Posted Date : 09-Feb-2013 , 08:41:26 pm | Posted By Mrattunjay

1) Wealth tax is an annual direct tax imposed on the net wealth of individuals and HUFs with reference to the preceding financial year or the current assessment year. 2) Net wealth is calculated as the aggregate value of all chargeable assets on the valuation date, minus the outstanding deb...

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Category : Income Tax | Comments : 0 | Hits : 321

Posted Date : 24-Jan-2013 , 05:22:29 pm | Posted By CA Anil Kumar Jain

Preamble: Dubai’s trade relationship with India has been witnessing a considerable growth. This has been due mainly to the distinctive ties between the Governments and people of the two countries and the joint economic agreements.   Trade betw...

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Category : Income Tax | Comments : 1 | Hits : 978

Posted Date : 24-Jan-2013 , 12:26:13 pm | Posted By Vinay Sharma

Following are details of how the RGES scheme works: * First-time Indian investors earning less than 1 million rupees a year would be eligible for a 50 percent tax break on stock investments of up to 50,000 rupees. * Investors will have half of however much they invest deducted from their ...

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Category : Income Tax | Comments : 0 | Hits : 1556

Posted Date : 22-Jan-2013 , 07:25:30 pm | Posted By Suresh Tamang

  The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2012-2013-14 are mentioned below: New Income tax slab for ay 13-14 ...

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Category : Income Tax | Comments : 0 | Hits : 9398

Posted Date : 21-Jan-2013 , 02:15:21 pm | Posted By Vinay Sharma

Most taxpayers are aware of the deductions available under Section 80C, the tax benefits of medical insurance and the advantages of a home loan. But there are also some inconspicuous sections of the Income Tax Act, which offer further savings to taxpayers. If you satisfy c...

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Category : Income Tax | Comments : 2 | Hits : 3116

Posted Date : 19-Jan-2013 , 08:44:38 pm | Posted By Vinay Sharma

Filing income tax return (ITR) is a compliance requirement that needs to be attended by taxpayers every year. Most people have no clue about how it works and end up making mistakes that can take away a lot of their time and energy. There are some individuals who make the mistake of not filing the...

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Category : Income Tax | Comments : 0 | Hits : 3069

Posted Date : 19-Jan-2013 , 07:51:24 pm | Posted By SHIKHA SONI

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting down your key financial objectives, the tentative time of money requirement and the corpus ...

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Category : Income Tax | Comments : 1 | Hits : 1347

Posted Date : 18-Jan-2013 , 03:20:30 pm | Posted By Vinay Sharma

S.No. Issue Clarification 1. A) Whether “on-site” development of computer software qualifies as an export activity for tax benefits under sections 10A, 10AA and 10B of...

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Category : Income Tax | Comments : 0 | Hits : 563

Posted Date : 15-Jan-2013 , 05:52:11 pm | Posted By Vinay Sharma

Who is a ‘resident’ for tax purposes? (Section 6) INDIVIDUAL An individual is considered as a ‘resident’ if he is ...

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Category : Income Tax | Comments : 1 | Hits : 4304

Posted Date : 09-Jan-2013 , 10:34:17 am | Posted By Yogesh Mohan & Co.

  NEW FEATURES OF INCOME TAX PORTAL (incometaxindiaefiling.gov.in)   After Assessee's Login, the Main options are     Dashboard which contains two options viz. To view Returns and Forms. List of Returns submitted showing major information relating t...

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

Posted Date : 05-Jan-2013 , 03:55:11 pm | Posted By Roopak

                  TAX SAVING TIPS IN 2013 First of all Happy New Year to all the readers and happy new tax benefits. 1.       Every Family member to be an assessee: Every family member should be an income ...

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Category : Income Tax | Comments : 1 | Hits : 2760

Posted Date : 28-Dec-2012 , 12:43:13 pm | Posted By CA. GAURAV PAHUJA, M.COM, ACA, D.I.S.A. (ICAI)

Introduction   Section 10(38) aims to provide relief from the long-term capital gain tax chargeable on the transfer of equity shares or unit of an equity oriented fund on the satisfaction of two essential conditions stated below: a.   ...

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Category : Income Tax | Comments : 0 | Hits : 736

Posted Date : 24-Dec-2012 , 05:34:32 pm | Posted By Vinay Sharma

After REC and PFC, IIFCL will become the third company to launch its tax-free bonds this financial year from December 26th. But, unlike REC and PFC, this will be IIFCL’s first issue of tax-free bonds as the company did not have any such issue last year. The issue will close on January 11th....

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Category : Income Tax | Comments : 0 | Hits : 676

Posted Date : 20-Dec-2012 , 12:25:05 pm | Posted By Roopak

  Exception to section 45(1)   As per the charging section of capital gains i.e. section 45(1) of the Income Tax Act, 1961, the capital gains shall be taxed in the previous year in which transfer is made. Accordingly the definition of Capital gains as provided in the section...

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Category : Income Tax | Comments : 0 | Hits : 1818

Posted Date : 09-Dec-2012 , 11:41:06 am | Posted By Mukul Gulati

10 consequences of Non-compliance with TDS provisions Non-compliance with TDS provisions can result in: Disallowance u/s. 40(a) (ia) of Income Tax Act, 1961 (Act). Raising of demand u/s. 201(1) of the Act. Reason: Where any person who is required to deduct any sum in ...

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Category : Income Tax | Comments : 1 | Hits : 2031

Posted Date : 09-Dec-2012 , 12:48:46 am | Posted By Roopak

  RAJIV GANDHI EQUITY SAVING SCHEME SECTION 80CCG   Finance Act 2012 has come up with a new section 80CCG, to be made applicable from F.Y. 2012-13 onwards.   The Scheme not only encourages the flow of savings and improves the depth of domestic capital markets, b...

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Category : Income Tax | Comments : 0 | Hits : 3070

Posted Date : 08-Dec-2012 , 03:19:36 pm | Posted By Vinay Sharma

Section Particulars TDS Threshold Limit Surcharge and Education Cess 192 Salary Normal Rate As per normal computat...

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Category : Income Tax | Comments : 0 | Hits : 1459

Posted Date : 03-Dec-2012 , 04:10:43 pm | Posted By Vinay Sharma

Applicable Income Tax Slab For Assessment Year 2013-14 Normal Rates of tax     Where the total income does not exceed Rs. 2,00,000/-. Nil Where the total income exceeds Rs. 2,00,000 but does not ex...

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Category : Income Tax | Comments : 0 | Hits : 65437

Posted Date : 09-Nov-2012 , 07:40:54 pm | Posted By CA. Ajay Agrawal

so the Renewed and Improved Website of the IT Dept for the E-filing of the IT returns -  www.incometaxindiaefiling.gov.in is ready to use -    the improved website is loaded with lot of new features - some of them are rigid.   e.g. 1)  while r...

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Category : Income Tax | Comments : 0 | Hits : 828

Posted Date : 31-Oct-2012 , 12:31:48 pm | Posted By CMA Arif Farooqui

Taxability of Income from Real Estate Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale.  As...

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Category : Income Tax | Comments : 0 | Hits : 503