A checklist to make filing IT returns easy
Posted Date : 25-Jul-2011 , 08:04:03 am | Posted By
CA Rupali Gupta
Before filing the income tax returns for the previous year 2010-11 , you can run through this checklist, to make sure you have complied with all the requirements. There are many minor requirements that are over-looked often, and may cause some problems later in terms of delay or inconvenience in ...
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Category : Income Tax |
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Even gains on shares held for 30 days & less is STCG & not business profits
Posted Date : 18-Jul-2011 , 05:15:20 pm | Posted By
Rajni Bansal
The assesses was engaged in the business of share trading and investments and offered income from sale of shares by way of STCG and LTCG. The AO treated the STCG as business profits on the ground that there was “systematic and regular course of share trading activity, the scale of activity ...
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Category : Income Tax |
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Know your PAN Structure Meaning of pan digits(Income Tax India)
Posted Date : 16-Jul-2011 , 12:38:33 pm | Posted By
CA Akshay Joshi
Structure of the new series of PAN : The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :-
i. Full name of the t...
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Category : Income Tax |
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HINDU UNDIVIDED FAMILY
Posted Date : 16-Jul-2011 , 11:59:45 am | Posted By
CA Akshay Joshi
HINDU UNDIVIDED FAMILY
Introduction:
The Hindu Undivided Family (HUF) is a special feature of Hindu society. Hindu Undivided Family is defined as consisting of a common ancestor and all his lineal male descendants together with their wives and unmarried daughters. Th...
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Category : Income Tax |
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0 | Hits : 1987 |
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TDS on Interest Paid to Overseas Bank
Posted Date : 13-Jul-2011 , 01:28:47 pm | Posted By
NAVIN JAIN
Following points to be considered while deduct TDS on Interest on loan taken from overseas Bank:-
1. Residential Status of Overseas Branch
2. Rate under sec 195
3. ...
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Category : Income Tax |
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Marriage under Income Tax Act
Posted Date : 13-Jul-2011 , 12:21:25 pm | Posted By
CA. Sachin Data
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If you like a girl, propose her for marriage and follow the following procedure:
1) send a notice u/s 142(1)(ii) to the girl for submiiting her consent over your proposal
2) send a show cause notice u/s 144 to her ...
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Category : Income Tax |
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No tax blow for final leave encashment
Posted Date : 09-Jul-2011 , 04:08:29 pm | Posted By
Neha Jain
Court rulings interpret ‘retirement’ and ‘resignation’ as similar events, thereby allowing tax exemption.
Arup Batra, after having worked in the same company for over 15 years, was leaving his job for a better position in another f...
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Category : Income Tax |
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0 | Hits : 806 |
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ITR Forms for A.Y. 2011-12
Posted Date : 26-Jun-2011 , 11:12:35 am | Posted By
Anjali Arora
ITR 1
Income Tax Return Form for Individuals having Income from Salary/ Pension/ family pension & Interest
ITR 2
...
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Category : Income Tax |
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Exemption u/s 139(1) to Specified Person from the requirement of furnishing a return of income for Assessment year 2011-12
Posted Date : 23-Jun-2011 , 06:29:34 am | Posted By
PUSHKAR SINGH RAWAT
Exemption u/s 139(1) to Specified Person from the requirement of furnishing a return of income for Assessment year 2011-12
NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)]
DATED 23-6-2011
In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax...
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Category : Income Tax |
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TDS on NRI's Income
Posted Date : 21-Jun-2011 , 12:40:13 pm | Posted By
Vandana
Interest on bank deposits
Interest earned on Non Resident External (NRE) accounts and Foreign Currency Non Resident (FCNR) accounts are tax free in India. Hence, there would be no TDS.
However, interest earned on the Non Resident Ordinary Account (...
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Category : Income Tax |
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When to Deduct TDS
Posted Date : 20-Jun-2011 , 10:49:42 am | Posted By
Anjali Arora
(i) At the time of actual payment or credit, whichever is earlier: -
Tax is to be deducted at source a the time of credit to the payee’s account or on accrual of the payment at the end of the accounting year or at the time of payment in cash or by c...
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Category : Income Tax |
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Procedure to claiming deduction u/s 35AC
Posted Date : 17-Jun-2011 , 09:57:41 am | Posted By
Anjali Arora
Purpose
NGO can register itself u/s 35AC from the Central Government of India. Potential donors get 100% exemption for the amount donated towards 35AC. All NGOs should avail the advantage of this provision to attract potential donors.
H...
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Category : Income Tax |
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1 | Hits : 1969 |
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Practical guide to getting work done without paying bribe
Posted Date : 08-Jun-2011 , 05:53:02 am | Posted By
Anmol Rana
Practical guide to getting work done without paying bribeCorrupt officials use various tactics to extract bribes.
You may take the following action to counter those tactics.
(1) Indefinite Delay: They delay your work until you offer a bribe. Solution: Don't visit...
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Category : Income Tax |
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2 | Hits : 895 |
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Download Form 16A from TIN NSDL mandatory for companies ,Banks
Posted Date : 02-Jun-2011 , 01:36:14 am | Posted By
CA.Khurana Vivek
CBDT has issued Circular 03/2011 on May 13, 2011 detailing new procedure of Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature.
...
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Category : Income Tax |
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Do you think that the management should focus more on short term high growth targets? Or should they focus on long-term sustainable growth?
Posted Date : 31-May-2011 , 02:38:54 am | Posted By
KIRTI
The result season is almost drawing to a close. Most companies have reported a decent growth in their top-line or their revenues. Some have even managed to translate this growth into a healthy growth in their profits as well. However, some have succumbed to the pressures o...
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Category : Income Tax |
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New Notification Regarding Issue of Form 16A
Posted Date : 30-May-2011 , 12:15:14 am | Posted By
CA Mordhwaj Garg
As per CBDT circular no. 03/2011 dated May 13, 2011, TDS Certificates in Form No. 16A will be generated from Tax Information Network (TIN). It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions made from April 1, 2011 (F.Y. 2011-...
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Category : Income Tax |
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Settlement Commission
Posted Date : 27-May-2011 , 05:47:41 am | Posted By
Anmol Rana
Introduction – Income-Tax Settlement Commission, a quasi judicial body, was set up under section 245B of Income-tax Act 1961. It has been set up as a result of recommendations made by Direct Taxes Enquiry Committee (Popularly known as Wanchoo Committee). The objective of setting ...
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Category : Income Tax |
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FAQ ON SEZ
Posted Date : 18-May-2011 , 07:02:39 am | Posted By
CA. SANAT PYNE
FAQ ON SPECIAL ECONOMIC ZONE
1 What is a Special Economic Zone ?
Special Economic Zone (SEZ) is a specifically delineated duty free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs.
2. Where in India SEZs are lo...
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Category : Income Tax |
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0 | Hits : 812 |
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Presumptive Taxation
Posted Date : 15-May-2011 , 01:06:49 am | Posted By
Atir
Presumptive taxation involves lump sum levies on certain small-scale business activities to whom Section 44AB is not applicable. Thus Sections 44AD, 44AE and 44AF of the Income-tax Act, 1961, provide for estimating the income under the head “Profits and gains of business and professio...
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Category : Income Tax |
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THINGS TO DO BEFORE YOU DIE
Posted Date : 14-May-2011 , 08:44:08 am | Posted By
Pulkit Gupta
30 THINGS TO DO BEFORE YOU DIE - YOUTH EXPRESS
How I got this Idea!!
Well I was watching Anjaana – Anjaani and there was a point of Bucket list (goals you want to achieve or life experiences you desire to experience before you die) in the movie. I really liked the c...
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Category : Income Tax |
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