Category: Ministry of Finance
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Hurry! Last date for filing return July 31st
Assessee’s not required to compulsory audit has to file income tax return on or before 31st July 2013(for assessment year 2013-2014 financial year 2012-2013) .They can either file their return electronically or submit directly to income tax office. it is made mandatory to make e-filing for those assessee’s whose Total Income in the previous year…
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SPMCIL contributes towards Prime Minister’s National Relief Fund
Shri M.S. Rana, Chairman and Managing Director, Security Printing and Minting Corporation of India Ltd.(SPMCIL)which is responsible for the manufacture of security paper, minting of coins, printing of currency and bank notes, non-judicial stamp papers, postage stamps, travel documents, etc..
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e-filing made compulsory for total income above 5 lacs
From the assessment year 2013-14 onwards, e-filing has been made compulsory for individuals and HUF having total income above Rs 5,00,000 .In the previous year the mandatory limit for e-filing was Rs 10,00000.Most of the tax payers falls between thes 5 to 10 lac group.Reports shows that
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Maharashtra leading on number of e-return filing
Maharashtra is leading on number of e-Returns submitted as on 30th June 2013 followed by Gujarat
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Import duty on Sugar increased to 15 per cent
At last demand of Indian Sugar Mills Association(ISMA) and the National Federation of Cooperative Sugar Factories (NFCSF) for increasing demand duty has been met. Import duty on sugar to 15 % from 10 % will helps to reduce importing of sugar. Meeting was conducted in the presence of Finance Minister P. Chidambaram, Agriculture Minister Sharad…
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Agreement signed between India and Albania for the avoidance of double taxation
On 8th July 2013 government of India and Albania signed an agreement on avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital. The agreement was signed by Dr. Sudha Sharma, chairperson, CBDT, on behalf of the government of India and Mr. Fatos Kerciku, Ambassador ,…
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Infrastructure debt fund gets ‘AAA’ Crisil rating
Crisil assigned ‘AAA’ rating to infradebt ltd., which is India’s first infrastructure debt fund. Infradebt ltd. becomes the first Infrastructure Development Fund(IDF) under the Non Banking Financial Company structure(NBFC) to get ‘CRISIL AAA’ credit rating
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Exchange rate on import and export
Central board of excise and customs notified exchange rate of foreign currency relating to imported and export goods.Australian Dollar,Bahrain Dinar,Canadian Dollar…
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Government of India seeks external assistance for reconstruction in Uttarakhand
In order to provide sufficient fund to the state of Uttarakhand, the ministry of finance, government of India has decided to seek external assistance from Multilateral Development Banks (MBD) like Asian Development Bank (ABD) and the World Bank. Shri Shaktikanta Das, Additional secretary, department of economic affairs, ministry of finance ,who will led the joint…
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Sudha sharma new CBDT chairpeson
1976 batch IRS officer SUDHA SHARMA has been appointed as chairpeson of CBDT. Prior to the appoinment,sudha worked as Member (Legislation and Computerisation) in CBDT.