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Articles Category : Income Tax
SECTION 115JB OF THE INCOME TAX ACT
Posted Date : 20-Apr-2016 , 02:36:51 pm | Posted By Manshi Baid

SECTION 115JB OF INCOME TAX ACT, 1961   SPECIAL PROVISION FOR PAYMENT OF TAX BY CERTAIN COMPANIES - (AFTER BUDGET 2016)   This section is nothing but the Minimum Tax that a company is required to pay. This section provides that in case the tax payable by a company is less than 18.5 ...

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

Tax Ready Reckoner for Investments - FY: 2015-16:
Posted Date : 26-Mar-2016 , 04:20:31 pm | Posted By CA GOURAV MURARKA

Tax Ready Reckoner for Investments - FY: 2015-16:   EQUITY: Stocks:   1. If you hold on to them for a year, the long-term capital gain is tax free 2. Short-term capital gain is taxed at 15% 3. Dividends are tax free   DEBT FIXED INCOME INSTRUMENTS: Savings a/c:   1. I...

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Category : Income Tax | Comments : 0 | Hits : 1070

Detail Analysis of Section 44AD of Income Tax Act, 1961
Posted Date : 11-Feb-2016 , 05:33:40 pm | Posted By Darshan Jain

1. 44AD(1) is reporoduced as under: Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the...

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Category : Income Tax | Comments : 0 | Hits : 2828

Best practices one can follow to protect one’s tax and financial information over internet, suggestions by IRS (USA)
Posted Date : 11-Jan-2016 , 11:59:42 am | Posted By Meetesh Shiroya

Internal Revenue Service’s (IRS); incometax efiling portal of United States (https://www.irs.gov) have suggested some best practices one can follow to protect one’s tax and financial information. The suggestions are very much relevant for all similar incometax online portals including in...

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Category : Income Tax | Comments : 0 | Hits : 558

declaration format to be furnished by the payee under section 194C(6)
Posted Date : 10-Dec-2015 , 01:46:24 pm | Posted By Pardeep Garg

“DECLARATION UNDER SECTION 194C(6) OF THE INCOME-TAX ACT, 1961 No………(To be provided by payee)                              &nb...

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Category : Income Tax | Comments : 0 | Hits : 1245

SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS
Posted Date : 07-Dec-2015 , 06:01:43 pm | Posted By Manshi Baid

Section 44AD of the Income Tax Act, 1961 - SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS   This section provides that ELIGIBLE ASSESSEES can in respect of ELIGIBLE BUSINESS can declare 8% or more of the Total turnover or gross receipts on account o...

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Category : Income Tax | Comments : 0 | Hits : 1844

Principles and Procedures of Assessment u/s 153C dealt comprehensively by Delhi High Court
Posted Date : 05-Nov-2015 , 01:37:34 am | Posted By VINAMAR GUPTA

Delhi High Court in Judgment delivered in the case of RRJ Securities Ltd. ITA 164/2015 dated 30-10-2015, has dealt comprehensively the principles and procedure of framing assessment u/s 153C. Relevant provisions of Section 153C are as under: Notwithstanding anything contained in section 139...

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Category : Income Tax | Comments : 0 | Hits : 569

All about Capital Market Tax
Posted Date : 02-Nov-2015 , 12:57:29 pm | Posted By Gautam Gupta

Taxation for Capital Market                                                                              ...

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Category : Income Tax | Comments : 0 | Hits : 828

Key Point and Analysis of Final Rules on ‘Range Concept’ and ‘Multiple year data’ in Transfer Pricing provisions
Posted Date : 29-Oct-2015 , 11:34:09 am | Posted By RAGHAV GUPTA

Key Point and Analysis of Final Rules on ‘Range Concept’ and ‘Multiple year data’ in Transfer Pricing provisions   Introduction The Income-tax Act provides for determination of income having regard to Arm’s Length Price (ALP) in case of international transa...

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Category : Income Tax | Comments : 0 | Hits : 749

Law relating to deductibility of expenses in Contractual and Statutory liability disputes dealt at length by the Special Bench of ITAT
Posted Date : 23-Oct-2015 , 04:05:29 pm | Posted By VINAMAR GUPTA

Special Bench presided by ITAT President Mr. DD Sud in the case of National Agriculture Co-operative ITA  1999 & 2000/Del/2008 pronounced on 16-10-2015 has touched and dealt at length the issues of deductibility of expenses in case of Contractual and Statutory liability disputes with the ai...

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Category : Income Tax | Comments : 0 | Hits : 365

All About HUF
Posted Date : 15-Oct-2015 , 05:45:47 pm | Posted By Manan Gupta

All About HUF Meaning;   What is an HUF? As the name suggests, an HUF is a family of Hindus. However, even Buddhists, Jains and Sikhs are regarded as Hindus, and can, therefore, set up HUFs. The concept of an HUF has basically evolved from ancient Hindu law. There are two scho...

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Category : Income Tax | Comments : 0 | Hits : 954

Complete Solutions for 15CA & 15CB form
Posted Date : 05-Oct-2015 , 03:35:08 pm | Posted By Manan Gupta

Firstly to understand the provisions & needs of Form 15CA & 15CB, we have to understand the income Tax  Act & Rules made behind the compliances and transactions required the compliances of Form 15CA & 15CB.  Section 195(6)of Income Tax Act-  The person responsible f...

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Category : Income Tax | Comments : 2 | Hits : 2602

Reporting Financial Institution and their procedure
Posted Date : 25-Sep-2015 , 12:25:39 pm | Posted By Gautam Gupta

Reporting Financial Institution and their registration under income tax Act, 1961 and submission of form 61B Chapter-1   According to the amended provisions of Section 285BA(1)(k)of the Income Tax Act, 1961, some prescribed reporting financial institutions need to furnish a statement of finan...

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Category : Income Tax | Comments : 0 | Hits : 395

MISTAKES TO BE AVOIDED WHILE FILING AN INCOME TAX RETURN
Posted Date : 07-Sep-2015 , 01:24:34 pm | Posted By Ankit Gupta

1. Forget Sending ITR V to Income Tax Department Every Tax Payer is required to send a duly signed copy of ITR V form to Income Tax department within 120 days of e filing an Income Tax Return at “Income Tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Banglore – ...

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Category : Income Tax | Comments : 0 | Hits : 1163

Assessment/ Reassessments Time Limitations under Income Tax Act, 1961
Posted Date : 27-Aug-2015 , 12:10:28 am | Posted By GOVIND NARAYAN SHARMA

          TIME LIMITS FOR ISSUANCE OF NOTICES, ORDERS UNDER DIFFERENT SECTIONS OF INCOME TAX ACT, 1961           Income Tax Act, 1961 contains different time limits for i...

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Category : Income Tax | Comments : 0 | Hits : 2219

Advisory from CPC (TDS) regarding spurious emails
Posted Date : 25-Aug-2015 , 03:39:45 pm | Posted By Simran Singh

CPC (TDS) has released an advisory communication to all deductors and taxpayers regarding spurious email. CPC (TDS) has advised them to maintain strong Password for User account at TRACES and must not share the User ID / Password with any unauthorized user. The released communication has been giv...

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Category : Income Tax | Comments : 0 | Hits : 729

INCOME TAX DEPARTMENT ADVISORY FOR RETURNS, REFUNDS
Posted Date : 14-Aug-2015 , 08:04:22 am | Posted By Vimmi

Dear Taxpayer, Greetings from Centralized Processing Center (CPC) - Bangalore. As the due date for filing the Income Tax Return for Assessment year 2015-16 is approaching, please find below certain important points which will be helpful in submitting a correct return and its processing at CPC, Ban...

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Category : Income Tax | Comments : 0 | Hits : 3004

7 Useful Tips for ITR Filers
Posted Date : 06-Aug-2015 , 06:29:14 pm | Posted By Vikas Pathre

So! I guess most of us, specially who are not professionals, would be busy in searching over net the available deductions and instructions to file ITRs. Apart from a duty to contribute to the development of nation in form of taxes and filing ITRs, it is also necessary to claim refund of taxes...

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

INTEREST INCOME ON TAX REFUNDS
Posted Date : 01-Aug-2015 , 08:08:03 pm | Posted By Soniya

An Assessee is eligible to claim refund of the excess tax paid by him. Tax could be paid in the form of advance tax or tax deducted/collected at source or self - assessment tax or payment of tax on regular assessment.   To claim refund, an assessee need to E - file Return of Income submitting...

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Category : Income Tax | Comments : 0 | Hits : 569

BASIC COMPONENTS OF SALARY AND ITS TAXATION
Posted Date : 26-Jul-2015 , 11:39:33 am | Posted By Soniya

CTC is cost to company and the components are Basic +HRA +CONVEYANCE +MOBILE REIMBURSHMENT +MEDICAL reimbursement +All allowances +LTA +employer contribution of PF +Employer Contribution towards ESI +Total variable incentives +Perks & benefits + Insurance Premium (in case of Group insurance) Ba...

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Category : Income Tax | Comments : 0 | Hits : 877

ALL ABOUT INCOME TAX FORM 16 FOR SALARIED EMPLOYEE
Posted Date : 23-Jul-2015 , 10:11:04 pm | Posted By Soniya

What is Form 16:- If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. Therefore Form 16 is a certificate issued to you by your employer stating the Personal details of the Employee including Name, Permanent Account Number (PAN) etc , &nb...

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Category : Income Tax | Comments : 1 | Hits : 1241

INCOME FROM MUTUAL FUNDS
Posted Date : 21-Jul-2015 , 04:11:30 pm | Posted By Soniya

Income from MFs could take two forms—dividends and capital gains, The entire income received in respect of units of a Mutual Fund, registered with the Securities & Exchange Board of India, will be exempt from income-tax in accordance with the provisions of Section 10(23D) of the Income-ta...

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Category : Income Tax | Comments : 0 | Hits : 306

Some unusual ways of saving Income Tax in India not known to many people
Posted Date : 21-Jul-2015 , 04:10:24 pm | Posted By Soniya

Some unusual ways of saving Income Tax in India not known to many people is here under:   HUF CREATION: HUF is considered as a separate entity which has its own PAN No and is therefore taxed separately. This helps to separate tax obligations of an individual from that of his family. Tax slabs...

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Category : Income Tax | Comments : 0 | Hits : 1682

HOW TO FILE INCOME TAX RETURN ONLINE
Posted Date : 21-Jul-2015 , 04:02:31 pm | Posted By Soniya

To file Income tax return or to View your tax credit statement in Form 26AS   you need to register yourself on the Income tax website https://incometaxindiaefiling.gov.in/   Now the Steps for filling online return are hereunder:   Step 1: Open the Income Tax portal https://i...

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Category : Income Tax | Comments : 0 | Hits : 659

POINTS TO BE CONSIDERED BY TAXPAYER BEFORE FILING AN INCOME TAX RETURN
Posted Date : 14-Jul-2015 , 01:21:11 pm | Posted By Ankit Gupta

POINTS TO BE CONSIDERED BY TAXPAYER BEFORE FILING AN INCOME TAX RETURN      1. Due Date of Filing of Income Tax Return is proposed to be extended to 31 August ‘2015 in respect of Assessment Year 2015-2016.    2.The maximum amount of deduction available ...

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Category : Income Tax | Comments : 0 | Hits : 1397

Taxation of Long Term Capital Gain Arising from Transfer of Listed shares
Posted Date : 28-Jun-2015 , 01:41:24 am | Posted By Ratan Nagraj

If listed Long term shares  have been sold on Recognised Stock Exchange and if on sale Transaction  STT have been paid then Long term capital gain shall be exempt from Capita Gain Tax u/s 10(38) and short term capital gain shall be taxable at the rate of 15 % u/s 111A of Income Tax Ac...

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Category : Income Tax | Comments : 0 | Hits : 442

USES OF NEW ITR FORM 1,2,2A & 4S
Posted Date : 24-Jun-2015 , 11:31:10 am | Posted By Ankit Gupta

ITR FORM NO.                 WHO CAN USE THIS RETURN FORM           WHO CANNOT USE THIS RETURN FORM    ITR-1 SAHAJ This Return Form is to be used by an indi...

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Category : Income Tax | Comments : 0 | Hits : 997

Verification of ITR with Aadhar card introduced
Posted Date : 22-Jun-2015 , 04:32:28 pm | Posted By Soniya

Till now upon E - filing of Income Tax return, we use to send the acknowledgement copy to CPC Bangalore within 120 days by speed or registered post, many a times the acknowledgement copy of ITR does not reach the CPC Bangalore & people used to get messages that their acknowledgement has not reac...

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Category : Income Tax | Comments : 0 | Hits : 1127

Long Term Capital Loss from Shares and Mutual Funds: Set off allowable
Posted Date : 21-Jun-2015 , 10:54:52 am | Posted By CA Jai Kishan

Long Term Capital Loss from Shares and Mutual Funds: Set off allowable                                       &nbs...

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Category : Income Tax | Comments : 0 | Hits : 543

Sukanya Samriddhi Savings Account - ‘Beti Bachao Beti Padhao’
Posted Date : 15-Jun-2015 , 02:01:33 pm | Posted By Rakesh Kumar

Sukanya Samriddhi Savings Account Scheme is meant for long term savings for Girl Children to meet out their Education and Marriage expenses Sukanya Samriddhi Savings Account (Sukanya Samridhi Yojna) launched by Govt recently has received very good response as PM Mr.Narendra Modi gave p...

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Category : Income Tax | Comments : 0 | Hits : 563

 
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