Earlier Posts

Tax commissioners worldwide join hands to tackle evasion

June 4, 2009
Tax authorities from around the world have agreed on a new co-operation plan to encourage compliance and to counter evasion and abusive avoidance, with special focus on wealthy individuals and offshore activities. The pact comes at a time when governments, facing soaring budget deficits, seek to combat the global economic
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Implementation of New TDS Challan No. 17 Deferred

May 13, 2009
Income Tax Department had amended the rules relating the Payment of TDS /TCS vide Notification No.31/2009 dated 25.3.2009 making it mandatory for all to deposit the such taxes through E-payment only from 01.04.2009 onwards.  Further, the challan to deposit the TDS /TCS is also changed by introducing a New Challan
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RBI’s special interest rate for exporters till Oct 31

May 4, 2009
RBI Notification.pdf Providing relief to exporters hit by shrinking global demand, the Reserve Bank on Tuesday extended the concessional interest rate scheme by six months till October this year. The ceiling of interest rate on pre-shipment rupee export credit up to 270 days and post-shipment credit up to 180 days
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RECENT CHANGES IN THE PROVISIONS REGARDING TDS & TCS

April 28, 2009
This article examines the impact of the amendments made by the Income-tax (Sixth Amendment) Rules, 2009, Income-tax (Seventh Amendment) Rules, 2009 and Income-tax (Eighth Amendment) Rules, 2009 in respect of the provisions relating to tax deducted at source and tax collected at source. INTRODUCTION 1. Various amendments have been made
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Mandatory E-Payment of VAT in Gujarat

April 22, 2009
The Government of Gujarat has vide Public Circular No.Gujka-VAT-86/Ja.70/63 dtd.09/03/2009 introduced electronic payment system for payment of taxes under Gujarat Value Added Tax Act from April 2009 onwards. Accordingly – For dealers who have paid VAT of Rs.10 Lacs or more during the financial year 2007-08 or 2008-09 E-Payment of
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Service tax on commercial rentals to go

April 22, 2009
In a major respite for retailers and businesses, the Delhi high court has struck down levy of service tax on renting of immovable property as "unconstitutional". The Delhi HC decision came on April 18, 2009, in a combined order while deciding on 26 writ petitions filed by petitioners from across
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Where there is a Will there is a way to save tax

April 17, 2009
Where there is a will, there is tax saving. Many tax advantages are possible only through a will. For example, a separate income-tax file for a Hindu Undivided Family (HUF) can be established by transfer of property through a will. Similarly, bequests can be made to minor children and minor
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Tax is considerably above the global average

April 9, 2009
Yes, corporate tax rate in India is considerably above the global average. The average tax rate globally stands at 25.9% in 2008 while that of India stands at 33.9%. This figure includes a 10% surcharge and a 3% education cess. In other words, corporate tax rate in India is almost
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