Posted Date : 10-Jun-2013 , 09:58:05 pm | Posted By Vimmi

A Hindu Undivided Family (HUF) offers specific advantages as far as taxation is concerned. The Income Tax Act and Wealth Tax Act recognise the HUF as an independent assessable or taxable entity. Hence, HUFs enjoy all deductions and exemptions under the IT Act independen...

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Category : Income Tax | Comments : 1 | Hits : 1140

Posted Date : 10-Jun-2013 , 04:07:35 pm | Posted By Parthik Dikshit

TDS ON PURCHASE OF IMMOVABLE PROPERTY (SECTION 194 IA) 1.       Section has been inserted w.e.f. 01.06.2013. 2.       Deductor & Deductee: Any person (being a transferee) responsible for paying (other than person referred to in sectio...

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Category : Income Tax | Comments : 0 | Hits : 6026

Posted Date : 09-Jun-2013 , 03:22:37 pm | Posted By Vinay Sharma

TDS On Purchase Of Immovable Property   Any person purchasing immovable property (other than rural agricultural land) of Rs. 50 Lac or more is Required to deduct tax @ 1% from the payment made to seller.   Responsibility of the Purchaser of the Immovable Property Step 1  &nbs...

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Category : Income Tax | Comments : 0 | Hits : 1905

Posted Date : 09-Jun-2013 , 01:21:51 pm | Posted By Vinay Sharma

Here is the list of amendments to income tax rules 1962 in a summarized way.  Income-tax (Sixth Amendment) Rules, 2012 inserted rule 10AB prescribing other method for determining arm’s length price.   Income-tax (Seventh Amendment) Rules, 2012 provided new return forms I...

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Category : Income Tax | Comments : 0 | Hits : 241

Posted Date : 08-Jun-2013 , 01:37:28 pm | Posted By Parthik Dikshit

QUERY:-CAN TWO PARTNERSHIP FIRM TRANSFER ASSETES TO EACH OTHER WHICH ARE CARRING ON DIFFERENT BUSSINESS WITH THE SAME PARTNERS HAVING SAME PROFIT SHARING RATIO IN THE BOTH THE FIRM? ABOVE ISSUE WILL BE DEALT UNDER TWO POSITIONS:- (1)    POSITION UNDER LAWS OTHER THAN INCOME TAX ACT ...

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Category : Income Tax | Comments : 0 | Hits : 223

Posted Date : 07-Jun-2013 , 06:02:33 pm | Posted By Vinay Sharma

Deduction Of Tax At Source From Salary   1.Who is responsible to deduct tax at source in case of income from Salary Any person responsible for paying any income chargeable under the head “Salaries” is required to deduct tax on the amount payable. For this purpose the following a...

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Category : Income Tax | Comments : 1 | Hits : 899

Posted Date : 06-Jun-2013 , 04:01:32 pm | Posted By Gaurav Dhamija

  AIT-2013-05-ITATSri Lakhan Singh Vs. ACIT, Bangalore even if a claim is not made before the assessing officer, it can be made before the appellate authorities. AIT-2013-21-ITATM/s. L.G.Electronics India Private Limited Vs. ACIT, Noida Special Bench-the transfer pricing adj...

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Category : Income Tax | Comments : 0 | Hits : 328

Posted Date : 05-Jun-2013 , 01:01:08 pm | Posted By Vinay Sharma

DOS Use challan type 281 for deposit of TDS/TCS amount. Deductor should quote correct TAN, full name, address and current A.Y. on each challan. Deductor should use separate challan for different nature of payments quoting correct nature o...

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Category : Income Tax | Comments : 0 | Hits : 518

Posted Date : 05-Jun-2013 , 09:52:43 am | Posted By Gaurav Dhamija

As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% shoul...

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Category : Income Tax | Comments : 0 | Hits : 1771

Posted Date : 04-Jun-2013 , 11:29:35 am | Posted By Vinay Sharma

Due Date Obligations Form Name For the Period 15th May, 2013 (Wednesday) TDS on salaries/perquisites in Form 24Q, TDS on other payments in Form 26Q, TDS on interest, dividends, etc. paid to non-residents in Form 27Q, TCS in Form 27EQ, 24Q, 26Q, 27Q, 27EQ...

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Category : Income Tax | Comments : 1 | Hits : 3703

Posted Date : 04-Jun-2013 , 10:07:32 am | Posted By Gaurav Dhamija

Provisions Related to TDS Payment and Furnishing of TDS Certificate   1. Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made. 2. TDS payment U/s. 194-IA  shall ...

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Category : Income Tax | Comments : 0 | Hits : 4681

Posted Date : 03-Jun-2013 , 04:47:16 pm | Posted By CA Pardeep Chanana

In the Chart given below I have compiled the TDS / TCS  rates as applicable for Assessment year (AY) 2014-15 or Financial Year (FY) 2013-14.  In this Year Government has made TDS applicable on Compensation / Consideration on transfer of certain immov...

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Category : Income Tax | Comments : 0 | Hits : 556

Posted Date : 31-May-2013 , 12:06:00 pm | Posted By Gaurav Dhamija

  PENALTY FOR OFFENCES BY DIRECTOR ETC. OF COMPANY  Position prior to Finance Act, 2013 (Prior to 10.05.2013)  None of the aforementioned provisions provide for personal penalty on partners / proprietor of the firm. However, section 77 talks of any person but su...

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Category : Income Tax | Comments : 0 | Hits : 437

Posted Date : 30-May-2013 , 02:55:17 pm | Posted By Gaurav Dhamija

S 2(15):Charitable purpose-Trade business or commerce-Public utility-Activity of evolving, prescribing, standards Activities cannot be termed as business activity-Exemption was granted. (S.10) (23C).The Bureau of Indian Standards (BIS), a sovereign entity created under the Bureau of Indian Standar...

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Category : Income Tax | Comments : 0 | Hits : 287

Posted Date : 30-May-2013 , 02:38:04 pm | Posted By Gaurav Dhamija

Tax related updates In budgets   ü  Good news for home loan takers. People taking a home loan in 2013-14 for an amount up to Rs 25 lakh will be allowed an additional deduction of Rs 1 lakh. ü  Budget 2013: Home loan borrowers allowed additional deduction of Rs 1 lakh. ...

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Category : Income Tax | Comments : 0 | Hits : 207

Posted Date : 29-May-2013 , 05:02:41 pm | Posted By Rohit Gattani

Ø  Positive thinking is a mental attitude that anticipates happiness, success and favorable outcomes in every situation or action you do. Ø   The thoughts get registered in your subconscious mind and you start taking action to create favorable change.   Ø&...

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Category : Income Tax | Comments : 0 | Hits : 662

Posted Date : 29-May-2013 , 03:54:06 pm | Posted By Gaurav Dhamija

  In case the House Rent Allowance (H.R.A.) is provided then there will be a tax savings (Please refer Valuation sheet for details). The above mentioned savings is mainly because of themethods Income tax act and Rules employs for valuation of taxability of H.R.A a...

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Category : Income Tax | Comments : 0 | Hits : 751

Posted Date : 28-May-2013 , 03:11:52 pm | Posted By Vinay Sharma

7 Ways Income Tax Department Is Getting information About You! The Income Tax Department is watching you silently! The detective camera on your action are the provisions under, The Income Tax Act under which data related to your financial transactions are reported by person with whom you transact...

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Category : Income Tax | Comments : 0 | Hits : 2100

Posted Date : 28-May-2013 , 08:25:02 am | Posted By Anjali Arora

A taxpayer can rectify his income tax return online if there is an apparent mistake in the return already filed. The change can be effected only after the taxpayer has received an order under Section 143(1) from CPC Bangalore for the e-return. Rectification enables correcting the error and...

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Category : Income Tax | Comments : 0 | Hits : 870

Posted Date : 24-May-2013 , 02:13:59 pm | Posted By Vimmi

Delays in income tax refunds, even after the stipulated number of months, are faced by many tax payers. Running from pillar to post at the income tax office, having to deal with impolite income tax officials become a part of the ordeal. At such times tax payers often feel helpless with absolutely no...

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Category : Income Tax | Comments : 1 | Hits : 1622