Posted Date : 26-Aug-2012 , 09:11:19 pm | Posted By SUMIT GERA

  If you made a mistake or Want to do some changes then you need to File Corrective statement of tds Return To file corrective Statement You need to follow below mentioned steps--- 1. login with your Tan Account At tin-nsdl.com by entering your User id , password and Tan no. ...

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Category : Income Tax | Comments : 0 | Hits : 1171

Posted Date : 24-Aug-2012 , 11:13:04 pm | Posted By Mukul Gulati

Penalty for Late Filing & incorrect information in TDS/TCS Statement wef 01.07.2012  Fee and penalty for delay in furnishing of TDS/TCS Statement and penalty for incorrect information in TDS/TCS Statement As per the existing provisions of the Income-tax Act, a deductor is require...

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Category : Income Tax | Comments : 0 | Hits : 1094

Posted Date : 24-Aug-2012 , 11:08:26 pm | Posted By Mukul Gulati

Tax Free Bonds V/S Tax Saving Bonds An Analysis on Tax Free Bonds V/S Tax Saving Bonds At Present in Indian Market, Various Financial Institutes and Other Authorities are issuing various types of bonds such as Tax Free Bonds, Tax Saving Bonds.  The Major Players in Tax Free Bonds are...

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Category : Income Tax | Comments : 0 | Hits : 364

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 | Comments : 0 | Hits : 772

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 | Comments : 0 | Hits : 247

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 | Comments : 0 | Hits : 2338

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 | Comments : 0 | Hits : 433

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 | Comments : 0 | Hits : 754

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 | Comments : 1 | Hits : 1317

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 | Comments : 0 | Hits : 453

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 | Comments : 0 | Hits : 1645

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 | Comments : 0 | Hits : 1267

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 | Comments : 0 | Hits : 447

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 | Comments : 0 | Hits : 552

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 | Comments : 0 | Hits : 327

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 | Comments : 1 | Hits : 1311

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 | Comments : 0 | Hits : 442

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 | Comments : 1 | Hits : 1344

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 | Comments : 3 | Hits : 481

Posted Date : 27-Jul-2012 , 03:13:39 pm | Posted By Surendra Kumar Dash

                                                  De...

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Category : Income Tax | Comments : 0 | Hits : 296