becomes eligible for Senior Citizen Savings Scheme after attaining age of 55 years. However , exception is made in case of Defence Personnel (other than Civilian Defence Employees ) who can join at any age after retiring from defence jobs. It was brought to notice of CBDT that many banks are not...

Tax Relief to Govt Servants & employees under New Pension Scheme

Now new government staff and even other employer are providing pension through contribution to New Pension Scheme . Government employees will be happy to note that Finance Bill 2011-12 has one amendment which will give them big tax relief. The relief is that now the contribution by central government or any employer to new pension...

Income Tax Depratment Seizes Cash of Rs 5.67 Crore From Asansol based Chit Fund Company

In a major breakthrough, the I-T department has busted a fraudulent scheme running into a tune of Rs150 crores in Asansol in West Bengal.  This  ‘ponzi scheme’ infamous recently by Maddof’s financial frauds and more popularly known as a ‘chit fund’  in India was being run by three individuals based in Asansaol, who took huge...

What Foreign exchange transactions abroad allowed without approval of RBI ?

The Reserve Bank of India had announced a Liberalised Remittance Scheme (the Scheme) in February 2004 as a step towards further simplification and liberalization of the foreign exchange facilities available to resident individuals.Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 200,000 per financial year (April –...

Is Commuted Value of Pension Tax Free?

Whether the amount received as commutation of pension is taxable or not , Sardindu Basu, Kolkata Yes, the commuted value of pension is tax free as per section 10(10A) . However quantum is dependnt on the fact who is the employer who paid pension to you. Section 10(10A) states 1. FULL exemption of commuted value...