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Taxclick Team, Author at All About Finance - Page 80 of 97

Taxclick TeamTaxclick Team

This is the team of the finance profession who, update the site on daily basis. The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.

Guidelines for Banks undertaking Insurance Broking and Agency Business

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RBI/2014-2015/409DBR.No.FSD.BC.62/24.01.018/2014-15 January 15, 2015 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Entry of Banks into Insurance Business Please refer to our Circular DBOD.No.FSC.BC.16/24.01.018/2000-2001 dated August 9, 2000 which, inter alia, permitted banks to set up insurance joint ventures on risk participation basis and also to undertake insurance business as agents of insurance companies on fee basis, without any … Read more

How to handle the notice under section 245 of Income Tax regarding refund amount is adjusted against outstanding demand?

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What is the provision section 245? Section 245 of Income Tax Act empowers the Assessing Officer to adjust the amount of refund against tax remaining payable. If a refund is due to taxpayer, the Assessing Officer, in lieu of payment of the refunds, set off the amount against previous outstanding dues. But Assessing Officer can … Read more

Guidelines for Compounding of Offences under Direct Tax Laws, 2014 – Applicable for all application received on or after 01.01.2015

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DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, /New Delhi-110055 F.No. Tech/Misc/2014-DGIT(S) 17396 Dated: 06.01 .2015 To, The Director of Income Tax (Systems)-IV, New Delhi.  Respected Madam, Sub: Guidelines for Compounding of Offences under Direct Tax Laws, 2014 -reg. I have been directed to enclose herewith a letter F.No. 285/35/2013-IT (Inv. … Read more

RBI reduced repo rate by 25 basis points from 8.0 per cent to 7.75 per cent with immediate effect

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Since July 2014, inflationary pressures (measured by changes in the consumer price index) have been easing. The path of inflation, while below the expected trajectory, has been consistent with the assessment of the balance of risks in the Reserve Bank’s bi-monthly monetary policy statements. To some extent, lower than expected inflation has been enabled by … Read more

Due date filing MVAT Audit Report in Form 704 for year 2013-14 is extended up to 30th January 2015 – Trade Cir. No. 2T of 2015

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Office of the Commissioner of Sales Tax, 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai – 10. TRADE CIRCULAR No. DC (A&R) /VAT/ MMB-2015 / 1/ ADM-8 Mumbai, Date: 14 January 2015 Trade Cir. No. 2T of 2015 Sub. : Extension of time for filing VAT Audit Report in Form 704 for year 2013-14.  Ref.: Trade Circular … Read more

Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) (Seventeenth Amendment) Regulations, 2014

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Reserve Bank of IndiaForeign Exchange Department Central officeMumbai Notification No.FEMA.330/ 2014-RB Dated: December 15, 2014 Foreign Exchange Management (Transfer or issue of Security by a PersonResident outside India) (Seventeenth Amendment) Regulations, 2014 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, … Read more

The result of the CA Final Examination held in November, 2014 and CPT held in December, 2014 are likely to be declared on 19th January

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  http://www.caresults.nic.in Arrangements have also been made for the students of Final Examination and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 14th January, 2015. All those registering their requests will be provided their results through e-mail on the e-mail … Read more

Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961

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GOVERNMENT OF INDIADEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI INSTRUCTION NO 01/2015, Dated: January 13, 2015 Subject: – Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961 – reg. Sub-section (1D) of section 143 of the Income-tax Act, 1961 (‘Act’) provides that where a notice has been issued to a … Read more

Indirect Tax Revenue Collections Increase from Rs. 3,54,049 Crore in April-December 2013 to Rs. 3,77,648 Crore During April-December 2014

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Registering an Increase of 6.7% During April-December 2014 over the Corresponding Period in the Previous Year; Customs Collections Increase by 9.7 % While Service Tax Collections Increase by 8.7 % During the Same Period                  Indirect Tax Revenue (Provisional) collections have increased from Rs 3,54,049 crore in April-December 2013 to Rs. 3,77,648 crore during April-December 2014. Thus an increase … Read more

Format for Computation of Income under Income Tax Act

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Computation of Income for an assessment Year …. Particulars Rs. Rs. Income From Salary     Salary  xxxxx   Allowances received (taxable allowances) xxxxx   Taxable value of  perquisite xxxxx     =====   Gross Salary xxxxx   Less: Deduction under section 16     Professional Tax xxxxx   Entertainment allowance Xxxxx     ===== … Read more