compilation of cases on Section 10A
Posted Date : 23-Aug-2012 , 01:00:13 pm | Posted By
Mrattunjay
S.10A: Newly established undertakings‐ Free trade Zone‐Splitting up‐Allocation of expenses‐Support services ‐Acquiring a division on slump basis cannot be considered as splitting up or reconstruction, exemption under section 10A cannot be denied. Support services all...
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Category : Income Tax |
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Lost Money In Stocks? Use it to Save Tax
Posted Date : 23-Aug-2012 , 09:42:42 am | Posted By
Mukul Gulati
Lost Money In Stocks? Use it to Save Tax
An important rule of investing is not to be swayed by market volatility. If you panic and sell your stocks when they are down, you may repent later. However, if the stocks you bought a few months ago are running into losses, the best thing to do...
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Category : Income Tax |
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0 | Hits : 176 |
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Career and Job Opportunities in Government Sector for CAs
Posted Date : 19-Aug-2012 , 06:51:53 pm | Posted By
Mukul Gulati
Career and Job Opportunities in Government Sector for CAs
With the ever change phase of the corporate body in this dynamic corporate world, the need for professionals seems to be increasing every second. Over the years it has been witnessed that every org...
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Category : Income Tax |
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0 | Hits : 2284 |
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Common Reason for E-filed Defective Returns
Posted Date : 14-Aug-2012 , 11:38:27 pm | Posted By
Mukul Gulati
Common Reason for E-filed Defective Returns
Defective Returns
Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC’s business rules. Assesses are requested to avoid errors mentioned below which are among the top reasons for the re...
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Category : Income Tax |
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0 | Hits : 387 |
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Little known schemes u/s. 80C of Income Tax Act
Posted Date : 13-Aug-2012 , 10:18:17 am | Posted By
Mukul Gulati
Little known schemes u/s. 80C of Income Tax Act
If an individual falls in the 30% tax bracket and has exhausted the maximum limit of Sec 80C, one can save Rs 30,900 in taxes. We run you through the provisions of Section 80C. However, we highlight those schemes that are little known and ...
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Category : Income Tax |
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0 | Hits : 705 |
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Know TAN Number Structure – What it signifies
Posted Date : 12-Aug-2012 , 11:58:52 am | Posted By
Sunil Chaurasiya
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory ...
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Category : Income Tax |
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1 | Hits : 1267 |
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10 Things You Should Keep In Mind While Filing Income Tax Return
Posted Date : 10-Aug-2012 , 01:04:36 pm | Posted By
Mukul Gulati
10 Things You Should Keep In Mind While Filing Income Tax Return
Time is now; don’t wait for the last date to file Income Tax Return which is approaching near. The month of July is the month for filing Income Tax Returns by every assesse in order to avoid late payment, interest and pena...
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Category : Income Tax |
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0 | Hits : 394 |
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Create HUF to save tax
Posted Date : 08-Aug-2012 , 11:00:12 pm | Posted By
Mukul Gulati
Create HUF to save tax
KEY POINTS IN CREATION OF HUF AND FORMAT OF DEED FOR CREATION OF HUF
1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return.
2. The same tax slabsare applicable to HUF as to individual assesse.
3. You cannot transfer yo...
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Category : Income Tax |
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0 | Hits : 1419 |
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DEDUCTIONS FROM HOUSE PROPERTY
Posted Date : 07-Aug-2012 , 02:03:50 pm | Posted By
Surendra Kumar Dash
DEDUCTIONS FROM HOUSE PROPERTY
1. DEDUCTION U/S.23 (1): For let out property, amount actually paid by the owner towards taxes levied by any local authority in respect of the property is deductible from Annual value (taxes pertaining to any previous years).
2. DEDUCTION U/S.24 (a): For l...
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Category : Income Tax |
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0 | Hits : 1184 |
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Income Tax Benefits on Various Plans of LIC
Posted Date : 07-Aug-2012 , 09:56:51 am | Posted By
Mukul Gulati
Income Tax Benefits on Various Plans of LIC
1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C).
(a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assesse or on the life of the spouse or any child of asse...
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Category : Income Tax |
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0 | Hits : 388 |
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What’s better- Trust, Society or Sec.25 Company?
Posted Date : 06-Aug-2012 , 06:30:07 pm | Posted By
Mukul Gulati
What’s better- Trust, Society or Sec.25 Company?
There are three different ways in which one can share good fortune with others in an organized and enduring manner and receive legal protection as well as tax benefits.
One can set up either a public charitable trust, a registeredsoci...
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Category : Income Tax |
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0 | Hits : 497 |
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Inconsistencies in ITR which need to be avoided for accurate processing of I-T Return
Posted Date : 06-Aug-2012 , 10:49:23 am | Posted By
Yogesh Setia
Data Inconsistency issues which need to be avoided for accurate processing.
1. Set off of brought forward loss claimed, but Schedules BFLA / CFL not filled ……. Year of loss not indicated in CFL.
2. Profit before tax (at serial No. 43...
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Category : Income Tax |
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0 | Hits : 257 |
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Revised Return & Rectification Request in case of e-filed I-T Return
Posted Date : 06-Aug-2012 , 10:47:01 am | Posted By
Yogesh Setia
Article deals with FAQ related to Revised Return & Rectification in case of return filed online. The article explains about how to file Rectification request, what if you get error in filing rectification u/s 154, what if wrong assessment year entered, How many time return can be revise...
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Category : Income Tax |
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1 | Hits : 1258 |
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Deduction at a lower rate or non-deduction of tax
Posted Date : 31-Jul-2012 , 02:48:13 pm | Posted By
Surendra Kumar Dash
Section 197 enables a tax payer to make an application to his Assessing Officer for deduction of tax at a lower rate or non deduction of tax. The application has to be made in Form No.13 (vide Rule 28(1)). If the Assessing Officer is satisfied that the total income of a tax pay...
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Category : Income Tax |
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0 | Hits : 406 |
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Withdrawal from Provident Fund before Completion of 5 years taxable?
Posted Date : 30-Jul-2012 , 02:50:43 pm | Posted By
Deepak Tanwar
Dear All,
Withdrawal from Provident Fund (PF) Account before Completion of Five years taxable?
Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the w...
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Category : Income Tax |
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1 | Hits : 1285 |
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Monetary Benefits for Tree Plantation
Posted Date : 29-Jul-2012 , 01:52:18 pm | Posted By
Pique242
Benefits for Tree Plantation
I aim at planting a good idea in your mind.
Carbon production is rising daily by huge volume. Gases like Carbon Monoxide (CO) and Carbon dioxide (Co2) continue to increase their share in atmosphere as you read this article.
...
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Category : Income Tax |
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3 | Hits : 431 |
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Deposit of tax in Government account
Posted Date : 27-Jul-2012 , 03:13:39 pm | Posted By
Surendra Kumar Dash
De...
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Category : Income Tax |
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0 | Hits : 263 |
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Tax treatment of Provident Fund?EPF SPF PPF URPF
Posted Date : 24-Jul-2012 , 02:11:21 pm | Posted By
Vikash Kumar Jha
Tax treatment of Provident Fund?EPF SPF PPF URPF
Both the employer and employee contribute towards Provident Fund. The contribution made by employees is out of their own income and therefore no question of taxation arises as the entire amount has already been taxed. The contribution by the em...
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Category : Income Tax |
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0 | Hits : 765 |
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Public Provident Fund - Tax Planning
Posted Date : 24-Jul-2012 , 12:23:51 pm | Posted By
CA.NAVEEN K R
Dear Friends,
Let me introduce myself first, my name is Naveen K R.I am a Qualified Chartered Accountant (CA) and Company Secretary (CS). Thought of writing a small article on “Tax Planning” which would help all the members to plan there Tax in legal and legi...
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Category : Income Tax |
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0 | Hits : 920 |
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Mandatory Quoting of PAN and TAN
Posted Date : 23-Jul-2012 , 03:06:24 pm | Posted By
Surendra Kumar Dash
Mandator...
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Category : Income Tax |
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0 | Hits : 560 |
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Most important questions related to filling tax returns and how costly can the delay in filling tax returns be?
Posted Date : 21-Jul-2012 , 02:04:27 pm | Posted By
Vikash Kumar Jha
Most important questions related to filling tax returns and how costly can the delay in filling tax returns be?
Question:-First, what are the due dates?
Answer:-
Assessees having income from salary have to file return of income before July 31 of the assessment year. Thi...
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Category : Income Tax |
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0 | Hits : 442 |
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House Property Income Tax Return Filling 10 Points:
Posted Date : 20-Jul-2012 , 01:41:06 pm | Posted By
Vikash Kumar Jha
House Property Income Tax Return Filling 10 Points:
Last Night, Mr. R K Sharma has asked very interesting 10 queries about how to treat House property Income in Income Tax return, we have tried to reply these queries here under and sharing with you as these may beneficial for all.
...
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Category : Income Tax |
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0 | Hits : 1048 |
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INCOME TAX- USEFUL INFORMATION
Posted Date : 20-Jul-2012 , 09:00:23 am | Posted By
Deepak Tanwar
1) The Income Tax Act has placed an obligation on Taxpayer to file the Income Tax Return if the Gross Total Income of Taxpayer is more than maximum exempt limit, even if Taxpayer has no tax due.
2) As per Income Tax Act, for AY12-13, the maximum exemption limits are:
Rs. 1.80 lacs for...
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Category : Income Tax |
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1 | Hits : 978 |
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How to e-file Income Tax Return -: 10 Steps Guide:
Posted Date : 19-Jul-2012 , 02:30:55 pm | Posted By
Vikash Kumar Jha
How to e-file Income Tax Return -: 10 Steps Guide:
31st July is approaching fast which is the last date for filing of Income Tax Return for the Assesses who are not required to get there books of account audited under the provisions of Income Tax Act, 1961. CBDT has recently vide&...
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Category : Income Tax |
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0 | Hits : 876 |
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ASSESSMENT OF AOP / BOI (Sec. 86)
Posted Date : 17-Jul-2012 , 02:48:23 pm | Posted By
Surendra Kumar Dash
ASSESSMENT OF AOP / BOI (Sec. 86)
The assessment of the members of AOP or BOI depends on whether the AOP or BOI is chargeable to tax at the maximum marginal rate or at slab rate or is not chargeable to tax at all.
Tax-treatment in the three case...
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Category : Income Tax |
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0 | Hits : 1091 |
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some qualities of a speaker
Posted Date : 14-Jul-2012 , 03:05:20 am | Posted By
SHIKHA SONI
1. Be Yourself
It's great to watch other successful speakers, to see what they do and how they do it. To be a great speaker in your own right requires you to develop your own style, to speak using your own voice. Be yourself when you speak and you can't help but be successf...
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Category : Income Tax |
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0 | Hits : 349 |
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Penalties under Income Tax Act, 1961
Posted Date : 11-Jul-2012 , 02:51:21 pm | Posted By
Deepak Tanwar
SECTION
Nature of Failure/Default
Authority who can levy penalty
Quantum of Penalty
SECTION 158BFA(2)
...
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Category : Income Tax |
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0 | Hits : 976 |
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Income Tax – How to submit Online Rectification request
Posted Date : 10-Jul-2012 , 09:09:59 am | Posted By
Deepak Tanwar
Dear All,
Step 1: Make sure you have received an intimation under section 143 (1) from CPC Bangalore for the E-returns filed by you for AY 2009-10 or later.
Step 2: Carefully examine the intimation to see if the computation by CPC i...
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Category : Income Tax |
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0 | Hits : 925 |
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Rajiv Gandhi equity saving scheme sec 80CCG
Posted Date : 09-Jul-2012 , 12:17:14 pm | Posted By
Deepak Tanwar
Finance Act 2012 has inserted a new section 80 CCG, This will be applicable for the A.Y. 2013-14.
Following conditions must be fulfilled to claim this deduction:
i. The gross total income of the assessee for the relevant Assessment Year should not exceed Rs. 10,00,00...
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Category : Income Tax |
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2 | Hits : 1138 |
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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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0 | Hits : 1089 |
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