Posted Date : 28-Aug-2014 , 05:16:37 pm | Posted By CA. Brijesh Baranwal

DEMAND U/S 143(1) BY INCOME TAX DEPARTMENT AND RECTIFICATION THEREOF U/S 154 Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Department (the Department) has already started pro...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 4112

Posted Date : 21-Aug-2014 , 06:22:21 pm | Posted By Vimmi

S No. Clause Clause No. Requirements 1 Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. if yes, please furnish the registration number or...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1325

Posted Date : 29-Jul-2014 , 06:02:51 pm | Posted By CA Pardeep Chanana

Changes made in Tax Audit Report Assessment Year 2014-15     Sr. No. Particulars Old Report New Report – Changes are reflected by Bold Letters 1. FORM NO. 3CA   3. In * my/our opinion and to the best of * my/our information and according to explanations give...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 3677

Posted Date : 29-Jul-2014 , 12:43:27 pm | Posted By Vimmi

Below are the important due dates for filing of TDS Return, but the same are subject to extension by the CBDT for specific quarters of a particular financial year.   To avoid any mistake it is very important to know the pertinent form number applicable of each TDS return filing, such as; &...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 2128

Posted Date : 29-Jul-2014 , 12:35:48 pm | Posted By Vimmi

Find the table below for the TDS (Tax Deduction at source) rates and threshold limit for financial year 2014-15 or assessment year 2015-16. In this table there is complete list of the payment on which TDS is deducted, threshold limit, assessee type (tax payer) and rate of TDS. Also note; Threshold ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 2877

Posted Date : 22-Jul-2014 , 08:05:09 pm | Posted By ARUN GUPTA

PROPERTY DEVELOPMENT AGREEMENTS-CHARGEABILITY TO CAPITAL GAINS                                        &n...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 2757

Posted Date : 12-Jun-2014 , 08:36:36 am | Posted By Surendra Kumar Dash

SECTION 80EE: DEDUCTION FOR INTEREST ON LOAN TAKEN FOR RESIDENTIAL HOUSE PROPERTY          Assessee can avail the benefits of this section in two A.Y. 2014-15 & 2015-16.Purpose of this section is to promote house ownership & give a fillip to a number ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1565

Posted Date : 05-Jun-2014 , 11:41:16 am | Posted By CA Abhay Agrawal

Tribunal   Subsequent commercial-use cannot disentitle Sec 54F exemption if building constructed for residential-purpose: Relevant factor to judge is whether construction is made for residential house or commercial purpose, merely because building used as a school cannot change natu...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 658

Posted Date : 03-Jun-2014 , 12:37:18 pm | Posted By Vivek Sahu

As per the Central Finance Budget 2013, a new Income Tax Section has introduce under section 87A, where can get relief as well as Rebate Maximum Rs. 2,000/- who’s taxable income up to 5,00,000/-. For more clarification about this new section under clauses 19 & 20 of the Central Budget 2013...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 495

Posted Date : 02-Jun-2014 , 03:51:38 pm | Posted By Vivek Sahu

Specified class or classes of persons to be exempted from filing Return of Income [Section 139(1C)]. (1) Under section 139(1), every person has to furnish a return of his income on or before the due date, if his total income exceeds the basic exemption limit. (2) For reducing the compliance bu...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 777

Posted Date : 02-Jun-2014 , 07:55:32 am | Posted By Vimmi

A gift from someone is always welcome. The hitch is when some, especially financial gifts, become taxable. Even so, not always; gifts from relatives are exempt from income tax (I-T). And, gifts from non-relatives can also be tax-exempt, under certain conditions. Some assets fo...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1409

Posted Date : 30-May-2014 , 11:33:52 am | Posted By Vijeta Nathani

Circular No: NSDL/TIN/2014/024               Subject: Revised procedure for acceptance of e-TDS/TCS correction statements and upload of scanned documents to TIN Central System Attention of all TIN Facilitation Centers (TIN-PCs) is in...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 641

Posted Date : 08-May-2014 , 10:42:03 am | Posted By Rimpy

High Court imposes costs of Rs. 50,000 on AO for filing frivolous appeal & wasting public money & judicial time     Though the Bench clearly indicated to the department’s counsel that the appeal had no merit and gave the department an opportunity to withdraw, the department...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 390

Posted Date : 05-May-2014 , 07:10:05 am | Posted By Anita Arora

An education loan can not only fund your higher studies but also help save tax. The interest paid on the education loan can be claimed as deduction, as per Section 80E of the Income Tax Act, 1961.   Top 10 Things to Know: The income tax benefit can only be claimed on inte...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 669

Posted Date : 01-May-2014 , 07:36:32 am | Posted By May I Help You.

Excess TDS paid can be claimed in the next quarter as per the CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011. However the circular will not be applicable to TDS on non residents falling under Sections 192, 194E, 195 of the Income Tax Act 1961.   Further as per ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 5997

Posted Date : 28-Apr-2014 , 08:05:40 am | Posted By CA Vijeta Verma

You have got an offer from a company to either join as an employee or a consultant. Before you decide, know the tax implications between the two options as they differ significantly.   The income received as fees from professional or technical services rendered is classified as income from bu...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1022

Posted Date : 21-Apr-2014 , 07:41:06 am | Posted By Surendra Kumar Dash

Negative List of Service Tax 2013-14   Negative list of Service Tax is comprised of following 17 heads. I have given all the 17 heads of negative list of Service Tax below. Services by Government or a local authority excluding the following services to the extent they ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1149

Posted Date : 20-Apr-2014 , 08:35:32 pm | Posted By Anchal

Like the most salaried people in India, if you have not sold any shares or mutual funds in the last one year; you only have to fill the simple ITR-1 Sahaj. Let us see how to prepare for and fill ITR-1 Sahaj. This is a simple one-hour procedure, and only needs basic comfort with MS Excel. ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 665

Posted Date : 04-Apr-2014 , 07:32:28 am | Posted By Vimmi

Want to gift a property or life time savings to your loved ones? Or have you received a car as a gift on your birthday? Are you worried about the cash gifts received on your wedding? Enjoy giving or receiving gifts guilt-free once you are mindful of the gifting provisions in India. As per current...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 960

Posted Date : 16-Mar-2014 , 01:39:37 pm | Posted By ARUN GUPTA

“WEBSITE”-WHETHER CONSTITUTES A PERMANENT ESTABLISHMENT IN THE SOURCE COUNTRY                                   &...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 616

Posted Date : 14-Mar-2014 , 09:26:53 pm | Posted By Anchal

Salary, in simple words, means remuneration of a person, which he has received  from his employer for rendering services to him. But receipts for all kinds of  services rendered cannot be taxed as salary. The remuneration received by  professionals like doctors, architects, lawyers...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 301

Posted Date : 09-Mar-2014 , 01:14:56 pm | Posted By CA GOURAV MURARKA

सेंट्रल बोर्ड ऑफ डायरेक्ट टैक्सेस (सीबीडीटी) ने ई-र...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 804

Posted Date : 04-Mar-2014 , 06:11:41 pm | Posted By Ankur Kumar Gupta

INTRODUCTION   On retirement, an employee normally receives certain retirement benefits. Such benefits are taxable under the head ‘Salaries’ as “profits in lieu of Salaries” as provided in section 17(3). However, in respect of some of them, exemption from taxation is g...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 548

Posted Date : 17-Feb-2014 , 05:47:11 am | Posted By Smit Shah

Accounting and Tax Implication on conversion of Private Company to LLP   Before starting with anything we shall have the Overview of LLP its Enactment, features, Constitution etc.   Background of LLP:   LLP as a structure is not new in the International Scenario .Most western ec...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1484

Posted Date : 14-Feb-2014 , 08:16:15 am | Posted By Vimmi

Here are some tips for tax planning if you are looking for tax saving instrument.   ► Calculate what is the exact amount still pending for investment to get the benefit u/s 80-C. If you are not sure then, consult your C.A. or Tax Consultant. You can also consult Financial Plan...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1358

Posted Date : 21-Jan-2014 , 11:55:19 am | Posted By Surendra Kumar Dash

TDS related forms and rules regarding digital signature of TDS return has been changed through INCOME-TAX (SECOND AMENDMENT) RULES, 2013 – AMENDMENT IN RULES 31A & 31AA; SUBSTITUTION OF RULES 31ACB, 37J and FORM NOS.15G, 15H, 16, 16A, 24Q, 26Q, 27C, 27D, 27Q & 27EQ and INSERTION OF FOR...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 266

Posted Date : 16-Jan-2014 , 01:47:24 pm | Posted By CA Ramesh K Chhajer

 CA FINAL RESULT ANALYSIS Exam Group I Group II Both Group   Appear Passed Pass % Appear Passed Pass % Appear ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 466

Posted Date : 15-Jan-2014 , 03:58:14 pm | Posted By Surendra Kumar Dash

TDS & TCS RATES CHART FOR A.Y.2014-15 OR F.Y.2013-14   A. TDS Rate Chart for A.Y. 2014-15 on Payments other than Salary and Wages  Section No. Nature of Payment Threshold Total Payment During the Year Payme...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1319

Posted Date : 10-Jan-2014 , 08:50:06 am | Posted By Surendra Kumar Dash

Section 10 of the I.T. Act provides for certain categories of payments to be exempt from taxation, either wholly or partly. Such payments are not to be included under the head ‘salary’ for computing the tax deductible. Some of these are listed below and are discussed in detail in Chapter...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 829

Posted Date : 07-Jan-2014 , 11:20:23 pm | Posted By Ankur Agarwal

AO made an addition u/s 68 in respect of cash deposited in bank account considering it to be unexplained. Hon’ble ITAT observed that the assessee had received sale proceeds of shares of ONGC on two occasions which were deposited in a bank account.   On the very next of the said sale pr...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 585