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Summary about Income-Tax Assessments Procedures, Appeals and Revision Filing Of Returns:- Steps Compute income for each Source of Income Aggregate the income from various sources under the respective Heads of Income Arrive at the Gross Total Income Claim the Deductions available Arrive at the Total Income. Steps Compute Reduce Add the Tax payable on the Total Income the Rebates, if any from the tax payable Surcharge as …
Statutory Dates for the Month of June’ 2015:- 05-06-2015 Service Tax – Service Tax Payment by Companies for May Central Excise – Payment of Excise Duty for all Assesses (other than SSI Units) for May.( if Excise Duty / Service Tax paid electronically through internet banking, the date is to be reckoned as 6th instead …
SHARES HELD BY RELATIVES CAN’T BE CONSIDERED TO DETERMINE SUBSTANTIAL INTEREST OF SHAREHOLDER UNDER SEC. 2(22)(E) Section 2(22), read with section 2(32), of the Income-tax Act, 1961 – Deemed dividend -Loans or advances to shareholder/substantial interest In order to determine substantial interest of a shareholder for invoking provisions of section 2(22)(e), it is ownership of …
SERVICE TAX RATE CHANGES WITH EFFECT FROM 1st JUNE, 2015 The most awaited advancement in the Service Tax regime viz, change in rate of Service Tax is being brought to effect from today i.e. 1stJune, 2015. The change was initiated by the Central Government vide Notification No. 14/2015-ST dated 19th May, 2015. Following shall be the …
INSTRUCTIONS TO SUBORDINATE AUTHORITIES – CONDO NATION OF DELAY IN FILING REFUND CLAIM AND CLAIM OF CARRY FORWARD LOSSES UNDER SECTION 119(2)(B) In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in filing returns claiming …
PURCHASE OF TENANCY RIGHTS GIVING POSSESSION, CONTROL AND TRANSFERABLE RIGHT IN FLAT WOULD PROVIDE SEC. 54F RELIEF:- Section 54F, of the Income-tax Act, 1961 – Capital gains – Exemption in case of investment in residential house:- Where assessee had substantial rights over property which were almost identical to ownership of property, exemption under section 54F was …
PPF SCHEME: INVESTMENT LIMIT, INCOME TAX BENEFIT, FEATURES The Public Provident Fund is the darling of all tax saving investments. No wonder! You invest in it and you get a deduction on your income. Besides, the interest you earn on it is tax-free. Since it is a scheme run by the Government of India, it is also totally safe. …
PERIOD OF HOLDING FOR CAPITAL GAINS AS PER THE INCOME-TAX ACT, 1961 A capital asset may either be a short-term or long-term capital asset, depending on the period of holding. Gains from alienation thereof would be short-term capital gains or long-term capital gains. Under section 2(42A) of the Income-tax Act, 1961 (Act), a short-term capital …
NO PENALTY ON SEIZURE OF GOLD IF ASSESSEE ADMITTED THAT IT WAS DERIVED OUT OF UNDISCLOSED INCOME AND PAID TAXES THEREON Section 271(1)(c), read with sections 69A and 271, of the Income-tax Act, 1961 – Penalty for concealment of income:- Where assessee made statement regarding seized unaccounted gold and explained manner in which same was …
No more sending ITR-V by post after income tax filing – Verification with Aadhar card introduced CBDT vide its circular no 41/2015 dated 15.04.2015 recently announced that taxpayers who filed their income tax returns online will no longer have to send the paper acknowledgement by post to CPC Bangalore, if they have aadhar card which …