Posted Date : 04-Jun-2015 , 03:41:54 pm | Posted By Ankit Gupta

                                             HOW TO SAVE INCOME TAX ON SALARY The objective of this blog is to empower the employees with knowledge by providing Minimum Income Tax kno...

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Category : Income Tax | Comments : 0 | Hits : 1630

Posted Date : 30-May-2015 , 11:46:05 am | Posted By CA Vinod Kumar

S.No. Relevant Change Reference No. 1. Default Assessment under CST Act shall not be carried out by VATO’s in normal cases. Assessment shall be framed by system on the basis of information supplied in Form 09. In case of refunds assessment can be made by ask...

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Category : Income Tax | Comments : 0 | Hits : 1320

Posted Date : 27-May-2015 , 04:17:32 pm | Posted By Ankit Gupta

HOW TO CALCULATE INTEREST u/s 234 OF INCOME TAX ACT  Interest u/s 234A is the Interest for default for Furnishing Return of Income u/s 139(1) or 139(4) or Return filed in response to notice u/s 142(1).   1.- CONDITIONS FOR LEVY OF INTEREST u/s 234A a) Where Return of Income (ITR) is not...

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Category : Income Tax | Comments : 0 | Hits : 1291

Posted Date : 26-May-2015 , 11:20:35 am | Posted By Ankit Gupta

1.- Section 208 :- An assessee is liable to pay Advance Tax only if his ‘’Advance Tax’’ Liability is Rs.10,000 or more during the previous year. :- An individual whose age is 60 years or more at anytime during the previous year is not required to pay Advance Tax if his Total ...

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Category : Income Tax | Comments : 0 | Hits : 695

Posted Date : 09-May-2015 , 11:18:57 am | Posted By CA Kapil Goel

As per Section 194C, deduction of TDS is required to be made from payments of any amount to resident contractors or sub-contractors.   1. DEDUCTION OF TDS FROM PAYMENT TO RESIDENT CONTRACTORS :- Sec 194C(1) provides that any person responsible for paying any sum to resident contractor for ca...

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Category : Income Tax | Comments : 0 | Hits : 2232

Posted Date : 18-Apr-2015 , 10:08:33 am | Posted By CA GOURAV MURARKA

It is hereby informed that Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance vide its notification no. 995 (E) dated April 10, 2015, has amended the Rule 114(4) of Income-tax Rules, 1962 whereby certain additional documents have been prescribed as proof of Date of Birt...

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Category : Income Tax | Comments : 0 | Hits : 1769

Posted Date : 30-Mar-2015 , 09:02:00 am | Posted By CA Vinod Kumar

AN ATTEMPT TO SIMPLIFY E-I E-II SALES UNDER CENTRAL SALES TAX LAW   What is E-I E-II Sales:  Before starting this article is it is important to explain the meaning of E-I and E-II sales. As per CST law tax is levied at single point i.e. when the goods are sold from Haryana to Delhi then t...

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

Posted Date : 08-Mar-2015 , 07:28:40 pm | Posted By Vimmi

Judicial Rulings that prompted amendments by the Finance Bill, 2015   I. Section 32(1)(iia): Allowance of balance 50% additional depreciation Proposed Amendment It is proposed to amend Section 32(1)(iia) to provide that balance 50% of the additional depreciation on new plant or ma...

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Category : Income Tax | Comments : 1 | Hits : 568

Posted Date : 04-Mar-2015 , 07:13:13 pm | Posted By RATHI

BUDGET 2015 / FINANCE BILL 2015   Customarily, the Finance Minister submits before the Parliament the Finance Bill ( popularly known as Budget ) every year on 28th February and it is normally a very anxiously  awaited event throughout the Country as the common man as also the taxpayer co...

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Category : Income Tax | Comments : 0 | Hits : 300

Posted Date : 27-Feb-2015 , 03:27:34 pm | Posted By Hemant

TAXABILITY OF CHAOTIC INTEREST INCOMES FROM ACQUISITION OF LAND   LAND Acquisition Bill a most heated topic during the budget session of the year 2015. Central Government is in a hurry to pass the land acquisition bill to make it a complete legislation. However, the Anna’s new movement ag...

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Category : Income Tax | Comments : 0 | Hits : 705

Posted Date : 19-Feb-2015 , 08:07:24 am | Posted By May I Help You.

Your wait for the income tax refund cheque could get longer. The government, racing against time to meet its budgeted revenue targets, may decide to defer dispatching the tax refund amounts until next year.   This money retained in the state's coffers will only help show a less weak governmen...

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Category : Income Tax | Comments : 0 | Hits : 879

Posted Date : 11-Feb-2015 , 04:30:48 pm | Posted By Soniya

Interest under Section 234A of the Income-tax Act, 1961 is charged in case of default in furnishing return of income by an assessee. Calculation of Interest Amount of tax payable on the total income               &nbs...

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Category : Income Tax | Comments : 0 | Hits : 351

Posted Date : 08-Feb-2015 , 04:01:58 pm | Posted By Vimmi

  Section Type of payment Threshold limit TDS Rate 192 Payment of salary As per slab - 193 Interest on security 5000 10 194 Dividend –deemed div u/s 222(e) 2500 10 194A Interest...

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Category : Income Tax | Comments : 1 | Hits : 1096

Posted Date : 08-Feb-2015 , 03:55:11 pm | Posted By Vimmi

income tax slabs for A.Y. 2015-16 (F.Y. 2014-15): Income tax slabs for a.y. 2015-16 for individual (below age 60 years during previous year) or AOP, BOI, HUF, NRI, AJP  (for woman and man): Up to taxable income Rs. 250000 0 On taxable income exceeds Rs. 250000 but Does not exceed ...

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Category : Income Tax | Comments : 0 | Hits : 893

Posted Date : 30-Jan-2015 , 08:19:31 pm | Posted By Vimmi

कई बार ऐसा होता है कि पैन कार्ड छपी डिटेल्स मिटने लग&#...

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Category : Income Tax | Comments : 0 | Hits : 1636

Posted Date : 16-Jan-2015 , 05:25:42 pm | Posted By Soniya

Applicability: Company including LLP ( Limited Liability Partnership) ,  HUF  Individual including Salaried Person  Partnership firm An Association of persons or a body of Individuals, whether incorporated or not Local authority.   Non - Applicability: Loan or Deposi...

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Category : Income Tax | Comments : 0 | Hits : 799

Posted Date : 01-Jan-2015 , 09:20:53 pm | Posted By Shivashish Karnani

Hello to all colleagues and my dear friends. This is my first article which summarizes the provisions of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The article gives only the theoretical insights along with example for sound understanding of the provisions. In my next article will ...

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Category : Income Tax | Comments : 0 | Hits : 953

Posted Date : 19-Dec-2014 , 03:11:50 pm | Posted By Vimmi

Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act deals with allowance of deductions on contributions to provident funds. The following are the types of provident funds. Recognized Provident Fund (RPF): This scheme is applicable ...

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Category : Income Tax | Comments : 0 | Hits : 505

Posted Date : 17-Dec-2014 , 10:46:08 am | Posted By CA GOURAV MURARKA

Dear Sir/Madam, It is proposed to release new version of NSDL Return Preparation Utility (RPU) and File Validation Utility (FVU) incorporating the below features: Features of NSDL RPU · Allow update in field in Form no. 27Q “Whether TDS rate of TDS is IT act (a) and DTAA (b)&rdqu...

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Category : Income Tax | Comments : 0 | Hits : 838

Posted Date : 13-Dec-2014 , 10:07:45 am | Posted By Hemant

LACUNA IN SECTION 14A AND RULE 8D OF IT ACT 1961 Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue that’s why Section 14A was introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 ...

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Category : Income Tax | Comments : 0 | Hits : 551

Posted Date : 24-Oct-2014 , 09:54:51 pm | Posted By Abhishek Kumar

CHART SHOWING COMPUTATION  OF  “SALARY”  INCOME Relationship of employer and employee must exist to create salary income.               Only receipts from employer are taxable under this head. Receipt&nb...

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Posted Date : 24-Oct-2014 , 01:28:46 pm | Posted By Abhishek Kumar

                                                                Transfer Pricing Transfer Pricing Sometime an Indian company can associate ...

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Category : Income Tax | Comments : 0 | Hits : 441

Posted Date : 05-Oct-2014 , 07:01:00 pm | Posted By Manoj Lamba

 REVISION OF TAX AUDIT REPORT   The system of Tax Audit u/s 44AB has changed drastically in recent time. Particularly the change of manual filling to non filling and now from non filling to e filling has raised lot of questions and confusions in mind of Accountants. The Some of many concer...

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Category : Income Tax | Comments : 0 | Hits : 1216

Posted Date : 01-Oct-2014 , 03:15:46 pm | Posted By CA Akshay Joshi

Requirement for certificate of an accountant under Rule 37BB, or certificate in form 15CB as it is popularly known, originates from Section 195 (6) of Income Tax Act, 1961 (“the Act”) which requires a person making payment to a non resident to furnish information relating to such payment...

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Category : Income Tax | Comments : 0 | Hits : 508

Posted Date : 24-Sep-2014 , 11:24:15 am | Posted By CA Paras Dawar

Income Tax implications on conversion of a Company into LLP  The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hitherto were available to Private Companies in the erstwhile Companies Act, have to a large extent receded. ...

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Category : Income Tax | Comments : 0 | Hits : 461

Posted Date : 22-Sep-2014 , 01:07:34 pm | Posted By Deepanshu Bansal

IMPORTANCE OF FUNCTIONS, ASSETS AND RISK (“FAR”) ANALYSIS IN TRANSFER PRICING     Introduction   Transfer pricing has become the most significant source of litigation in India and is increasingly becoming a regular discussion point in the board room of large Indian and ...

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Posted Date : 17-Sep-2014 , 08:09:19 am | Posted By Vimmi

इनकम टैक्स विभाग ने पूरे चार्टर्ड अकाउंटेट्स की कì...

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Category : Income Tax | Comments : 0 | Hits : 2775

Posted Date : 12-Sep-2014 , 12:35:49 pm | Posted By CA Paras Dawar

Reassessment order u/s 147without first disposing off the preliminary objections raised by the assessee can not be sustained and is thus liable to be quashed   Supreme Court in GKN Driveshafts (India) Ltd. vs. ITO & Ors. (2003) 259 ITR 19 had devised the proc...

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Category : Income Tax | Comments : 0 | Hits : 333

Posted Date : 06-Sep-2014 , 11:52:26 am | Posted By CA Paras Dawar

Assessee Can Claim Reasons For Issue Of Notice U/S 148 Before Filing Of Return U/S 148.   Section 148 of the Income Tax Act, 1961 is possibly the most belligerent combat tank in the armory of Income Tax Department. This tank has been further strengthened by recent amendments by Finance A...

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Category : Income Tax | Comments : 0 | Hits : 421

Posted Date : 06-Sep-2014 , 11:51:25 am | Posted By CA Paras Dawar

Assessee claim deduction of Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously HRA exemption on rent paid (if he resides in property other than acquired). Further upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost of property...

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Category : Income Tax | Comments : 0 | Hits : 596