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Form 15CA & 15CB – Revised rules – NRI / Non-resident Payments

Last updated : 9th April, 2014 As per the revised rule, Form 15CA/CB is APPLICABLE only if a person responsible for paying to a non-resident, any interest or salary or any other sum chargeable to tax under the provisions of the Act. It means, NO CA Certificate in Form 15CB and NO furnishing of Form 15CA to the Income Tax department for any payment or money transfer out of India that is NOT Taxable. As a result, Form 15CA/CB may not be required for the transfer from NRO to NRE or for outward remittance from NRO funds.    2. For the nature ... Read More »

Last date for filing income tax returns ITR for AY 2013-2014 extended to August 5 2013

Last updated : 8th April, 2014 The government has today extended the last date for filing of income tax returns by 5 days to August 5 2013. The due date, which was today, has been extended in wake of “unprecedented surge” in number of I-T returns being filed electronically. “As a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from July 31, 2013 to August 5, 2013,” the finance ministry said. This year till July 30, about 92 lakh returns have been electronically filed, which is 46.8% higher than the returns ... Read More »

Income Tax Return (ITR) filing compulsory even for salaried employees earning upto Rs 5 lakhs (AY 2013-2014)

Last updated : 8th April, 2014 Unlike the past two years, salaried persons earning up to Rs 5 lakh annually will have to file income tax returns, Central Board of Direct Taxes (CBDT) said today. For assessment year 2011-12 and 2012-13, CBDT had exempted salaried employees having total income of up to Rs 5 lakh including income from other sources up to Rs 10,000 from the requirement of filing income tax return. CBDT said that in last years exemption was given to reduce the paper filing of returns and their processing through manual entry on system. But now, electronic filing ... Read More »

New PF contribution rule may reduce your take home salary

Last updated : 7th October, 2016  Update: In case you are looking for the new EPFO notification about threshold increment from Rs 6500 to Rs 15000, please go to the post below : June 2014 – EPF threshold raised from Rs 6500 to Rs 15000 – New EPFO Notification http://wealth18.com/epf-threshold-raised-from-rs-6500-to-rs-15000/ —————————————————————————————————————————- This post if related to impact on take-home salary if the PF dept decides to include allowances under the ambit of PF deduction. Did you know that the latest drive of the Provident fund authorities may reduce your take home salary? Employees Provident Fund Organization (EPFO) is all set ... Read More »

Apply online for PF transfer and withdrawals from July 1 2013 : EPFO

Last updated : 7th October, 2016 EPFO is launching an online facility to apply for EPF Transfers & withdrawals on July 1 2013. EPFO’s Central Provident Fund Commissioner Anil Swarup told reporters at PHD conference – “We have decided to set up a central clearance house which will be operational on July 1. This will enable subscribers to apply online for settlement of the withdrawal and transfer of funds claims,” “The biggest problem faced by the subscribers is transferring their accounts on change of job. This central clearance facility will expedite the process”, he added. “The onus of getting the ... Read More »

Interest Rate cut on small savings scheme – PPF, NSC, PO MIS interest rates revised

Last updated : 23rd April, 2014 Government has cut interest rates on small savings scheme marginally by 0.10% for 2013-2014.  The revised interest rates will be applicable with effect from April 1, 2013. The decision is in line with the recommendations of Shyamala Gopinath Committee, which had suggested that returns should be in sync with market rates determined by the returns offered by other securities. 1) The interest rate on Public Provident Fund (PPF) has been reduced from 8.8% to 8.7%. 2) The interest rate on National savings certificates (NSC) having maturity of 5 and 10 years has been reduced ... Read More »

E-filing of Income tax return mandatory if income exceeds Rs 5 lakhs

Last updated : 8th April, 2014 The government has now made electronic filing of returns mandatory for taxpayers with a taxable income above Rs 5 lakh. Taxpayers with annual income of over 5 lakh will now have to file their returns in electronic form online. Last year government has made the e-filing of returns compulsory for taxpayers with a taxable income above Rs 10 lakh. DON’t PANIC Electronic e-filing of returns is easy. For filing the return online, having Digital Signature is NOT Compulsory. Returns can be filed with or without digital signature. In case the returns are filed with ... Read More »

Highlights of Indian Union Budget 2013-2014 (Quick Summary )

Last updated : 23rd April, 2014 Highlights of Union Budget 2013 – 2014 Union Finance Minister P. Chidambaram presented Budget 2013-14 in the Lok Sabha today on 28-Feb.  He said that India will become USD 5 trillion economy, and among top five in the world by 2025. I have quickly summarised the major highlights of this budget on one page for your quick read. Major Highlights of this Budget are :  Fiscal deficit seen at 5.2 point of GDP in 2012/13        Fiscal deficit seen at 4.8 point of GDP in 2013/14  No Change in Income Tax Slabs Tax credit of ... Read More »

Soon, you may have Reliance Bank, L&T Bank, Birla Bank

Last updated : 28th April, 2014 Soon you may have Reliance Bank, L&T Bank, LIC Bank, Birla Bank.  After almost ten years, RBI is set to issue fresh banking licenses. Last licenses were issued to Kotak Mahindra Bank & Yes Bank in 2003-2004. RBI has now issued final guidelines for new bank licenses which will allow corporate & business groups with sound credentials to enter into banking business. Corporate houses like Anil Dhirubhai Ambani Group, Larsen & Toubro, Tatas, Mahindra and Mahindra, Life Insurance Corporation, Aditya Birla Group and NBFCs Shriram Transport, Religare, SREI, Reliance capital have shown interest to ... Read More »

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