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T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is given on the basis of the information given by the deductor to the Income Tax Department by way of filing his T.D.S statements, wherein the full detail about the tax deducted, the PAN No of deductee etc are given, so that the right credit of T.D.S can be given to the deductee.
Holders of about 3 crore inoperative provident fund accounts may not get any interest on their deposits from the next fiscal if the recommendations of the EPFO’s advisory body, Finance and Investment Committee (FIC), are approved.
August 14, 2010. As students are aware, the matter relating to extending the facility of appearance in the final examination during the last 12 months of their articleship training by students who originally registered themselves for the Professional Education – II (PE-II) course as well as those who converted themselves from PE-II to Professional Competence Course (PCC)/Integrated Professional Competence Course (IPCC)
Union Finance Minister, Shri Pranab Mukherjee asked the Public Sector Banks (PSBs) to accelerate the financial deepening else it could constraint the full potential of the Indian economy. The Finance Minister said this is essential to maintain high GDP growth trajectory.
The revised draft of the Constitution Amendment Bill on GST will drop the contentious issue of giving veto powers to the Union Finance Minister in order to bring states on board. However, the Union Finance Minister will remain the chairman of the council, which will take decisions on the indirect tax system.
The Reserve Bank’s proposal to cap foreign investment in new banks below 50 per cent is aimed at maintaining the diversity of the Indian banking sector by avoiding a repeat instance of local banks losing their Indian -owned tag.
Dismissing Morgan Tectronics’ petition challenging a special CBI court order, which had allowed criminal proceedings against it in a forgery case, the court rejected the company’s plea that being a non-living body it cannot have mens rea, or wrong mind, the basic requirement for criminal prosecution.
In a major fillip to the success of infrastructure bonds, the government has decided to exempt them from getting the credit ratings — which are mandatory for all the other kinds of bond issuances.
Expressing satisfaction over the Bombay High Court order, ICAI today said Sebi is the right authority to probe allegations of irregularities against audit firm Price Waterhouse in the multi-crore Satyam scam.
The Punjab Govt has imposed entry tax on some new items and rate of entry tax on certain items has been revised. These revised rates of entry tax and imposition of entry tax on new items will come into force w.e.f 18/08/2010. The new items and revised rate of entry tax is given here below in the public notice issued by the Punjab Government.
