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ITO V/s. Tropicana Beverages Company (ITAT Delhi)- when it is established that the machinery on which depreciation has been claimed by the assessee, had been provided by the assessee to Dynamix for the purpose of […]

Under section 32 of the Income-Tax Act, 1961, depreciation is permissible in the case of machinery, plant or furniture owned by the assessee and used for the purposes of the business or profession. When the […]

What is ACES?
The Central Board of Excise and Customs has developed a new software application called Automation of Central Excise and Service Tax (ACES), which […]

What is ACES?
ACES stands for Automation of Central Excise and Service Tax. It is a centralized, web based software application […]

For Assessee:
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For Banks:
Collecting Branch Bank
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Focal Point Bank Brach
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Challan Status Enquiry for […]

Frequently Asked Questions

Which challans are to be used for payment of Excise and Service Tax?
Where can one obtain these Challans?
Can I Pay tax using […]

FAQ’s on use of UID
Q. What is the UID Facility available on the web site of ICAI?
A. The UID (Unique Identification Number) can be generated by registering using the
following link: […]

As an ongoing attempt to enable the members to keep pace with the latest developments in direct taxes, the Direct Taxes Committee of ICAI has entered into an arrangement with Taxmann, a reputed and a well known […]

RBI/2011-12/589
DBOD. No. Dir. BC.107/13.03.00/2011-12

June 5, 2012

All Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir/Madam

Home Loans-Levy of fore-closure charges/pre-payment […]

NEGATIVE LIST OF SERVICES

(a) Services by Government or a local authority excluding the following services to the extent they are not covered elsewhere:

(i) services by the Department of Posts by way of […]

Dear friends,

Economists across the globe have extended countless explanations for the recurring trend of economic meltdown, now a part of business cycle. Uneven sharing of profit, i.e. less return of profit […]

The role that the chartered accountants are expected to play by way of audit/ certification of financial/ non financial information under various laws and regulations is only an indicator of the trust that the […]

ICAI COUNCIL GUIDELINES FOR CONVERSION OF CA FIRMS INTO LLPS

(Guidelines No.1-CA (7)/03/2011, dated 4th November, 2011)

In terms of the Council decision dated 14 July, 2011, following guidelines for […]

The Karnataka HC has held that the reduction in the share of partners after the reconstitution of partnership firms does not amount to a taxable transfer. Further, it reaffirmed that, tax planning within the frame […]

Background for Section 80C of the Income Tax Act (India) / What are eligible investments for Section 80C:

Section 80C replaced the existing Section 88 with more or less the same investment mix available in […]

Interest u/s. 234A, 234B and 234C cannot be charged in the absence of any mention of charging of interest in assessment order

The High Court observed that in the case of Anjum M. H Ghaswala the Supreme Court […]

Entry Load. The fee you pay on the amount you invest. If you invest Rs. 10,000 and the entry load is 2%, your investment is Rs 9,800.

ELSS. Equity Linked Saving Schemes. The investments in ELSS fall under […]

The TDS rates for the FY 2012-13 are same as for the previous financial year. There are an few changes in the thershold limit, and a few new items have been brought under TDS.

Under new section 194J(1)(ba) on […]