You can take a loan from the third year of opening your account to the sixth year.Also, the loan amount will be upto a maximum of 25% of the balance in your account at the end of the first financial year (if you opt for the loan in the third year).If you opt for a loan in the fourth year, the second year’s balance will be taken in to account and so on.
Income Tax sleuths on Wednesday seized about Rs 70 crore in cash from a contractor from his house at Jharia in Dhanbad district, a senior IT official said. As per Additional Director, IT, Ajit Srivastav An IT team seized the cash from coal contractor Lal Babu Singh’s residence. Singh is a contractor with the Bharat Coking Coal Limited.
Country’s largest lender State Bank of India (SBI) has decided to abolish pre-payment charges on home loans, giving some succour to borrowers who want to foreclose their accounts. SBI has decided to do away with the pre-payment charges on all kinds of housing loans with immediate effect. The bank has been charging pre-payment penalties only on housing loans with floating interest rates taken before May 2011.
1. How to make entries of more than one challans paid in the single month? If the returns are filed through Excel Utilities, more than one challans are not allowed in single month? To avoid such restriction, in the column on month, more rows should be added to the extent number of challans are paid in the month. For example – If three challans are paid in month of April then entries should be as follows:
Employee Pension Scheme – It is a a defined benefit plan and is also known as EPS. A part of the employer contribution at 542 per month, being 8.33% of the pay, is remitted towards the pension scheme. The pay for this purpose is limited to 6,500 per month. The central government adds in a contribution of 1.16% to the pension fund of the employee. To be eligible for pension, contributions should be made for a minimum period of 10 years.
The employer contributions (12% of pay less contribution to pension of 542 pm) is not considered taxable. The employee contributions (12% of pay) are entitled for a deduction of up to 1 lakh while computing the taxable income (under Section 80C). The interest on employer contributions at rates specified is not taxable to the extent the credit does not exceed government-specified rates (currently at 9.5% pa). The Interest on employee contributions is not taxable to the extent the credit does not exceed government-specified rates (currently at 9.5% pa). The withdrawal of the balance on retirement is not taxable if the employee has rendered continuous service of five years.
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If your refunds, rectifications, other matters like not getting orders to give effect to the Appellate orders, etc. are pending since long, reminders not bringing any results, you may make application under the RTI Act to the Commissioner of Income-tax (CIT), under whose jurisdiction you are assessed to tax. The CIT has to dispose your application within thirty days of the receipt of the request (S. 7 of the RTI Act). In other words, normally you will get your work done within these 30 days; i.e., Assessing Officer will send the required orders like intimations, orders u/s. 154, etc. with refunds, etc. and the CIT then will reply to your application within 30 days, stating that your application has been attended and you must have received the refund orders, etc. At times, there may be delay in getting some refunds as in my case, but you will get them ultimately.
t is allged by few students that ICAI has asked question from the topics which were excluded by it from syllabus for November 2011 examinations by two separate Announcement published on its website. The allegation were made by students of November 2011 PCE examination in respect of Taxation paper. We have also received an email from one such students in which he explained the discrepancy and requested ICAI to do the needful. He also mailed his mail to ICAI officials. Text of the email is given as under. We are not publishing here the name of student to protect the identity.
What is meant by Registration‖? Who should apply for registration under Service Tax law? In terms of Section 69 of the Finance Act,1994 (Chapter V) read with rule 4 of the Service Tax Rules,1994 – Every person who has provided a taxable service of value exceeding Rs. 9 lakhs, in the preceding financial year, is required to register with the Central Excise or Service Tax office having jurisdiction over the premises or office of such service provider.
