Posted Date : 03-Jul-2013 , 04:22:28 pm | Posted By Vimmi

First they made it compulsory for businesses to e-file their tax returns. Then they made it mandatory for taxpayers with incomes of over Rs 10 lakh to take the online route. This year, the income tax authorities have cast a wider net and made e-filing compulsory if your taxable income is above Rs 5 ...

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Category : Income Tax | Comments : 0 | Hits : 1150

Posted Date : 01-Jul-2013 , 02:14:01 pm | Posted By Vikash Kumar Jha

For Individuals, HUF Select appropriate Income Tax Return (ITR) Preparation Software   ITR-1   ITR-2   ITR-3 ITR-4 Individual Individual Individual Individual   & HUF & HUF & HU...

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Category : Income Tax | Comments : 0 | Hits : 357

Posted Date : 30-Jun-2013 , 01:36:59 pm | Posted By Vinay Sharma

Expenses Allowable For Computing Business Income   Primarily, the expenses allowable for computing business income is computed as per the Income tax Rules for the purpose of computing tax liability of a concern, where business income in the concern is computed by the  accepted busine...

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Category : Income Tax | Comments : 0 | Hits : 615

Posted Date : 30-Jun-2013 , 01:35:35 pm | Posted By Vinay Sharma

Things You Must Know While Filing Your Income Tax Return For The First Time   The financial year is over, and we have to file our IT returns for the year gone by. Salaried Individuals and other non-audit tax payers are required do Income Tax Return Filing compulsorily before 31st July for...

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Category : Income Tax | Comments : 0 | Hits : 811

Posted Date : 30-Jun-2013 , 12:46:48 pm | Posted By Vinay Sharma

Tiny Pen Drive Enough To Pin You Down   Pen drive and print outs taken from it constituted admissible evidence in income-tax proceedings and formed a basis for investigation and additions In the recent case of CHETAN GUPTA V. ACIT the assessee was arrested by Punjab Police and pen drive ...

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Category : Income Tax | Comments : 0 | Hits : 219

Posted Date : 29-Jun-2013 , 01:02:23 pm | Posted By Akhilesh Jha

                                              Gift of Property for a Specified Purpose THIS GIFT is made the . . . . . . . day of . . . . . . ., 20. . . . . . ., BETWEEN (as in Preced...

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Category : Income Tax | Comments : 0 | Hits : 176

Posted Date : 28-Jun-2013 , 01:34:17 pm | Posted By Akhilesh Jha

                 Affidavit in  Application for Substitution of name of Karta In the Court of. . . . . . . . . . . . . . . . Civil Miscellaneous Application No. . . . . . . .of 198. . . . . . . . . . . in Original Suit No. . . . . . . . . . . . ....

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Category : Income Tax | Comments : 0 | Hits : 141

Posted Date : 28-Jun-2013 , 09:44:08 am | Posted By Gaurav Dhamija

GUIDELINES GIVEN BY PALASH RAKSHIT FOR TAX REFUND & How to ensure a timely receipt OF THAT ". There could be Several Reasons for delays in tax refunds :- 1) If the amount you claim as taxes paid does not match with Form 26AS. 2) ITR-V generated upon filing of the tax return has to be signed an...

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Category : Income Tax | Comments : 0 | Hits : 1144

Posted Date : 27-Jun-2013 , 12:54:18 pm | Posted By Hardik Mehta

  Form 3CB/3CD Checklist Note:   Ø  Ch stands for Characters     Form 3CB   1.   ·         Select I if the firm of auditor is proprietorship and We for partnership from drop down option. ·&nbs...

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Category : Income Tax | Comments : 0 | Hits : 1620

Posted Date : 26-Jun-2013 , 09:45:54 pm | Posted By Vinay Sharma

Tax treatment of sum received after termination of employment   The OECD Committee on Fiscal Affairs, through a sub-group, has undertaken to clarify how variety of payments, such as non-competition payments, notice pay, severance payment, etc., that may be made following the termination of an...

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

Posted Date : 26-Jun-2013 , 07:22:40 am | Posted By Vimmi

The assessee who is required to furnish the tax audit report for AY 2013-14 shall submit the tax audit report electronically. The following steps should be followed for filing the tax audit report electronically. Step 1 Those Chartered Accountants (‘CA’) who have the Certificate of Pra...

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Category : Income Tax | Comments : 0 | Hits : 2801

Posted Date : 23-Jun-2013 , 12:51:44 pm | Posted By Vinay Sharma

Income Tax Return For The Assessment Year 2013-14   Income tax return for the assessment year 2013-14:-    Ministry of Finance has come up with many changes with regard to filing Income Tax Return for the Assessment year 2013-14 relating to the financial year 2012-13. Before d...

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Category : Income Tax | Comments : 0 | Hits : 1519

Posted Date : 23-Jun-2013 , 12:44:55 pm | Posted By Vinay Sharma

When Cases Are Selected For Scrutiny Assessment     Where a return has been filed u/s 139 or in response to notice u/s 142(1), the case can be selected for scrutiny assessment if the Assessing Officer considers it necessary or expedient to ensure that-   (a) the assessee has not ...

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Category : Income Tax | Comments : 0 | Hits : 1469

Posted Date : 23-Jun-2013 , 12:42:29 pm | Posted By Vinay Sharma

FAQS On NRI Taxation   Q1. Who is an NRI? A1. an Indian staying abroad is known as an NRI i.e. Non-Resident Indian.   Q2. Who is a NRI under FEMA? A2. FEMA defines ‘a person outside India’ and Income Tax Act defines NRI, though the term ‘NRI’...

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Category : Income Tax | Comments : 0 | Hits : 637

Posted Date : 18-Jun-2013 , 12:02:36 pm | Posted By Gaurav Dhamija

Registration Under DVAT Act Compulsory, if: - ·         Your turnover in the current year exceeds Rs. 10 lakhs (manufacturer, traders, works contractor, hire-purchase business etc.) ; or ·         You ...

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Category : Income Tax | Comments : 2 | Hits : 869

Posted Date : 16-Jun-2013 , 02:07:11 pm | Posted By Vinay Sharma

Tax Benefits Which NRI Can Claim Under Section 80C   Can an NRI claim Tax benefit under section 80C? Tax Benefits which NRI can claim under section 80C – A non-resident Indian (NRI) is a citizen of India who holds an Indian passport and has temporarily emig...

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Category : Income Tax | Comments : 0 | Hits : 400

Posted Date : 16-Jun-2013 , 01:31:50 pm | Posted By Vinay Sharma

Popular ways of earning Tax Free Income   1. Interest on Savings Bank Account A deduction of Rs. 10,000 is allowed for Interest earned under Section 80TTA. This new deduction was introduced by the Finance Minister in Budget 2012 and this is applicable from 1st April 2012. Although, the Inte...

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Category : Income Tax | Comments : 1 | Hits : 1234

Posted Date : 16-Jun-2013 , 01:24:59 pm | Posted By Vinay Sharma

 Step by Step Process of Filing Income Tax Return   How To e-File What is eFiling?  The process of electronically filing Income tax returns through the· internet is known as e-filing.  e-Filing of Returns/Forms is mandatory for :- All persons having ...

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Category : Income Tax | Comments : 0 | Hits : 1237

Posted Date : 12-Jun-2013 , 02:52:53 pm | Posted By Vikash Kumar Jha

The Points to be Considered in Taxation of LLPs are as under:  -          Profits will be tax in the hands of LLP and not in the hands of partners. -          Remuneration to partners will be taxed ...

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Category : Income Tax | Comments : 0 | Hits : 1037

Posted Date : 11-Jun-2013 , 05:21:05 pm | Posted By Gaurav Dhamija

How to Draft Appeal and Procedure in Income Tax Appeals before CIT (Appeals) and ITAT Steps of drafting of Statement of Facts and Grounds of appeal before Commissioner of Income-tax (Appeals) and Income-tax Appellate Tribunal (ITAT).    The Income-tax Rules, 1962 ( ...

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Category : Income Tax | Comments : 0 | Hits : 3532