Lesser Known tax saving tips
Posted Date : 07-Jul-2012 , 09:50:04 am | Posted By
Deepak Tanwar
Dear All,
For most of the people ‘tax savings’ brings to mind LIC, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 lakh un...
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Category : Income Tax |
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TAXATION OF CERTAIN TRANSACTIONS WITHOUT CONSIDERATION OR FOR INADEQUATE CONSIDERATION
Posted Date : 06-Jul-2012 , 03:22:48 pm | Posted By
Vikash Kumar Jha
TAXATION OF CERTAIN TRANSACTIONS WITHOUT CONSIDERATION OR FOR INADEQUATE CONSIDERATION [Clauses 3, 20, 21, 33 OF THE BILL]
Under the existing provisions of section 56(2)(vii), any sum of money or any proper...
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Category : Income Tax |
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0 | Hits : 1487 |
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Far Reaching Amendments to Transfer Pricing Provisions
Posted Date : 06-Jul-2012 , 01:21:18 pm | Posted By
Surendra Kumar Dash
Far Reaching Amendments to Transfer Pricing Provisions
The following amendments are proposed to the Transfer Pricing provisions, which would have far reaching implications, not only on cross-border transactions between Associated Enterprises, but also on large value transactions between d...
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Category : Income Tax |
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0 | Hits : 546 |
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Expansion of definition of ‘related parties’ for domestic transactions
Posted Date : 06-Jul-2012 , 01:20:01 pm | Posted By
Surendra Kumar Dash
Expansion of definition of ‘related parties’ for domestic transactions
Section 40A (2) (a) provides for disallowance of expenditure/part of expenditure payable/paid to related party‘in domestic transactions, considered by the as excess or unreasonable having regard to the f...
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Category : Income Tax |
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0 | Hits : 868 |
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Know / Check PAN Name,Verify PAN Free
Posted Date : 05-Jul-2012 , 09:20:57 am | Posted By
Deepak Tanwar
How to Know the Name of Person we are having PAN Number?
How to Verify PAN for Free?
How to know of person as on his PAN Card?
As we all know Income Tax Act has provided that TDS to be deducted @ 20% if a person do not provide his PAN. Sometimes person provides his P...
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Category : Income Tax |
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2 | Hits : 5072 |
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Income Tax treatment of Gratuity
Posted Date : 03-Jul-2012 , 03:24:38 pm | Posted By
Deepak Tanwar
Gratuity:- Gratuity’ is a retirement benefit. Gratuity Act, 1972 act envisages in providing retirement benefit to the workman who have rendered long and unblemished service to the employer. Gratuity is a reward for long and meritorious servi...
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Category : Income Tax |
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0 | Hits : 1123 |
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TDS Rates / Chart for A.Y. 2013-14 / F.Y. 2012-13
Posted Date : 03-Jul-2012 , 09:37:32 am | Posted By
Deepak Tanwar
TDS Rates / Chart Under Income Tax Act, 1961 for Financial Year 2012-12/ Assessment Year 2013-14 on Salary(Section 192) , Interest on Specified & Other Securities (Section 193), Deemed Dividend & Other Dividend , Interest other than interest on security, Winning from Lotteries, Winn...
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Category : Income Tax |
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0 | Hits : 3121 |
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Some Tips For Ca Student
Posted Date : 29-Jun-2012 , 06:21:02 pm | Posted By
SHIKHA SONI
...It s not over yet...Brush up your communication skills to stand different from the general run of the mill stuff...Here a few tips how to do it on your own :-
1. Improve pronunciation and diction
~ Focus on elongating your vowel sounds. This will also automatically slo...
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Category : Income Tax |
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1 | Hits : 422 |
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MicroFiance in peril
Posted Date : 27-Jun-2012 , 04:45:33 pm | Posted By
CA. Anup Sharma
INDIAN MICROFINANCE IN PERIL
 ...
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Category : Income Tax |
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0 | Hits : 236 |
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Presumptive Taxation
Posted Date : 22-Jun-2012 , 01:10:47 pm | Posted By
Surendra Kumar Dash
Businesses have been grown over the period of time due to general growth of the economy and varied other reasons. But at the same time various numbers of business and service providers, irrespective of their area of operations, earni...
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Category : Income Tax |
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0 | Hits : 952 |
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TAX SAVING TIPS
Posted Date : 17-Jun-2012 , 08:18:17 pm | Posted By
SHIKHA SONI
For most of the people ‘tax savings’ brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 la...
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Category : Income Tax |
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3 | Hits : 1839 |
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How to Reset Password on Income tax Website
Posted Date : 14-Jun-2012 , 09:01:18 am | Posted By
Deepak Tanwar
Dear All,
Procedure to pretrive forget assword of e-filing
1. Click on forget password Link – Link
2. Enter your PAN on Screen which appears after above click and Press OK.
3. Please ...
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Category : Income Tax |
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3 | Hits : 1075 |
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Procedure request for Form 16 /16A
Posted Date : 12-Jun-2012 , 09:25:35 am | Posted By
Deepak Tanwar
Procedure to request for Form 16/16A
1. Login to TAN Registration Account with user id, password and TAN.
2. Request for Form 16A can be made for the TAN logged in only. One TAN cannot request for Form 16A of another TAN.
&n...
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Category : Income Tax |
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0 | Hits : 1580 |
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Procedure for download and merging of split TDS/TCS statement
Posted Date : 08-Jun-2012 , 09:04:47 am | Posted By
Deepak Tanwar
Procedure for Download of File Merge Utility (in case file is split) and Merging Split Quarterly Consolidated TDS/TCS statement
A. Procedure for Download of File Merging Utility
1) Download “File Merge Utility” from T...
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Category : Income Tax |
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0 | Hits : 617 |
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Aadhaar Card Can Be Used As Address Proof In Case Of DIN
Posted Date : 07-Jun-2012 , 10:11:52 pm | Posted By
Deepak Tanwar
While applying DIN of an applicant, following Documents are required to be attached with the DIN 1 Form as Proof of Identity and as Proof of Residence (As per DIN Help Form):
Proof of Identity of applicant
In case of Indian nationals, Income-tax PAN is a mandatory requirement for proof of...
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Category : Income Tax |
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0 | Hits : 2208 |
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Preparation of Cash Flow Statement
Posted Date : 05-Jun-2012 , 11:46:25 pm | Posted By
CS Shilpi Bhardwaj
Preparation of Cash Flow Statement
Cash flow statement. As the name itself indicates the statement which only deals with inflow and outflow of cash (and cash equivalents) during the accounting year. Our work is to classify those inflows and outflows into three activities namely operating, i...
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Category : Income Tax |
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1 | Hits : 638 |
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Relatives from whom Gift is permissible under Income Tax Act
Posted Date : 05-Jun-2012 , 08:55:01 pm | Posted By
Vikash Kumar Jha
Relatives from whom Gift is permissible under Income Tax Act
Father (Papa or Pitaji) &nbs...
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Category : Income Tax |
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0 | Hits : 890 |
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Related Party Transactions & Legal Provisions
Posted Date : 05-Jun-2012 , 08:51:24 pm | Posted By
Vikash Kumar Jha
In this article an attempt has been made to make a analysis of provisions under different laws relating to Related Party Transactions. An awareness of various provisions is very much required so as to take adequate care while entering into related party transaction and di...
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Category : Income Tax |
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0 | Hits : 658 |
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TDS Certificates in Form 16A authenticated by digital signature
Posted Date : 23-May-2012 , 01:12:17 pm | Posted By
CA Vikas Maheshwari
Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the IT Rules”) requires the deductor to issue certificate of tax deduction at source (TDS) to the deductee. The relevant form for such TDS certificate...
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Category : Income Tax |
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0 | Hits : 1749 |
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All about NSC and Tax Benefit
Posted Date : 23-May-2012 , 01:08:59 pm | Posted By
CA Vikas Maheshwari
What is National Savings Certificate?
National Savings Certificate is an Investment alternative developed by Government of India with an intention to induce persons to a saving habit and to develop National Savings. National Savings Certificate is issued through Post Offices; they are the nod...
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Category : Income Tax |
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0 | Hits : 1347 |
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To know more about Leave Travel Allowance (LTA)
Posted Date : 22-May-2012 , 02:46:20 pm | Posted By
CA Vikas Maheshwari
Leave Travel Allowance affects every salaried employee. Here we give you a quick low-down on what to expect.
1. You can get LTA only if you have applied for leave from your company and have actually travelled. However, international travel is not valid. You must have travelled within the cou...
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Category : Income Tax |
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0 | Hits : 543 |
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GAAR- General Anti Avoidance Rules
Posted Date : 10-May-2012 , 05:29:06 pm | Posted By
Rishabh Upadhyay
GAAR- General Anti Avoidance Rules
Finance Minister Pranab Mukherjee's clarification on General Anti-Avoidance Rules (GAAR) fired up the markets on Monday, when global indices were deep in the red. A look at why GAAR has caused panic among investors:
...
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Category : Income Tax |
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0 | Hits : 1146 |
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Budget Clarifications
Posted Date : 08-May-2012 , 11:29:45 am | Posted By
SUMIT KUMAR MEHARIA
Speech of the Finance Minister whilst moving the amendments to the
Finance Bill 2012 :
The following is the speech delivered by Shri. Pranab Mukerjee, Finance Minister, while moving the amendments to the Finance Bill 2012 on 7th May 2012.
Madam Speaker,
I presented ...
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Category : Income Tax |
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0 | Hits : 489 |
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Salary, Net Salary, Gross Salary, Cost to Company
Posted Date : 04-May-2012 , 12:54:13 pm | Posted By
Vikash Kumar Jha
Salary, Net Salary, Gross Salary, Cost to Company are they same or different. For most people it is plain confusion especially when one gets a new job. The excitement of getting first job is punctured on getting the first pay. It is usually less than what the fresher employee e...
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Category : Income Tax |
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0 | Hits : 968 |
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Alternate Minimum Tax (AMT) applicable on all persons other than companies:Budget 2012
Posted Date : 04-May-2012 , 10:48:04 am | Posted By
CA Vikas Maheshwari
Under the existing provisions of the Income-tax Act, Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT) are levied on companies and limited liability partnerships (LLPs) respectively. However, no such tax is levied on the other form of business organisations such as partnership firms, so...
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Category : Income Tax |
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0 | Hits : 2094 |
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A thought provoking note and a reality of life…..
Posted Date : 01-May-2012 , 12:55:49 pm | Posted By
Akanksha Handa
A thought provoking note and a reality of life…..
Long time ago, there was an Emperor who told his horseman that if he could ride on his horse and cover as much land area as he likes, then the Emperor would give him the area of land he has covered.
Sure enough, the horseman quickly...
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Category : Income Tax |
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0 | Hits : 537 |
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Abolishing benefit of Exemption limit in case of Undisclosed Income
Posted Date : 29-Apr-2012 , 04:37:29 pm | Posted By
CA Ramesh K Chhajer
ABOLISHING BENEFIT OF EXEMPTION LIMIT IN CASE OF UNDISCLOSED INOCME
As currently provided U/S 68, 69, 69A, 69B, 69C, and 69D, if any undisclosed income is found then the Tax on such income is being calculated as per the Slab Of Income Tax and the benefit of exemption limit is being...
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Category : Income Tax |
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0 | Hits : 436 |
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Earning Rs 10 lakh? You have to e-file returns- ET
Posted Date : 24-Apr-2012 , 11:04:13 am | Posted By
Rishabh Upadhyay
You will soon get the Form 16 with details of your income and taxes paid from your employer. Then you have a couple of months to file your tax returns. However, the Central Board of Direct Taxes (CBDT) has issued a notification which has made it mandatory for individu...
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Category : Income Tax |
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0 | Hits : 537 |
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TDS ON DIRECTORS REMUNERATION
Posted Date : 22-Apr-2012 , 02:25:04 pm | Posted By
CA Ramesh K Chhajer
TDS ON DIRECTOR REMUNERATION
As per current provisions of Income Tax Act 1961, an employer has to deduct Tax at source on the salary paid to employees as per the provisions U/S 192 of Income Tax Act 1961, and in the scope of the term employee, it also includes Managing Director and...
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Category : Income Tax |
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0 | Hits : 3563 |
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Short Concept On AMT (Alternate Minimum Tax)
Posted Date : 19-Apr-2012 , 04:59:43 pm | Posted By
CA Ramesh K Chhajer
CONCEPT OF ALTERNATE MINIMUM TAX
As per the current provisions of income Tax Act , 1961 Companies are liable to par MAT (Minimum Alternative Tax) on their Book Profits and the LLP (limited Liability Partnership) are liable to pay AMT (Alternate Minimum Tax) in substitution of normal Income Ta...
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Category : Income Tax |
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0 | Hits : 1023 |
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