In Tax collection reports,you may notice that amount of gross and net tax collection differs. The difference in gross and net collections is due to tax refunds. Income Tax Department will refund the excess tax paid on account of mistake/mis calculation by the tax payers.Continue reading
Professional Tax is the tax charged by the state governments in India. Professional tax is levied from salaried employees or practicing professionals or persons engaged in any trade etc. Employers are liable to deduct professional tax from salary/wage and depositing the same to the concerned local body/authority and in other cases, persons themselves shall pay the professional tax.Continue reading
How much interest is charged on delayed payment of Service Tax? Service tax should be paid within the prescribed time to get free from penalty and other compliance procedures. If a person fails to pay/deposit service tax to the account of the central government shall pay simple interest at such rate not below 10 % […]Continue reading
By an order (Order No: 03/2013) Central Board of Excise & Customs(CBEC) has extended due date for submission of ST-3 to 31st August, 2013(which was 25th April,2013) for the period from 1st October, 2012 to 31st March, 2013. The circumstances which gives rise to this extention of time is due to the non avialbility of ST-3 form in ACES..Continue reading
The Reserve Bank of India has appealed to public to avoid last minute rush and remit their Income-tax dues sufficiently in advance of the due date of September 30, 2013. It has also urged the assessees to take advantage of paying taxes at select branches of accredited agency banks which have been authorised to accept payments of Income Tax dues. Most of these banks also provide facilities for on-line payment of taxes, it has added.Continue reading
Fixed deposit or Recurring deposit, which yields more?
Financial planning is important in the current economy, where expenses run over income and savings are relatively small or nil. Financial planning will reap rewards in future.
There is always a doubt zone where to invest your surplus fund in fixed deposit or in Recurring deposit. Both FD (fixed deposit) and RD(recurring deposit) has more growthContinue reading
ST-3(Return under section 70 of the Finance Act, 1994) By an order (Order No: 03/2013) Central Board of Excise & Customs(CBEC) has extended due date for submission of ST-3 to 31st August, 2013(which was 25th April,2013) for the period from 1st October, 2012 to 31st March, 2013. The circumstances which gives rise to this extention […]Continue reading
Gross direct tax collections during April-July of the Financial Year 2013-2014 is up by 13.27 percent at Rs. 1,57,169 crore as against Rs. 1,38,751crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.75 percent and stands at Rs. 92,115 crore during April-July in F.Y. 2013-2014 as […]Continue reading
The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes(CBDT)from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country. 123.03 lakh returns have been e-filed till 5th […]Continue reading
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also known as Withholding Tax in many other countries, one of the countries is USA. The concept of TDS envisContinue reading