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All banks participating in RTGS / NEFT / NECS / ECS are, therefore, advised that when the destination of funds is to an NRE account, the originating / sponsor bank must ensure that the funds are eligible to be credited to an NRE account in India under the existing FEMA Regulations and Wire Transfer Guidelines. Beneficiary / Destination banks have to make requisite changes to the interface software, if not already done, so that all valid transactions indicating credit to an NRE account are not returned.
Understand the annual tax statement (ATS) and how it provides details about tax deducted at source (TDS) or tax collected at source (TCS).
The Bombay High Court on Wednesday admitted an appeal filed by the Income Tax (IT) department against actor Shah Rukh Khan for the tax deductions allowed on his income earned as the brand ambassador for Swiss luxury watch company Omega.
From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on incomes above Rs1.6 lakh per annum (Rs1.9 lakh for women, and Rs2.4 lakh for senior citizens), but the reduced rates will come with few of the current exemptions.
Under the Code, the following expenditure will not be allowed as a deduction in the computation of total income :-(a) any expenditure attributable to income which does not form part of the total income under this Code and determined in accordance with the method as may be prescribed;
The Code proposes to tax net wealth in the following manner:- Wealth-tax will be payable by an individual, HUF and private discretionary trusts. Wealth tax will be levied on net wealth on the valuation date i.e. the last day of the financial year. Assets chargeable to wealth-tax will mean all assets, including financial assets and […]
The new Code does not provide for any appeal to the High Court. Section 192 provides for an appeal to the National Tax Tribunal, from an order passed in appeal by the ITAT and Section 193 provides for an appeal to the Supreme Court from any order of the National Tax Tribunal. For the last […]
A Chartered Accountant or ‘CA’ as commonly known, is a professional who has undergone high standards of theoretical education and practical training, and in the process, has passed final examination in Chartered Accountancy conducted by The Institute of Chartered Accountants of India (ICAI) and has been enrolled as its member. He is a well rounded professional—well-versed […]
Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of November, 2009 Professional Competence Examination/Integrated Professional Competence Examination.
The Central Board of Direct Taxes had, vide circular No.3/2009 dated 21.05.2009, allowed assessees who file their income tax returns in electronic form without digital signature to submit their verified ITR-V form, within a period of 30 days, thereafter. The ITR-V form was required to be sent to Post Bag No.1, Electronic City Post Office, […]
