Accounting Policy

1. Basis for preparation of financial statements  The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the generally accepted accounting principles in India and to comply with the Accounting Standards prescribed...

Compliance Under Service Tax - 2012-13 - Bank Audit

The compliance under service tax provisions post Finance Bill 2012 may need clarity on 3 aspects which are discussed as underSmall Service Provider ExemptionThe basic exemption is available to the CA whose taxable services in 2011-12 did [does] not exceed Rs.10 lakhs. Such CA would...

How to File Revised Tax Return Online

If an individual has already filed the income tax return and subsequently discover any omission or wrong statement therein, he can re-file the return with necessary modification. This re-filing of the income tax return is referred to as Revised Return. The process for revising the...

NRI (non-resident indian)

Tax saving options for NRIs:- When it comes to NRIs they do not have as much tax saving options open to them as the Resident Indians do. Here we show you the list of tax saving options available for NRIs and how NRIs can make maximum profit from them:  1. Section...

RBI has made special Arrangement to Deposit TAX Payments on 30, 31 March 2012

Due to rush hour ReserveBank of India has made special arrangement to deposit Tax Payment on 30, 31 March 2012 at Mumbai and Navi Mumbai Offices except normal working time Hours.  RBI further instructed to all BankAgencies i.e. State Bankof...

Calculate your tax liability based on your taxable income.

After Budget-12, the Income Tax Department has published Online Tax Calculation Software on their portal.  This calculator calculate Tax liablity which is based on your Taxable Income of Fin. Year 2012-13 i.e. Assessment year 2013-14.  Simple...

Income tax india

Income Tax Department facilitates a PAN holder to view its Tax Credit Statement (Form 26AS) online. Form 26AS contains Details of tax deducted on behalf of the taxpayer by deductors Details of tax collected on behalf of the taxpayer by collectors Advance tax/self assessment tax/regular...