Posted Date : 19-Dec-2014 , 03:11:50 pm | Posted By Vimmi

Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds. The following are the types of provident funds. Recognized Provident Fund (RPF): This scheme is applicable ...

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Category : Income Tax | Comments : 0 | Hits : 816

Posted Date : 17-Dec-2014 , 10:46:08 am | Posted By CA GOURAV MURARKA

Dear Sir/Madam, It is proposed to release new version of NSDL Return Preparation Utility (RPU) and File Validation Utility (FVU) incorporating the below features: Features of NSDL RPU · Allow update in field in Form no. 27Q “Whether TDS rate of TDS is IT act (a) and DTAA (b)&rdqu...

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Category : Income Tax | Comments : 0 | Hits : 902

Posted Date : 13-Dec-2014 , 10:07:45 am | Posted By Hemant

LACUNA IN SECTION 14A AND RULE 8D OF IT ACT 1961 Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue that’s why Section 14A was introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 ...

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Category : Income Tax | Comments : 0 | Hits : 595

Posted Date : 24-Oct-2014 , 09:54:51 pm | Posted By Abhishek Kumar

CHART SHOWING COMPUTATION  OF  “SALARY”  INCOME Relationship of employer and employee must exist to create salary income.               Only receipts from employer are taxable under this head. Receipt&nb...

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Category : Income Tax | Comments : 0 | Hits : 822

Posted Date : 24-Oct-2014 , 01:28:46 pm | Posted By Abhishek Kumar

                                                                Transfer Pricing Transfer Pricing Sometime an Indian company can associate ...

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Category : Income Tax | Comments : 0 | Hits : 492

Posted Date : 05-Oct-2014 , 07:01:00 pm | Posted By Manoj Lamba

 REVISION OF TAX AUDIT REPORT   The system of Tax Audit u/s 44AB has changed drastically in recent time. Particularly the change of manual filling to non filling and now from non filling to e filling has raised lot of questions and confusions in mind of Accountants. The Some of many concer...

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Category : Income Tax | Comments : 0 | Hits : 1286

Posted Date : 01-Oct-2014 , 03:15:46 pm | Posted By CA Akshay Joshi

Requirement for certificate of an accountant under Rule 37BB, or certificate in form 15CB as it is popularly known, originates from Section 195 (6) of Income Tax Act, 1961 (“the Act”) which requires a person making payment to a non resident to furnish information relating to such payment...

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Category : Income Tax | Comments : 0 | Hits : 560

Posted Date : 24-Sep-2014 , 11:24:15 am | Posted By CA Paras Dawar

Income Tax implications on conversion of a Company into LLP  The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hitherto were available to Private Companies in the erstwhile Companies Act, have to a large extent receded. ...

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Category : Income Tax | Comments : 0 | Hits : 502

Posted Date : 22-Sep-2014 , 01:07:34 pm | Posted By Deepanshu Bansal

IMPORTANCE OF FUNCTIONS, ASSETS AND RISK (“FAR”) ANALYSIS IN TRANSFER PRICING     Introduction   Transfer pricing has become the most significant source of litigation in India and is increasingly becoming a regular discussion point in the board room of large Indian and ...

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Category : Income Tax | Comments : 0 | Hits : 475

Posted Date : 17-Sep-2014 , 08:09:19 am | Posted By Vimmi

इनकम टैक्स विभाग ने पूरे चार्टर्ड अकाउंटेट्स की कì...

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Category : Income Tax | Comments : 0 | Hits : 2799

Posted Date : 12-Sep-2014 , 12:35:49 pm | Posted By CA Paras Dawar

Reassessment order u/s 147without first disposing off the preliminary objections raised by the assessee can not be sustained and is thus liable to be quashed   Supreme Court in GKN Driveshafts (India) Ltd. vs. ITO & Ors. (2003) 259 ITR 19 had devised the proc...

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Category : Income Tax | Comments : 0 | Hits : 366

Posted Date : 06-Sep-2014 , 11:52:26 am | Posted By CA Paras Dawar

Assessee Can Claim Reasons For Issue Of Notice U/S 148 Before Filing Of Return U/S 148.   Section 148 of the Income Tax Act, 1961 is possibly the most belligerent combat tank in the armory of Income Tax Department. This tank has been further strengthened by recent amendments by Finance A...

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Category : Income Tax | Comments : 0 | Hits : 462

Posted Date : 06-Sep-2014 , 11:51:25 am | Posted By CA Paras Dawar

Assessee claim deduction of Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously HRA exemption on rent paid (if he resides in property other than acquired). Further upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost of property...

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Category : Income Tax | Comments : 0 | Hits : 648

Posted Date : 28-Aug-2014 , 05:16:37 pm | Posted By CA. Brijesh Baranwal

DEMAND U/S 143(1) BY INCOME TAX DEPARTMENT AND RECTIFICATION THEREOF U/S 154 Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Department (the Department) has already started pro...

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Category : Income Tax | Comments : 1 | Hits : 4157

Posted Date : 21-Aug-2014 , 06:22:21 pm | Posted By Vimmi

S No. Clause Clause No. Requirements 1 Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. if yes, please furnish the registration number or...

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Category : Income Tax | Comments : 0 | Hits : 1377

Posted Date : 29-Jul-2014 , 06:02:51 pm | Posted By CA Pardeep Chanana

Changes made in Tax Audit Report Assessment Year 2014-15     Sr. No. Particulars Old Report New Report – Changes are reflected by Bold Letters 1. FORM NO. 3CA   3. In * my/our opinion and to the best of * my/our information and according to explanations give...

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Category : Income Tax | Comments : 1 | Hits : 3722

Posted Date : 29-Jul-2014 , 12:43:27 pm | Posted By Vimmi

Below are the important due dates for filing of TDS Return, but the same are subject to extension by the CBDT for specific quarters of a particular financial year.   To avoid any mistake it is very important to know the pertinent form number applicable of each TDS return filing, such as; &...

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Category : Income Tax | Comments : 1 | Hits : 2191

Posted Date : 29-Jul-2014 , 12:35:48 pm | Posted By Vimmi

Find the table below for the TDS (Tax Deduction at source) rates and threshold limit for financial year 2014-15 or assessment year 2015-16. In this table there is complete list of the payment on which TDS is deducted, threshold limit, assessee type (tax payer) and rate of TDS. Also note; Threshold ...

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Category : Income Tax | Comments : 0 | Hits : 2971

Posted Date : 22-Jul-2014 , 08:05:09 pm | Posted By ARUN GUPTA

PROPERTY DEVELOPMENT AGREEMENTS-CHARGEABILITY TO CAPITAL GAINS                                        &n...

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Category : Income Tax | Comments : 0 | Hits : 2806

Posted Date : 12-Jun-2014 , 08:36:36 am | Posted By Surendra Kumar Dash

SECTION 80EE: DEDUCTION FOR INTEREST ON LOAN TAKEN FOR RESIDENTIAL HOUSE PROPERTY          Assessee can avail the benefits of this section in two A.Y. 2014-15 & 2015-16.Purpose of this section is to promote house ownership & give a fillip to a number ...

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Category : Income Tax | Comments : 0 | Hits : 1633