Posted Date : 15-Jan-2014 , 03:58:14 pm | Posted By Surendra Kumar Dash

TDS & TCS RATES CHART FOR A.Y.2014-15 OR F.Y.2013-14   A. TDS Rate Chart for A.Y. 2014-15 on Payments other than Salary and Wages  Section No. Nature of Payment Threshold Total Payment During the Year Payme...

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Category : Income Tax | Comments : 0 | Hits : 1359

Posted Date : 10-Jan-2014 , 08:50:06 am | Posted By Surendra Kumar Dash

Section 10 of the I.T. Act provides for certain categories of payments to be exempt from taxation, either wholly or partly. Such payments are not to be included under the head ‘salary’ for computing the tax deductible. Some of these are listed below and are discussed in detail in Chapter...

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Category : Income Tax | Comments : 1 | Hits : 884

Posted Date : 07-Jan-2014 , 11:20:23 pm | Posted By Ankur Agarwal

AO made an addition u/s 68 in respect of cash deposited in bank account considering it to be unexplained. Hon’ble ITAT observed that the assessee had received sale proceeds of shares of ONGC on two occasions which were deposited in a bank account.   On the very next of the said sale pr...

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Category : Income Tax | Comments : 0 | Hits : 642

Posted Date : 07-Jan-2014 , 12:31:13 pm | Posted By Surendra Kumar Dash

TDS on Contracts (Sec 194C):   When is it Applicable? (Applicability) ·         Any Person who is responsible to pay sum of amount to a Resident Contractor for carrying out any sort of work which is in the nature of Contract, &middo...

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Category : Income Tax | Comments : 1 | Hits : 1331

Posted Date : 05-Jan-2014 , 08:27:54 am | Posted By Surendra Kumar Dash

NOKIA TAX CASE The Income Tax department on Friday moved the Delhi High Court seeking "directions/clarifications" of the December 12 order by which the assets of mobile phone handset maker Nokia in India were defreezed.   A bench, headed by Justice S Ravindra Bhat, posted the plea ...

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Category : Income Tax | Comments : 0 | Hits : 342

Posted Date : 04-Jan-2014 , 11:34:42 am | Posted By CA Ramesh K Chhajer

Deduction in respect of Medical Insurance Premium (Mediclaim) paid to keep in force insurance by individual either on his own health or on the health of spouse, dependent parents and children or HUF on the health of any members of the family. A Mediclaim policy is a must because should you fall sick...

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Category : Income Tax | Comments : 0 | Hits : 347

Posted Date : 03-Jan-2014 , 09:54:17 pm | Posted By Vimmi

Many taxpayers, who have filed their returns and sent across their verification form in June or July, usually get the acknowledgement and refunds around this time of the year. However, quite often, many taxpayers complain that they did not get the intimation of the receipt of their ITR-V (verificati...

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Category : Income Tax | Comments : 1 | Hits : 1176

Posted Date : 01-Jan-2014 , 01:25:36 pm | Posted By Dulichand Kushwaha

So many people want to quit their high profile jobs and turn to social work! If you are one of them, you should know that setting up an organization, such as an NGO, in India is no easy task. But if you’re determined, there’s help at hand.   NGOs are organizations that usually w...

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Category : Income Tax | Comments : 0 | Hits : 1041

Posted Date : 31-Dec-2013 , 04:29:35 pm | Posted By Dulichand Kushwaha

Property is a favourite Indian asset class and one of the main reasons for this is its ability to generate regular cashflows through rent. In this column, we will look at the various aspects involved when an NRI rents out a property in India. The definition of NRI for the purposes of repatriation wi...

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Category : Income Tax | Comments : 0 | Hits : 203

Posted Date : 30-Dec-2013 , 01:08:36 pm | Posted By Surendra Kumar Dash

REBATE TO INDIVIDUAL TAX PAYER W.E.F. 01.04.2013       As per the Central Finance Budget 2013, a new Income Tax Section has introduce under section 87A, where can get relief as well as Rebate Maximum Rs. 2,000/- who’s taxable income up to 5,00,000/-....

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Category : Income Tax | Comments : 0 | Hits : 352

Posted Date : 28-Dec-2013 , 11:04:09 am | Posted By Dulichand Kushwaha

As the financial year comes to an end, it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, interest paid up to Rs 1.5 lakhs per annum on a home loan can be set-off from sa...

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Category : Income Tax | Comments : 0 | Hits : 268

Posted Date : 28-Dec-2013 , 10:59:58 am | Posted By Dulichand Kushwaha

What is Cost Inflation Index (CII)?   It is a measure of inflation that finds application in tax law, when computing long-term capital gains on sale of assets. Section 48 of the Income-Tax Act defines the index as what is notified by the Central Government every year, having regard ...

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Category : Income Tax | Comments : 0 | Hits : 446

Posted Date : 28-Dec-2013 , 10:58:24 am | Posted By Dulichand Kushwaha

Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.The Income Tax Act allows for d...

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Category : Income Tax | Comments : 1 | Hits : 953

Posted Date : 26-Dec-2013 , 12:27:46 pm | Posted By RAHUL SATIJA

Expenses or Payments disallowed under section 40A (2) The provision of section 40A(2)(a) disallows the expenditure incurred towards payment made or to be made to a person (related party) to the extent such expenditure is excessive or unreasonable having regard to the fair market value of goods, s...

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Category : Income Tax | Comments : 0 | Hits : 807

Posted Date : 25-Dec-2013 , 01:25:22 pm | Posted By CA GOURAV MURARKA

Correct your E-tds return online on tdscpc.gov.in-traces website:   Good news for all deductors , TDSCPC (traces) website has enabled the online correction of tds returns on its website . This is a welcome step taken by Income tax department. Deductors can correct their e-tds return filed ear...

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Category : Income Tax | Comments : 1 | Hits : 1537

Posted Date : 17-Dec-2013 , 11:14:01 am | Posted By Vimmi

The Permanent Account Number (PAN) card comes in handy for a variety of identification purposes. Here are the steps involved in applying for it online.   Visit the website of the Income Tax Pan Services Unit — https://tin.tin.nsdl.com/pan/.   This is the home page of the Income T...

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Category : Income Tax | Comments : 0 | Hits : 668

Posted Date : 16-Dec-2013 , 08:48:50 am | Posted By Anita Arora

The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details. This sudden rise in the number of tax notices is not because people h...

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Category : Income Tax | Comments : 0 | Hits : 1006

Posted Date : 13-Dec-2013 , 07:26:11 pm | Posted By May I Help You.

Article by: CA. Abhishek Nagori Section 195 [(6) states that “The person referred to in sub-section (1) shall furnish the information relating to payment of any sum in such form and manner as may be prescribed by the Board.”. Under this Section CBDT notified Rule 37 BB (Form 15CA and ...

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Category : Income Tax | Comments : 2 | Hits : 1228

Posted Date : 04-Dec-2013 , 07:24:07 pm | Posted By Anjali Arora

Have you been served a notice by the income tax department of late? If yes, don't be surprised, for if tax consultants are to be believed, there has been a spike in the number of notices being served on income tax assessees. The reason is improved monitoring due to stricter know-your-custo...

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Category : Income Tax | Comments : 1 | Hits : 4150

Posted Date : 03-Dec-2013 , 04:57:36 pm | Posted By Prateek Manocha

This provision is applicable on transfer of immoveable property of Rs. 50 lacs or more. It requires TDS to be deducted at 1% of the price being paid by the purchaser of an immoveable property, irrespective of quantum of capital gains. If the seller does not have/provide a PAN, the rate of TDS would ...

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Category : Income Tax | Comments : 0 | Hits : 812