Section 43B
Posted Date : 12-May-2011 , 12:52:44 am | Posted By
CA. SANAT PYNE
Section 43B – Certain Deductions only on Actual Payments
In computation of income under the head Profits and gains of businessor profession(PGBP), some of the expenses are allowed under Income TaxAct 1961 and can be claimed by the assessee only in the year in which the pa...
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Category : Income Tax |
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Essentials of Health Policy or good Medical Insurance Plan
Posted Date : 11-May-2011 , 08:02:04 am | Posted By
Pulkit Gupta
Essentials of Health Policy or good Medical Insurance Plan
Friends this article is sequel to my article
80D- Key deduction for good financial planning (For Both Experts and Beginners)
(A) Intro - Why I am writing this article !!
...
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Category : Income Tax |
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80D- Key deduction for good financial planning
Posted Date : 11-May-2011 , 08:00:19 am | Posted By
Pulkit Gupta
80D- Key deduction for good financial planning (For Beginners like me)
(A) 80C+80CCD+80CCE V/s 80D
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Category : Income Tax |
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Comparison between existing COMPANY and LLP
Posted Date : 06-May-2011 , 04:26:39 am | Posted By
CA. SANAT PYNE
Comparison between existing COMPANY and LLP
Category
Company
LLP
Prevailing Law
Companies are prevailed by ‘Companies Act, 1956’
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Category : Income Tax |
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Refund of TDS of Excess Deducted (Circular No. 2/2011) F. No. 385/25/2010-IT(B), Dated 07.04.2011
Posted Date : 06-May-2011 , 02:49:51 am | Posted By
CA Mordhwaj Garg
CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011
The procedure for regulating refund of amount paid by the Deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980.
2. Subsequent to issue of c...
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Category : Income Tax |
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FAQ ON 26AS
Posted Date : 05-May-2011 , 03:02:32 am | Posted By
CA. SANAT PYNE
1.What is Form 26AS?
Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement, with respect to a financial year, will include details of:
a) tax deducted at source (TDS);
b) tax collected at source (TCS); and
c) adva...
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Category : Income Tax |
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REGISTRATION UNDER SECTION 35AC
Posted Date : 04-May-2011 , 03:06:37 am | Posted By
CA. SANAT PYNE
REGISTRATION UNDER SECTION 35AC
01The Central Government approves certain NGOs and notifies them as eligible for project or schemes for the purposes of section 35AC. If an NGO succeeds in getting such an approval for its projects then it stands a very good chance of mobilising fund...
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Category : Income Tax |
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FORMATION OF CHARITABLE TRUST
Posted Date : 04-May-2011 , 12:25:55 am | Posted By
CA. SANAT PYNE
FORMATION OF CHARITABLE TRUST
A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered u/s 25 of the CompaniesAct.
It generally takes the form of a trust when it is formed primarily by one or more persons.
To form a Societ...
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Category : Income Tax |
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All about Deduction under Section 80G of the Income Tax Act, 1961 for donation
Posted Date : 04-May-2011 , 12:24:22 am | Posted By
CA. SANAT PYNE
All about Deduction under Section 80G of the Income Tax Act, 1961 for donation
INSPITE of all the contributions made to social causes, there is a huge gap between the demand of money from the needy and the amount donated by philanthropists. This probably, is the reason why the Gov...
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Category : Income Tax |
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What are eligible investments for Section 80C:
Posted Date : 03-May-2011 , 03:56:11 am | Posted By
CA. SANAT PYNE
Background for Section 80C of the Income Tax Act (India) / What are eligible investments for Section 80C:
Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. ...
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Category : Income Tax |
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FAQ ON PAYMENT OF TAX
Posted Date : 03-May-2011 , 03:53:12 am | Posted By
CA. SANAT PYNE
What are the new challans for the payment of Direct Taxes?
The following new single copy challans have been introduced with effect from July 2005:
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Category : Income Tax |
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Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax - Systems).
Posted Date : 30-Apr-2011 , 10:42:11 pm | Posted By
Sahil Rastogi
Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax - Systems).
Below guidelines may be referred, if deductor wishes to report the transaction in the quart...
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Category : Income Tax |
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Capital Gain
Posted Date : 29-Apr-2011 , 04:34:22 am | Posted By
Sahil Rastogi
Capital gains arising on sale of two residential houses invested in two residential houses-Eligibility for exemption
The assessee owned two flats. The first flat was sold by the assesses for a sum of Rs. 1,01,00,000 and the second Flat had been sold for a sum of Rs. 97,...
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Category : Income Tax |
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Another Important judgment of Mumbai ITAT - S. 50C applies to immovable depreciable assets being land and building or both
Posted Date : 28-Apr-2011 , 11:16:54 am | Posted By
AMIT BAJAJ
ITO vs United Marine Academy(Mumbai ITAT)
Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of the building was Rs. 76.49 lakhs, t...
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Category : Income Tax |
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TDS is major area of govt. revenue
Posted Date : 27-Apr-2011 , 05:25:52 am | Posted By
CA Mordhwaj Garg
Penal provision of Late filling of TDS return 100.00 rs. per day or TDS amount which is lower. but in the present practice most of the assessee not filled TDS return properly & within the time prescribed by the Income Tax department.
As per new sec. introduced by govt. TDS applicable is &...
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Category : Income Tax |
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TDS Return Submission Date of 4th quater onward F.Y. 2010-11
Posted Date : 27-Apr-2011 , 05:05:40 am | Posted By
CA Mordhwaj Garg
Return Form 27EQ for TCS &...
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Category : Income Tax |
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CHANGES IN ETDS
Posted Date : 27-Apr-2011 , 03:10:53 am | Posted By
Sahil Rastogi
Changes in ETDS FOR Q4 EFILING 31.03.2011
Ø New FVU ver. 3.1 (F.Y. 2010-11 onwards) & ver. 2.130 (Upto F.Y. 2009-10) released by NSDL.
Ø New Flag “Y” may be selected in the field of ‘R...
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Category : Income Tax |
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Amendments in TDS all about
Posted Date : 22-Apr-2011 , 10:36:39 am | Posted By
CA Akhil Rastogi
Summary of all the Recent Amednments to TDS Provisions
We have presented below the summary of all the notification. Instruction, circulars, budget amendments etc issued by government which have an effect on TDS Provisions for the financial year 2010-11 and ...
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Category : Income Tax |
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