XBRL - eXtensible Business Reporting Language

Ministry of Corporate Affairs introduced the concept of XBRL filing of financial statements to ROC by mandating certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy.  XBRL is used for presentation of data which permits easy analysis and interpretation thereby reducing co

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Assessee Code mandatory for Excise and Service Tax Payments

Assessee Code made mandatory R.B.I has issued Circular DGBA.GAD.No.H - 850/41.07.003/2010-11 dated 29th July 2010, making it mandatory for the authorised banks to accept Central Excise and Service Tax payments from only those assessees whose Assessee Codes (Registration Numbers) exist in the EASIEST Directory. With effect from 1st September, 2010,

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Exemption and Abatement under Service Tax

Some general exemptions are provided in respect of:Services provided to the United Nations;Services to units in and developers of Special Economic Zones;Services rendered free of cost; andServices prior to the effective date of the service being included as a taxable service, even if payments are realized later.Exemptions available for small servic

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Submitting a Correct Statement : Regular Return

Type of submission a.  E-Filing: 1. Mandatory: [refer Rule 31A] From FY 2003-04, it is mandatory to all corporate deductors to file the TDS return electronically. From 30-6-2005, e-filing is mandatory to Government deductors also. From 01-09-2007, e-filing has been extended to All deductors who are liable for audit under section 44AB o

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How to verify a paid Challan status?

On receipt of the amount, receiving bank will upload the details in the Challan to Government via NSDL through its OLTAS (Online Tax Accounting System) return within 3 working days. Once deductor makes the payment, he should cross-verify the Amount and CIN that has been uploaded by the receiving Bank to NSDL.This should be cross-verified by the ded

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How to make correct Challan Payment?

It is the Duty of the deductor to pay Tax deducted within the prescribed time to the “credit of the Central Government” [Refer section 200].Points to be considered before making a challan payment:a.  Type of Deductee:The deductees are of 2 types, namely, “Companies” and “Other than Companies”. Use separate challans for depositing tax d

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Deduct correct TDS

a.  How to deduct correct TDS? The sections 192 to 196 of Income Tax Act, directs “Any person responsible for paying any income chargeable to tax” to deduct income-tax thereon at the rates specified respectively. Salaries: While making the payment of Salary, deductor should consider the following and deduct correct TDS from the payment bein

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Perquisites are the small benefits provided by the employers in addition to the normal salary at a free of cost or concession rates. Perquisites are taxable in the hands of employees. However, they are rules for valuation perquisites.   What is Perquisite and how it is taxed? Perquisites are emoluments or benefits received from an employer,

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