CBDT NOTIFIED ITR-3,ITR-4, ITR-5, ITR-6 & ITR-7 AY 2015-16

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
(CENTRAL BOARD OF DIRECT TAXES)
NEW DELHI
NOTIFICATION NO.  61/2015, Dated: July 29, 2015
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Lesson 52 - Reverse Charge with Service Tax Percentage in Tally.ERP9

Reverse Charge with Taxable Percentage 

Through This tutorial you can learn about Reverse Charge entry in Tally.ERP9 and enable to compute tax liability on reverse charge service tax.

Example: On 23-11-2012 ABC Company availed building renovation services worth Rs.5,00,000 from R.B.Co. Taxable Percentage of the service is 60% and tax liability of the service provider is 50%.
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DVAT - Filing of Online Return for 1st Qtr 2015-16

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI
DEPARTMENT OF TRADE AND TAXES
(POLICY BRANCH)
VYAPAR BHAWAN, I.P. ESTATE,
NEW DELHI-110 002 
 
Circular No. 16 of 2015-16
Dated : 27.07.2015
 
SUBJECT : FILING OF ONLINE RETURN FOR 1ST QUARTER OF 2015-16 - EXTENSION OF PERIOD THEREOF. 
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Extension of Due Date of Filing of Return of Wealth for AY 2015-16

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
NEW DELHI 
Dated : 27th July, 2015
To 
All Pr. Chief Commissioners of Income Tax 
SUBJECT : EXTENSION OF DUE DATE OF FILLING RETURN OF WEALTH FOR A.Y. 2015-16 - CLARIFICATION.
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Service tax is not leviable under reverse charge mechanism for use of CRS/GDS

Recently, the Delhi CESTAT in the case of M/s Continental Airlines Inc. v Commissioner of Service tax, New Delhi 2015-TIOL-1481-CESTAT-DEL, has held that Service tax shall not liable in respect of the payments made to CRS/GDS under reverse charge mechanism and airport taxes collected by the Appellant from the airports.
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Benefits of Filing your Income Tax Return on time

Under Income Tax Act if your total income exceeds the basic exemption limit: You have to file the Income Tax Return within the prescribed time, i.e. by the due date.
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Free Download Form 6 to declare black money E-Filing ITR Portal

Recently, CBDT has issued a notification dated 02.07.2015 regarding the e-filing Form 6 under sub-sections (1) and (2) of section 85 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Board of Direct Taxes with the approval of the Central Government. 
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Best Practice to deal with an Income Tax notice

Any communication from the Income Tax department, especially receiving a notice from them, can send shivers down anyone's spine. However, there are chances that it might only be a routine enquiry or a request for simple clarification.
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What to do if you have failed to pay advance tax?

The income tax return filing season in on. The government believes in the philosophy of “Pay as your earn.” This objective is achieved through two pronged strategy. The first strategy is to ensure that the income is paid to the recipient after deduction of tax at the time of payment of the income. Which is implemented through tax deduction at source(TDS) or tax collected at source (TCS). For the remainders who are not fully covered under the first strategy, the government uses the second strategy of making them to discharge their tax liability by way of payment of advance tax as and when they are earning.
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New Scrutiny Norms for Service Tax Returns


The Board vide Circular No. 113/07/2009-ST had laid down the procedure for carrying out detailed scrutiny of Service Tax Returns (ST-3) and had circulated a return scrutiny manual for Service Tax.
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