Income Tax
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 profession…
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Income Tax
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 Retur…
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Tax Deducted at Source
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 2010-1…
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Income Tax
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, …
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Companies Act
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 Ban…
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Income Tax
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.…
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Income Tax
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 …
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Income Tax
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 tax…
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Service Tax
Pvt tuition class owners under service tax scanner
Private tuition and coaching classes in the city have come under the scanner of anti-evasion wing of service tax department of central excise and c…
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Service Tax
Recovery Of Service Tax Under Section 87 Of Finance Act,1994
Section 87 was inserted by the Finance Act, 2006 with effect from 18.04.2006. Section 87prescribes the procedure for the recovery of amount due to …
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Tax Deducted at Source
CBDT Lays Down Procedure For Launching Prosecution For TDS/ TCS Default
The CBDT has issued a document titled “ Standard Operating Procedure For Prosecution In Cases Of TDS/ TCS Default “. The SOP sets out in a systemat…
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Service Tax
New Penal Provisions in Service Tax (Part-2) - Change in Section 78
AMENDMENT MADE BY FINANCE ACT, 2015 (WITH EFFECT FROM 14 TH MAY 2015) The Finance Act, 2015 has substituted section 78 as under: SECTION 78: …
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Income Tax
With simplified forms, Income Tax department eases return pain
The income tax department has provided a huge relief to individuals and HUFs by simplifying the return forms, which had caused a lot of consternati…
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Sales Tax
DELHI VAT - Circular No. 12 OF 2015-16 - (Instruction regarding processing of Refund), dated 10.06.2015.
OFFICE OF THE SPECIAL COMMISSIONER (POLICY & REFUNDS) DEPARTMENT OF TRADE AND TAXES ROOM NO.304, 3 rd FLOOR, VYAPAR BHAWAN, I.P. ESTATE, …
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Income Tax
Condonation of delay in filing refund claim and claim of carry forward of losses Circular 09/2015
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Circular No. 09/2015 Dated: 09 th June, 2015 …
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Income Tax
Effect of non-furnishing of PAN on rate of tax - Section 206AA
Effect of non-furnishing of PAN on rate of tax - Section 206AA as inserted with effect from 1-4-2010 provides as under:
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Income Tax
Form 15CA / Form 15CB required in case of Import Payments
Section 195 (6) has been amended in the Finance Act 2015 and states that Form 15CA / CB needs to be necessarily filed for all remittances, whether …
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Income Tax
Income Tax return: No relief for Indian citizens with foreign assets
The Income Tax Department will retain the detailed questions on foreign assets and income of resident Indian citizens in the revised tax return for…
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Income Tax
Haven't received your I-T refund?
With the introduction and streamlining of electronic clearing services (ECS) by the income tax department, taxpayers have started receiving their r…
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9 major changes relating to TDS and TCS proposed in Budget 2015-16: Effective from June 01, 2015
Given below are the list of changes applicable from 1 st June, 2015 for TDS and TCS amendments:
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Tax Deducted at Source
Provident funds: Premature withdrawal to be subject to TDS
Provident fund withdrawals before five years of completion of service will now attract income tax ranging between 10 per cent and 34.608 per cent. …
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Income Tax
RBI fixes USD 2,50,000 for remittances by individual for aggregate of certain current account transactions
The Reserve Bank of India ('RBI') has notified amendment to the Foreign Exchange Management (Current Account Transactions) Rules to specify…
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TallyERP.9 Lessons
Lesson 51 - How to update your Tally.ERP9 License
Dear Viewers, Lots of people don't know how to update their tally license. There is two method for updation of your license. 1st is from Inst…
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Income Tax
Income Tax forms return to saral format; foreign travel disclosures not needed
The finance ministry on Sunday revised the tax return forms for different classes of tax payers, dropping the prying questions on foreign travel de…
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Income Tax
ITR forms simplified - New ITR - 2A to come - due date extended to 31 August 2015
Government to simplify ITR Forms - New ITR-2A to come - Due Date extended to 31.08.2015 from 31.07.2015 - No need for Foreign Travel and Dormant Ba…
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