Posted Date : 22-Jun-2015 , 04:32:28 pm | Posted By Soniya

Till now upon E - filing of Income Tax return, we use to send the acknowledgement copy to CPC Bangalore within 120 days by speed or registered post, many a times the acknowledgement copy of ITR does not reach the CPC Bangalore & people used to get messages that their acknowledgement has not reac...

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Category : Income Tax | Comments : 0 | Hits : 1180

Posted Date : 21-Jun-2015 , 10:54:52 am | Posted By CA Jai Kishan

Long Term Capital Loss from Shares and Mutual Funds: Set off allowable                                       &nbs...

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Category : Income Tax | Comments : 0 | Hits : 602

Posted Date : 15-Jun-2015 , 02:01:33 pm | Posted By Rakesh Kumar

Sukanya Samriddhi Savings Account Scheme is meant for long term savings for Girl Children to meet out their Education and Marriage expenses Sukanya Samriddhi Savings Account (Sukanya Samridhi Yojna) launched by Govt recently has received very good response as PM Mr.Narendra Modi gave p...

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Category : Income Tax | Comments : 0 | Hits : 591

Posted Date : 04-Jun-2015 , 03:41:54 pm | Posted By Ankit Gupta

                                             HOW TO SAVE INCOME TAX ON SALARY The objective of this blog is to empower the employees with knowledge by providing Minimum Income Tax kno...

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Category : Income Tax | Comments : 0 | Hits : 1672

Posted Date : 30-May-2015 , 11:46:05 am | Posted By CA Vinod Kumar

S.No. Relevant Change Reference No. 1. Default Assessment under CST Act shall not be carried out by VATO’s in normal cases. Assessment shall be framed by system on the basis of information supplied in Form 09. In case of refunds assessment can be made by ask...

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Category : Income Tax | Comments : 0 | Hits : 1360

Posted Date : 27-May-2015 , 04:17:32 pm | Posted By Ankit Gupta

HOW TO CALCULATE INTEREST u/s 234 OF INCOME TAX ACT  Interest u/s 234A is the Interest for default for Furnishing Return of Income u/s 139(1) or 139(4) or Return filed in response to notice u/s 142(1).   1.- CONDITIONS FOR LEVY OF INTEREST u/s 234A a) Where Return of Income (ITR) is not...

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Category : Income Tax | Comments : 0 | Hits : 1340

Posted Date : 26-May-2015 , 11:20:35 am | Posted By Ankit Gupta

1.- Section 208 :- An assessee is liable to pay Advance Tax only if his ‘’Advance Tax’’ Liability is Rs.10,000 or more during the previous year. :- An individual whose age is 60 years or more at anytime during the previous year is not required to pay Advance Tax if his Total ...

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Category : Income Tax | Comments : 0 | Hits : 745

Posted Date : 09-May-2015 , 11:18:57 am | Posted By CA Kapil Goel

As per Section 194C, deduction of TDS is required to be made from payments of any amount to resident contractors or sub-contractors.   1. DEDUCTION OF TDS FROM PAYMENT TO RESIDENT CONTRACTORS :- Sec 194C(1) provides that any person responsible for paying any sum to resident contractor for ca...

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Category : Income Tax | Comments : 0 | Hits : 2346

Posted Date : 18-Apr-2015 , 10:08:33 am | Posted By CA GOURAV MURARKA

It is hereby informed that Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance vide its notification no. 995 (E) dated April 10, 2015, has amended the Rule 114(4) of Income-tax Rules, 1962 whereby certain additional documents have been prescribed as proof of Date of Birt...

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Category : Income Tax | Comments : 0 | Hits : 1883

Posted Date : 30-Mar-2015 , 09:02:00 am | Posted By CA Vinod Kumar

AN ATTEMPT TO SIMPLIFY E-I E-II SALES UNDER CENTRAL SALES TAX LAW   What is E-I E-II Sales:  Before starting this article is it is important to explain the meaning of E-I and E-II sales. As per CST law tax is levied at single point i.e. when the goods are sold from Haryana to Delhi then t...

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Category : Income Tax | Comments : 0 | Hits : 636

Posted Date : 08-Mar-2015 , 07:28:40 pm | Posted By Vimmi

Judicial Rulings that prompted amendments by the Finance Bill, 2015   I. Section 32(1)(iia): Allowance of balance 50% additional depreciation Proposed Amendment It is proposed to amend Section 32(1)(iia) to provide that balance 50% of the additional depreciation on new plant or ma...

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Category : Income Tax | Comments : 1 | Hits : 625

Posted Date : 04-Mar-2015 , 07:13:13 pm | Posted By RATHI

BUDGET 2015 / FINANCE BILL 2015   Customarily, the Finance Minister submits before the Parliament the Finance Bill ( popularly known as Budget ) every year on 28th February and it is normally a very anxiously  awaited event throughout the Country as the common man as also the taxpayer co...

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Category : Income Tax | Comments : 0 | Hits : 339

Posted Date : 27-Feb-2015 , 03:27:34 pm | Posted By Hemant

TAXABILITY OF CHAOTIC INTEREST INCOMES FROM ACQUISITION OF LAND   LAND Acquisition Bill a most heated topic during the budget session of the year 2015. Central Government is in a hurry to pass the land acquisition bill to make it a complete legislation. However, the Anna’s new movement ag...

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Category : Income Tax | Comments : 0 | Hits : 768

Posted Date : 19-Feb-2015 , 08:07:24 am | Posted By May I Help You.

Your wait for the income tax refund cheque could get longer. The government, racing against time to meet its budgeted revenue targets, may decide to defer dispatching the tax refund amounts until next year.   This money retained in the state's coffers will only help show a less weak governmen...

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Category : Income Tax | Comments : 0 | Hits : 925

Posted Date : 11-Feb-2015 , 04:30:48 pm | Posted By Soniya

Interest under Section 234A of the Income-tax Act, 1961 is charged in case of default in furnishing return of income by an assessee. Calculation of Interest Amount of tax payable on the total income               &nbs...

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Category : Income Tax | Comments : 0 | Hits : 419

Posted Date : 08-Feb-2015 , 04:01:58 pm | Posted By Vimmi

  Section Type of payment Threshold limit TDS Rate 192 Payment of salary As per slab - 193 Interest on security 5000 10 194 Dividend –deemed div u/s 222(e) 2500 10 194A Interest...

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Category : Income Tax | Comments : 1 | Hits : 1152

Posted Date : 08-Feb-2015 , 03:55:11 pm | Posted By Vimmi

income tax slabs for A.Y. 2015-16 (F.Y. 2014-15): Income tax slabs for a.y. 2015-16 for individual (below age 60 years during previous year) or AOP, BOI, HUF, NRI, AJP  (for woman and man): Up to taxable income Rs. 250000 0 On taxable income exceeds Rs. 250000 but Does not exceed ...

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Category : Income Tax | Comments : 0 | Hits : 960

Posted Date : 30-Jan-2015 , 08:19:31 pm | Posted By Vimmi

कई बार ऐसा होता है कि पैन कार्ड छपी डिटेल्स मिटने लग&#...

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Category : Income Tax | Comments : 0 | Hits : 1664

Posted Date : 16-Jan-2015 , 05:25:42 pm | Posted By Soniya

Applicability: Company including LLP ( Limited Liability Partnership) ,  HUF  Individual including Salaried Person  Partnership firm An Association of persons or a body of Individuals, whether incorporated or not Local authority.   Non - Applicability: Loan or Deposi...

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Category : Income Tax | Comments : 0 | Hits : 840

Posted Date : 01-Jan-2015 , 09:20:53 pm | Posted By Shivashish Karnani

Hello to all colleagues and my dear friends. This is my first article which summarizes the provisions of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The article gives only the theoretical insights along with example for sound understanding of the provisions. In my next article will ...

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Category : Income Tax | Comments : 0 | Hits : 1018