CBDT releases ITR-1, ITR-2, ITR-2A & ITR 4S Return Preperation Software for AY 2015-16

RELEASE OF RETURN PREPARATION SOFTWARE 
Software for preparing ITR 1 & ITR 4S in Java, Excel & Online for AY 2015-16 are now available for e-Filing. ITR 1 & ITR 4S can also be filled and submitted online after logging to the e-Filing website. E-filing of ITRs 2 and 2A will be enabled shortly. 
Read Full Article »

Recent Changes in Reverse Charge Mechanism

NEW REVERSE CHARGE MECHANISM (W.E.F. 1.7.2012) 
Under new reverse charge mechanism w.e.f. 1-7-2012, the service receiver is liable to pay tax, without any benefit of threshold exemption alongwith service provider also liable for certain percentage on case to case basis (w.e.f. 1.7.2012 as per Notification No. 30/2012-ST dated 20.6.2012 as amended by Notifications No. 45/2012-ST dated 7.8.2012 and 10/2014-ST dated 11.7.2014 and Notification No. 7/2015-ST dated 1.3.2015).
Read Full Article »

What is Professional Tax In India and slab rate of Professional Tax

What is this professional tax in my salary slip? Does everyone pay this professional tax? Government takes income tax then why is this professional tax? Why there is no such professional tax in Delhi? 
Read Full Article »

Additional requirements/ details for filing of Income Tax Return of AY 2015-16

CBDT notify ITR forms for filing of income tax return for AY 2015-16. But all forms require some additional details for filing of Income Tax Return for AY 2015-16. Here is the details below:
Read Full Article »

FVU 4.7 and FVU 2.143 released by NSDL

The Income Tax Department has released the following new File Validation Utilities:
 FVU version 4.7 – For statement pertaining to FY 2010-11 onwards.
 FVU version 2.143 – For statements pertaining to FY 2007-08 to FY 2009-10.
Click here to view the key features of FVU version 4.7
Click here to view the key features of FVU version 2.143
Read Full Article »

Latest Key Changes in ITR Forms for AY 2015-16

I am sharing with you an important CBDTNotification No. 49 dated 22th June 2015 regarding CBDT notifies new IT return forms for AY 2015-16; ITR 1, ITR 2, ITR 2A and ITR 4S notified.
Read Full Article »

Acceptance Of Deposits By Companies Under Companies Act, 2013

Chapter V of the Act deals with the acceptance of deposits by companies.  For that purpose the Central Government, in consultation with Reserve Bank of India, makes the rule namely ‘The Companies (Acceptance of Deposits) Rule, 2014.  This rule came into effect from 01.04.2014
Read Full Article »

Income Tax Return Filing for Beginners

For a beginner, income tax return filing may seem like a big deal. If this is your first time at it, here's are some pointers to help you sail.
1. Should I file a Return?
The IT department requires that one must file an income tax return if their total income is more than Rs 2,50,000. This total income is essentially the sum of income earned from all sources - salary, interest income from the bank, any rental income etc. Also the Rs 2,50,000 is your gross income before reducing any Deductions. Non-filing of returns may attract some penalties from the IT department.
Read Full Article »

Taxability of Life Insurance Policy

As per section 10(10D), any amount received under a life insurance policy, including bonus is exempt from tax. However, following receipts would be subject to tax:
Read Full Article »

Income from sale of property subject to capital gains tax

I am a non-resident Indian (NRI) and want to purchase property in India. Later on, if I want to sell the property, how will this transaction be taxed? Is the way to save on long-term capital gains (LTCG) the same as that for a resident Indian?
Read Full Article »