Last date for filing IT returns is July 31st, 2011. There is only one month more to complete the IT returns filing. So, i would publish few articles on the IT returns in coming days to explain the details of IT returns and how to do it?. It will help our readers to understand what [...]
June 15, 2013
Income Tax Returns (ITR) for FY 2012-13
The time starts for the income tax returns for the financial year 2012-13. The last date for the individual tax payers to file the income tax returns would July 31st, 2013. You have to file the income tax returns and send the receipt to the income tax office for receiving the acknowledgement. I have already [...]
June 13, 2013
What is dividend distribution tax?
Finance Minister has increased the Dividend Distribution Tax (DDT). The dividend distribution tax is at 12.5% for the debt funds earlier, now it has been increased to the 25%. It is is steep increase in the tax and would hurt the retail investors to attract more investments towards the debt funds. DDT is not applicable [...]
May 30, 2013
PF for all pay, not only for basic salary
It is likely to be announced a change in the PF contribution by the employees. In the present scenario, PF is deducted 12% on Basic + Dearness Allowance (DA). The same amount is contributed by the employers on employees account. Also the interest rates for the EPF is announced every year for the fiscal year. In the [...]
May 28, 2013
Fees levied for SMS alert messages from Banks
It seems banks started levying charges for the value added services which are given as free of charge till now. As you are aware, nowadays banks has started charging for the online transfer of money to third party accounts. This has been real shock for the online customers who extensively uses the netbanking for money transfer. This [...]
May 8, 2013
What is notional rental income?
As per the income tax act, if resident owns more than one house then maximum one one house is considered as the self occupied. It means that if you own two flats in your name, for the income tax purpose you can show only one flat as the self occupied. Even if second house is [...]
May 7, 2013
RBI cuts repo rate by 25 bps
On May 3, RBI cuts repo rate by merely 25 bps after a prolonged request from the banks and other industry veterans. RBI also warned that there is no more room for the rate cut in the future without the drastic reduction in inflation. It is obvious that there is nor much decline in the inflation, [...]
March 6, 2013
Highlights of union budget for 2013-14
Finally much awaited budget 2013 is come out without exciting the investors. This budget is very simple and there is no significant change for the tax payers, finally the budget disappoint the middle class people by not increasing the tax slabs. So, one more year with the same income in the rising inflation environment. This [...]
February 27, 2013
11 things you should know about form 16
In my earlier posts, I have explained about what is form 16 and form 16a. This is not very difficult for everyone to understand, it is just an document you will be using for filing the income tax returns. Hundreds of readers have posted very basic questions about the topic without reading the complete article, [...]
February 26, 2013
What is Fiscal Deficit?
India’s fiscal deficit is gone beyond the safer zone. India’s finance minister has finding it difficult to control the fiscal deficit and that is the reason why there are increase in the fuel prices, new service taxes, etc. Out economic growth has come to an meagre 5% which is very low for the past 10 [...]
February 24, 2013
What is Portfolio Investment Scheme (PIS) for NRI?
Portfolio Investment Scheme (PIS) is a scheme introduced by Reserve Bank of India (RBI) under the Foreign Exchange Management Act 2000. As per the scheme, NRIs and Overseas Corporate Bodies (OCB) can buy and sell Indian companies shares through recognized stock exchanges in India. The transactions for buying and selling shares has to be routed [...]
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June 29, 2011
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