Refund delayed in case of online return filing

Income tax department  has recently issued a circular that preference will be given to person who has filed their returns online .With this assurance the voluntary e filing of returns has been increased many fold.But before giving this assurance department has not done any home work.The software for processing the returns filed online is not fully operationalize so refund for the ay 2008-09 may take time up to [...]

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Advance tax collections up threefold in second quarter

Taxes paid by Indian companies more than doubled in the three months through September, suggesting growth in Asia’s third biggest economy may be strengthening. Advance taxes paid by local companies rose to Rs44,010 crore in the July-September quarter from Rs20,720 crore in the previous three months and 14.7% more than the same quarter last year, said a finance ministry official who declined to be identified. Comp [...]

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Service Tax on construction of canals by Government agencies:Not applicable

Good News for the person who are working with the Govt Canal Projects,as the CBEC has clarified in its circular that this is not covered under services under service tax act.Further as the circular is clarification in nature so the given rule is applicable  from the the introduction of the service itself. Circular No. 116/10/2009-S.T., dated 15-9-2009 On a reference being received by the Board, two following [...]

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Insurance claims may be taxable under new Direct Tax code

The insurance claims paid to policy holders in the event of death or disability will be subject to payment of income tax if the new Direct Taxes Code proposals are implemented. The Code proposes that contributions by the insured are subject to the EET method of taxation of savings. This means that the sum received under a life insurance policy, including any bonus, is taxed. Only a pure life insurance policy is exe [...]

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Audit watchdogs may get more service sway

The government is considering a proposal to authorise the country’s three statutorily recognised institutes in the fields of accounting, company secretaryship and cost accounting to expand their ambit of functioning by providing services in all three areas. The proposal, however, is being opposed by the regulators themselves as many feel that it would lead to the end of specialisation and loss of functional and r [...]

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CHILDREN’S INSURANCE HELPS GENERATE FUNDS WHEN NEEDED

A child's insurance plan helps you meet later expenses such as education and marriage. Life insurance plays an important role in an individual's financial planning exercise. Insurance can assist individuals in planning for their own life stages as well as provide for their children's future. It also secures a child's future in case of any unfortunate event. Various kinds of child insurance products are availabl [...]

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Amendment in Electronic Furnishing of Return of Income Scheme, 2007

Notification No. 70/2009, dated 22-9-2009 In exercise of the powers conferred by sub-section (1B) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), vide S.O. 1281(E) dated the 27th July, 2007, published in the Gazette of India, Extrao [...]

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