Date of Payment of Final Installment of Advance Tax Extended from 15th March to 18th March 2014

Due date of payment of advance tax is 15th march but this time it has been extended up to 18th March 2014 because 15th is falling on Sunday.Please find full detail below:-

Levy of service tax on services provided by a Resident Welfare Association (RWA) to its own members

Services provided by Resident Welfare Society are taxable foo Rs.5000/- ,Recently CBEC has issued a circular for clarification of the some issues,these doubts & clarifications are given below:-

Be prepared for closing as ending of Financial year is ahead - (Income Tax)

Under the Income Tax Act there are various provisions which empower the Tax Authorities to collect information for the purpose of assessment proceedings under this Act.

These powers are given in Section 131, Section 132 , Section 133, Section 133A, Section 133B, Section 134 and Section 135 etc .

Collection of information under these sections may be for a particular Assessee or related to any assessment proceeding but I am not going to discuss that ‘when can these powers be exercised by the Authority and how ? ‘ Instead of discussing when & how , I would like to discuss that what type of  information is collected or which type of transactions are being watched by the Department.

Information is collected either directly from the assesse through furnishing of certain data in ITR or indirectly through certain agency/department (like banks, Registrar etc) which are transacting with such data or having control over such data.

Frequently Asked Questions (FAQ) on Electronic Funds Transfer (EFT) System

 Q.1.     What is RBI-EFT System? 

Ans     RBI EFT is a Scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers money transfer service from account to account of any bank branch to any other bank branch in places where EFT services are offered.

Frequently Asked Questions (FAQ) on Electronic Clearing Service-(ECS)

Q.1.     What is Electronic Clearing Service (ECS)?

Ans     It is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This is normally for bulk transfers from one account to many accounts or vice-versa. This can be used both for making payments like distribution of dividend, interest, salary, pension, etc. by institutions or for collection of amounts for purposes such as payments to utility companies like telephone, electricity, or charges such as house tax, water tax, etc or for loan installments of financial institutions/banks or regular investments of persons.