"April, 2009" Archive - Page 20

Now You can pay your stamp duty at Post Office

India Post has announced that it will start collecting government stamp duty through 21 post offices in the Mumbai circle. The technology for evidencing stamp duty payment is provided by Pitney Bowes, a mail stream and document management company. The tamper-proof Pitney Bowes solution will help in secured evidencing of payments. Retrieva...

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Posted Under: Finance |

BJP promises Income Tax exemption up to Rs 3 lakh

The Bharatiya Janata Party (BJP) will exempt all armed forces and paramilitary personnel from Income Tax if voted to power, the party said while releasing its manifesto on Friday for the Lok Sabha elections. In another populist promise, it said it would exempt individuals with an Income of up to Rs 3 lakh per year […]...

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Posted Under: Finance |

ICAI – Announcement Relating to AS-11

Standard-11 relating to The Effects of Changes in Foreign Exchange Rates earlier prescribed under the Companies (Accounting Standards) Rules 2006 has been now amended by the Central Government, in terms of the powers conferred on them under the Companies Act, 1956, vide Notification dated 31st March, 2009. The said Notification contains a...

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Posted Under: Finance |

KPMG faces $1-bn law-suit in America for negligence in Audit

Accounting major KPMG is being sued for $1 billion (690 million pounds) in damages from a trustee of collapsed American lender New Century Financial Corporation and has been accused of conducting “reckless and grossly negligent audits”, a media report says. Law firm Thomas, Alexander & Forrester LLP has filed two suits on ...

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Posted Under: Finance |

Changes in TDS Payment Challan & TDS return Applicable from 01.04.2009

Following are the major changes pursuant made by Income Tax Department Pursuant to NOTIFICATION NO 31/2009, Dated: March 25, 2009 applicable with effect from FY 2009-2010. New Amended Formats are available at following Links in Excel and PDF format. Excel Format of New Form No. 16 (Salary Certificate), Form No. 16A (TDS Certificate), TCS ...

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Posted Under: Finance |

Five year tax holiday for hotels located in specified districts having a world Heritage Site U/s Section 80-ID of the Income Tax Act, 1961

21. Five year tax holiday for hotels located in specified districts having a world Heritage Site 21.1 Section 80-ID of the Income-tax Act provides for a five year tax holiday to new hotels of two, three and four star categories and convention centres. It is a requirement that such hotel must be constructed and has […]...

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Posted Under: Finance |

Five year tax holiday to hospitals located in certain areas under Sub-section (11B) of section 80-IB

20. Five year tax holiday to hospitals located in certain areas 20.1 Sub-section (11B) of section 80-IB provides for a tax holiday for five consecutive assessment years, beginning from the initial assessment year, to an undertaking deriving profits from the business of operating and maintaining a hospital in a rural area. The undertaking ...

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Posted Under: Finance |

Sunset provision for deduction for refining of mineral oil under subsection (9) of section 80-IB

19.1 Sub-section (9) of section 80-IB provides for a hundred percent deduction of profits and gains derived from commercial production or refining of mineral oil. For the purpose of this section, the term ‘mineral oil’ does not include petroleum and natural gas, unlike in other sections of the Income-tax Act. The deduction under this ...

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Posted Under: Finance |

Additional deduction U/s 80D for health insurance premium / mediclaim premium paid for parents

18 Additional deduction for health insurance premium paid for parents 18.1 Pre-amended section 80D of the Income-tax Act provides for a deduction of up to fifteen thousand rupees to an assessee, being an individual or a Hindu undivided family. The deduction is allowed for making a payment to effect or keep in force an insurance […]...

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Posted Under: Finance |

Government is likely to exempt the services provided inside the Special Economic Zones from service tax

The government is likely to exempt the services provided inside the Special Economic Zones from service tax, a move for which it is expected to seek approval from the Election Commission. Hitherto, service providers were paying taxes first and than claiming refunds, an issue on which the Commerce Ministry has written to the Ministry of Fi...

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Posted Under: Finance |