DEMAND U/S 143(1) BY INCOME TAX DEPARTMENT AND RECTIFICATION THEREOF U/S 154
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...
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Category : Income Tax |
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Proposed changes in Form 3CD (For Tax Audit Conducted under Section 44AB)
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...
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Category : Income Tax |
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Old vs. New Tax Audit Report - A Comparision
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...
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Category : Income Tax |
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Know TDS Filing Due Dates & Penalties for Non/Wrong Filing of TDS Returns
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;
&...
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Category : Income Tax |
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TDS Rates and Threshold Limit for Financial Year 2014-15
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 ...
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Category : Income Tax |
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Capital Gains on Property Development Agreements
Posted Date : 22-Jul-2014 , 08:05:09 pm | Posted By
ARUN GUPTA
PROPERTY DEVELOPMENT AGREEMENTS-CHARGEABILITY TO CAPITAL GAINS
&n...
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Category : Income Tax |
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SECTION 80EE ( New Section inserted in F.A.2013)
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 ...
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Category : Income Tax |
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Direct Tax updates: Recent Judgements - From the Courtroom
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...
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Category : Income Tax |
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New Section 87A
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...
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Category : Income Tax |
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Filing or Non -Filing of Income Tax Return u/s.139(1) and 139(1C)
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...
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Category : Income Tax |
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Some Gifts from non-relatives are tax-exempt
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...
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Category : Income Tax |
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Revised TDS returns to be accepted without Original Provisional receipts wef 01.06.2014
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...
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Category : Income Tax |
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High Court imposes costs of Rs. 50,000 on AO for filing frivolous appeal & wasting public money & judicial time
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...
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Category : Income Tax |
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Education Loan: Income Tax Deductions Under Section 80E
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...
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Category : Income Tax |
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Deductor can Adjust Excess TDS in Next Financial year :Major change in Etds return :FVU 4.00
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 ...
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Category : Income Tax |
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Salaried employee vs. consultant: Know the tax implications
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...
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Category : Income Tax |
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Negative List of Service Tax 2013-14
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 ...
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Category : Income Tax |
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Filling IT Return Yourseif
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.
...
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Category : Income Tax |
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Tax implications on giving or receiving Gifts
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...
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Category : Income Tax |
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“WEBSITE”-WHETHER CONSTITUTES A PERMANENT ESTABLISHMENT IN THE SOURCE COUNTRY
Posted Date : 16-Mar-2014 , 01:39:37 pm | Posted By
ARUN GUPTA
“WEBSITE”-WHETHER CONSTITUTES A PERMANENT ESTABLISHMENT IN THE SOURCE COUNTRY &...
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Category : Income Tax |
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salary
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...
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Category : Income Tax |
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ई-रिटर्न फाइल करने के लिए बताना हो
Posted Date : 09-Mar-2014 , 01:14:56 pm | Posted By
CA GOURAV MURARKA
सेंट्रल बोर्ड ऑफ डायरेक्ट टैक्सेस (सीबीडीटी) ने ई-र...
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Category : Income Tax |
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TAXABILITY OF BENEFITS
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...
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Category : Income Tax |
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Accounting and Tax Implication on conversion of Private Company to LLP
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...
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Category : Income Tax |
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Tax planning tips for FY 2013-14
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...
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Category : Income Tax |
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AMENDED FORMS UNDER NOTIFICATION 11/2013
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...
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Category : Income Tax |
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CA FINAL RESULT ANALYSIS OF LAST 23 ATTEMPTS
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
...
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Category : Income Tax |
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TDS & TCS RATES FOR A/Y.2014-15
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...
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Category : Income Tax |
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EXEMPTIONS FROM SALARY
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...
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Category : Income Tax |
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No addition can be made u/s 68 in respect of cash deposited in bank a/c out of earlier cash withdrawals.
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...
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Category : Income Tax |
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