Dear Sir,

   A Senior citizen (individuals having age 60 years and above) not having income fron business or profession are not require to pay advance tax

hello friends

 for benefit of all...   the SME exemption limit has not been increased.... its 10 lakh only... only thing is those service providers whose turnover is below 50 lakhs need not to remit service tax on billing basis.. they can remit it on the basis of collection... limit is same.. 10 lakh.. else there is no use of widening the scope of service tax... lot of people form 3 -4 conserns and make there turnover below 50 lakh for earh concern... if there any change or doubt... plz let me know.. 

Thanks to all of u for your views on ub

Will benefit of infra bond be continued? Please suggest 

Please suggest will benefit of infra bond be continued ?

Dear All,

As per D.O.F.No.334/ 3/2012-TRU dated 16.3.2012, all changes in rates of duty take effect from the midnight of 16th March/17th March, 2012.  This is as per the declaration made under the Provisional Collection of Taxes Act, 1931, wherein it has been stated that in respect of clauses 127, 128, 140, 141 and 151 of the Finance Bill, 2012, the changes proposed therin would take effect from the midnight of 16th March/17th March, 2012.  The remaining legislative changes would come into effect only when the Finace Bill, 2012 gets the assent of the President of India.

As far as the effective date for the applicability of service tax rate @ 12% is concerned, it is effective from 01.04.2012 as mentioned in Notification No.2/2012-Service Tax, dated 17.3.2012.  The rate has not been increased, but "restored to earlier rate" as per the Finance Minister's budget sppech.  Hence by the issuance of above mentioned Notification, the date from which service tax @ 12% is applicable is 01.4.2012.

Ananthanarayanan. P. V.

Dear All,

In my earlier comment,  I forgot to mention the coverage of clauses 127, 128, 140, 141 and 151 of the Finance Bill, 2012.  The same is given below for your information.

Clause 127 : The First Schedule of the Customs Tariff Act shall be amended in the manner specified in the Third Schedule.

Clause 128: The Second Schedule of the Customs Tariff Act shall be amended in the manner specified in the Fourth Schedule.

Clause 140: The third Schedule of the Central Excise Act shall be amended in the manner specified in the Sixth Schedule.

Clause 141: In the Central Excise Tariff Act, 1895, the First Schedule shall be amended in the manner sepcified in the Seventh Schedule.

Clause 151: In the Oil Industry (Development)Act, 1974, in the Schedule, against Sl.No.1 relating to crude oil, for the entry in column 3, the entry "Rs.4,500/- per tonne" shall be substituted.

Ananthanarayanan. P. V.

what does it mean?

Health insurance deduction shall be allowed upto Rs. 5000 for preventive health checkup

Purchase of jewellery above Rs. 2 lacs shall come under tax net..