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Articles Category : Income Tax
SECTION 194C (IMPORTANT)
Posted Date : 07-Jan-2014 , 12:31:13 pm | Posted By Surendra Kumar Dash

TDS on Contracts (Sec 194C):   When is it Applicable? (Applicability) ·         Any Person who is responsible to pay sum of amount to a Resident Contractor for carrying out any sort of work which is in the nature of Contract, &middo...

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Category : Income Tax | Comments : 1 | Hits : 1266

NOKIA CASE
Posted Date : 05-Jan-2014 , 08:27:54 am | Posted By Surendra Kumar Dash

NOKIA TAX CASE The Income Tax department on Friday moved the Delhi High Court seeking "directions/clarifications" of the December 12 order by which the assets of mobile phone handset maker Nokia in India were defreezed.   A bench, headed by Justice S Ravindra Bhat, posted the plea ...

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Category : Income Tax | Comments : 0 | Hits : 246

DEDUCTION U/S 80D FOR INDIVIDUALS AND HUF
Posted Date : 04-Jan-2014 , 11:34:42 am | Posted By CA Ramesh K Chhajer

Deduction in respect of Medical Insurance Premium (Mediclaim) paid to keep in force insurance by individual either on his own health or on the health of spouse, dependent parents and children or HUF on the health of any members of the family. A Mediclaim policy is a must because should you fall sick...

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Category : Income Tax | Comments : 0 | Hits : 273

Taxpayers did not get incometax refunds ? how you can tackle a delay in tax refunds
Posted Date : 03-Jan-2014 , 09:54:17 pm | Posted By Vimmi

Many taxpayers, who have filed their returns and sent across their verification form in June or July, usually get the acknowledgement and refunds around this time of the year. However, quite often, many taxpayers complain that they did not get the intimation of the receipt of their ITR-V (verificati...

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Category : Income Tax | Comments : 1 | Hits : 1105

How to Start Your Own Ngo in India
Posted Date : 01-Jan-2014 , 01:25:36 pm | Posted By Dulichand Kushwaha

So many people want to quit their high profile jobs and turn to social work! If you are one of them, you should know that setting up an organization, such as an NGO, in India is no easy task. But if you’re determined, there’s help at hand.   NGOs are organizations that usually w...

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Category : Income Tax | Comments : 0 | Hits : 817

NRI's guide to renting out property in India
Posted Date : 31-Dec-2013 , 04:29:35 pm | Posted By Dulichand Kushwaha

Property is a favourite Indian asset class and one of the main reasons for this is its ability to generate regular cashflows through rent. In this column, we will look at the various aspects involved when an NRI rents out a property in India. The definition of NRI for the purposes of repatriation wi...

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Category : Income Tax | Comments : 0 | Hits : 125

REBATE TO INDIVIDUAL TAX PAYER W.E.F. 01.04.2013
Posted Date : 30-Dec-2013 , 01:08:36 pm | Posted By Surendra Kumar Dash

REBATE TO INDIVIDUAL TAX PAYER W.E.F. 01.04.2013       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/-....

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Category : Income Tax | Comments : 0 | Hits : 282

Buy home to reduce Income Tax burden
Posted Date : 28-Dec-2013 , 11:04:09 am | Posted By Dulichand Kushwaha

As the financial year comes to an end, it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, interest paid up to Rs 1.5 lakhs per annum on a home loan can be set-off from sa...

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Category : Income Tax | Comments : 0 | Hits : 180

Cost Inflation Index meaning and Index from 1981-82
Posted Date : 28-Dec-2013 , 10:59:58 am | Posted By Dulichand Kushwaha

What is Cost Inflation Index (CII)?   It is a measure of inflation that finds application in tax law, when computing long-term capital gains on sale of assets. Section 48 of the Income-Tax Act defines the index as what is notified by the Central Government every year, having regard ...

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Category : Income Tax | Comments : 0 | Hits : 379

House Rent Allowance (HRA) taxability, working / calculation
Posted Date : 28-Dec-2013 , 10:58:24 am | Posted By Dulichand Kushwaha

Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.The Income Tax Act allows for d...

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Category : Income Tax | Comments : 1 | Hits : 895

Disallowance under section 40A(2)
Posted Date : 26-Dec-2013 , 12:27:46 pm | Posted By RAHUL SATIJA

Expenses or Payments disallowed under section 40A (2) The provision of section 40A(2)(a) disallows the expenditure incurred towards payment made or to be made to a person (related party) to the extent such expenditure is excessive or unreasonable having regard to the fair market value of goods, s...

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Category : Income Tax | Comments : 0 | Hits : 578

Correct your E-tds return online on tdscpc.gov.in-traces website.
Posted Date : 25-Dec-2013 , 01:25:22 pm | Posted By CA GOURAV MURARKA

Correct your E-tds return online on tdscpc.gov.in-traces website:   Good news for all deductors , TDSCPC (traces) website has enabled the online correction of tds returns on its website . This is a welcome step taken by Income tax department. Deductors can correct their e-tds return filed ear...

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Category : Income Tax | Comments : 1 | Hits : 1440

No taxing affair: Applying for a PAN card online
Posted Date : 17-Dec-2013 , 11:14:01 am | Posted By Vimmi

The Permanent Account Number (PAN) card comes in handy for a variety of identification purposes. Here are the steps involved in applying for it online.   Visit the website of the Income Tax Pan Services Unit — https://tin.tin.nsdl.com/pan/.   This is the home page of the Income T...

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Category : Income Tax | Comments : 0 | Hits : 580

Nine reasons for getting an income tax notice
Posted Date : 16-Dec-2013 , 08:48:50 am | Posted By Anita Arora

The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details. This sudden rise in the number of tax notices is not because people h...

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Category : Income Tax | Comments : 0 | Hits : 944

Withholding Tax- Recent Procedural Developments
Posted Date : 13-Dec-2013 , 07:26:11 pm | Posted By May I Help You.

Article by: CA. Abhishek Nagori Section 195 [(6) states that “The person referred to in sub-section (1) shall furnish the information relating to payment of any sum in such form and manner as may be prescribed by the Board.”. Under this Section CBDT notified Rule 37 BB (Form 15CA and ...

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Category : Income Tax | Comments : 2 | Hits : 1149

Guide to handling notices by the income tax department
Posted Date : 04-Dec-2013 , 07:24:07 pm | Posted By Anjali Arora

Have you been served a notice by the income tax department of late? If yes, don't be surprised, for if tax consultants are to be believed, there has been a spike in the number of notices being served on income tax assessees. The reason is improved monitoring due to stricter know-your-custo...

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Category : Income Tax | Comments : 1 | Hits : 4065

Tax Deduction on purchase of Immoveable Property
Posted Date : 03-Dec-2013 , 04:57:36 pm | Posted By Prateek Manocha

This provision is applicable on transfer of immoveable property of Rs. 50 lacs or more. It requires TDS to be deducted at 1% of the price being paid by the purchaser of an immoveable property, irrespective of quantum of capital gains. If the seller does not have/provide a PAN, the rate of TDS would ...

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Category : Income Tax | Comments : 0 | Hits : 754

All About the TDS (Tax Deduction at Source)
Posted Date : 25-Nov-2013 , 09:34:56 pm | Posted By Anjali Arora

Overview of TDS  TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar t...

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

Procedure to Download TDS Certificate in form 16B
Posted Date : 29-Oct-2013 , 11:56:26 am | Posted By Vimmi

1. Login to : https://www.tdscpc.gov.in/en/deductor-home.html 2. Click on Register New User and you will be asked to provide basic details such as your PAN Date of Birth Last, Middle and First Name and would also be required to further validate details of either tax deducted (option 1...

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Category : Income Tax | Comments : 0 | Hits : 677

Cases where Loan & Advances = Deemed Dividend
Posted Date : 18-Oct-2013 , 02:37:30 pm | Posted By RAHUL SATIJA

Loans & Advances by Closely Held Company Deemed as Dividend – Section 2(22)(e)   “Dividend” includes‑   Any payment by a closely held company (i.e. Private Limited Company) of any sum by way of advance or loan to:   A.  a shareholder b...

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Category : Income Tax | Comments : 0 | Hits : 349

Top CA Firms in Delhi for articleship 2013
Posted Date : 30-Aug-2013 , 10:26:55 pm | Posted By Lokesh Sethia

Top CA Firms in Delhi for articleship 2013 1. PWC Delhi NCR PricewaterhouseCoopers Pvt Ltd Building 10, Tower C DLF Cyber City Gurgaon, Haryana 122002 India Telephone: [91] (124) 330 6000 Telecopier: [91] (124) 330 6999 Delhi NCR Lovelock & Lewes/Price Waterhouse/Dalal & Shah Building 8, ...

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Category : Income Tax | Comments : 0 | Hits : 7836

How to save tax in HUF
Posted Date : 26-Aug-2013 , 04:37:15 pm | Posted By Keshav Kumar KC

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 slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into HUF. 4...

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Category : Income Tax | Comments : 1 | Hits : 1258

PROSECUTION AND INTEREST ON LATE DEPOSIT OF TDS
Posted Date : 23-Aug-2013 , 01:12:16 pm | Posted By CA GOURAV MURARKA

TDS under income tax is main source of tax collection by the Government. However many times the tax Deductors ,after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes o...

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Category : Income Tax | Comments : 0 | Hits : 971

Filing Of Income Tax Return Of Deceased Assessee
Posted Date : 18-Aug-2013 , 12:51:25 am | Posted By Vinay Sharma

It is said that the only sure things are death and taxes, but even death doesn’t save a person from having to pay taxes. Taxpayers are required to file an income tax return as per the law for any year in which a filing requirement exists.   Return filing for all assesses is necessar...

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Category : Income Tax | Comments : 0 | Hits : 2818

How HUF Can Save Tax
Posted Date : 16-Aug-2013 , 02:00:23 pm | Posted By Vinay Sharma

The HUF concept is not new in India, and is one of the best ways to save tax. Any married man from the Hindu, Jain, Sikh, or Buddhist community can form an HUF, and will act as the “Karta” or the head of this family. According to Indian law, an HUF will be considered as a separate entity...

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Category : Income Tax | Comments : 1 | Hits : 1600

7 Lessons Financial Planners Should Learn from Milkha Singh
Posted Date : 16-Aug-2013 , 01:54:24 pm | Posted By Vinay Sharma

“Bhaag Milkha Bhaag” a successful biopic film of the year has taught many things to the viewers. We need to give some time and thought to understand inspiration, motivation and messages movie is conveying to its audience. After watching this movie, I jotted down my thoughts to frame this...

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Category : Income Tax | Comments : 9 | Hits : 2192

Change in PAN Card Details: Things to know
Posted Date : 14-Aug-2013 , 01:59:48 pm | Posted By Vinay Sharma

The permanent account number (PAN) has to be quoted in the income tax returns and for various financial transactions, such as investments, and purchase/sale of property. As such it should be updated at all times. In case of an error in the photo or signature mismatch, the holder must ensure that a n...

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Category : Income Tax | Comments : 0 | Hits : 1572

know All About Provident Funds
Posted Date : 10-Aug-2013 , 12:18:40 pm | Posted By Vinay Sharma

know All About Provident Funds     Under Income Tax Act, 1961, contribution by employer and employee to the provident fund account enjoys certain tax benefits and some are taxable as well.   Provident Funds provides a compulsory contribution for the future of an employee aft...

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

Procedure for submitting Form 60/61 in place of PAN
Posted Date : 08-Aug-2013 , 12:13:29 pm | Posted By Vinay Sharma

At the time of entering into certain specified transactions, PAN Card No. is mandatorily required to be submitted. In case a person does not have a PAN Card No., he can submit a declaration in Form 60/Form 61.   Transactions where PAN No is mandatorily required to be furnished   As per...

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Category : Income Tax | Comments : 1 | Hits : 716

List of Cases / Returns Which will be Compulsorily Scrutinized by Income Tax
Posted Date : 07-Aug-2013 , 11:49:31 am | Posted By Vinay Sharma

List of Cases / Returns Which will be Compulsorily Scrutinized by Income Tax   The following categories of cases/returns shall be compulsorily scrutinized:— (a)   Cases where value of international transaction as defined u/s 92B of IT Act exceeds Rs. 15 crore...

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Category : Income Tax | Comments : 0 | Hits : 740

 
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