Category Archives: Income Tax

FDI in Single Brand Retail Trading

Posted on January 12, 2012 by Mukesh Goel

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC-I Section) Press Note No.1 (2012 Series) Subject: Review of the policy on Foreign Direct Investment- liberalization of the policy in Single-Brand Retail Trading. 1.0 Present … Continue reading →

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Correction in TDS Challan

Posted on December 7, 2011 by Mukesh Goel

 Correction in TDS Challan  NSDL receives tax collection data as uploaded by the bank. NSDL is not authorized to carry out any changes in the data sent by the bank to TIN. The fields that can be corrected by the … Continue reading →

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Deregulation of Savings Bank Deposit Interest Rate

Posted on November 25, 2011 by Mukesh Goel

RBI/2011-12/ 281 UBD.BPD.(PCB)CIR No. 13 /13.01.000/2011?12 November 25, 2011 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir/Madam, Deregulation of Savings Bank Deposit Interest Rate Please refer to our circular No.UBD.BPD.(PCB)CIR No.45/13.01.00/2010-11 dated May 3, 2011 enclosing a … Continue reading →

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RBI liberalises Forex Facilities for Individuals

Posted on September 28, 2011 by Mukesh Goel

The Reserve Bank of India has further liberalised foreign exchange facilities for individuals under the Foreign Exchange Management Act, (FEMA) 1999. The facilities are: 1. NRIs can be Joint Holders in Resident’s SB/EEFC/RFC Accounts Individual residents in India are now … Continue reading →

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New Guideline for banks’ customer service

Posted on September 9, 2011 by Mukesh Goel

AT a recent conference of Banking Ombudsman held in RBI, it was decided, among others, that:- Banks should issue tax deduction at source (TDS) certificates duly completed in all respects to the account holders and despatch it to their mailing … Continue reading →

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What will be the last date of filing of tax return if last day is Sunday or holiday

Posted on July 30, 2011 by Mukesh Goel

In case last date falls on weekly holiday (Sunday) or gazetted holiday then last date of filing of tax return will be next working day. So this year as 31st July 2011 is Sunday, then last date of filing of … Continue reading →

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FAQ on Income Tax Return filing

Posted on July 25, 2011 by Mukesh Goel

Q:           What is the purpose of Notification No. SO 1439(E), dated 23-6-2011 and who are proposed to be exempted from the requirement of filing of the return? Ans:       The primary objective of this notification is to exempt those … Continue reading →

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Issuance of TDS Certificates in Form No. 16A downloaded from TIN

Posted on May 30, 2011 by Mukesh Goel

As per CBDT circular no. 03/2011 dated May 13, 2011, TDSCertificates in Form No. 16A will be generated from Tax Information Network (TIN).It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions … Continue reading →

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HIGHLIGHTS OF UNION BUDGET – 2011-12

Posted on March 1, 2011 by Mukesh Goel

The basic exemption limit in the case of individuals increased from Rs.1.60 lacs to Rs.1.80 lacs. However, there is no increase in basic exemption limit in the case of Resident Women who is below 60 years at any time during … Continue reading →

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FAQ for Income Tax Refund

Posted on January 3, 2011 by Mukesh Goel

I have received the physical ECS refund advice and status of refund is “paid” on website of refund status track but my account has not been credited. Whom do I contact? In case credit is not effected in the taxpayer … Continue reading →

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