ajay jain tax notes

News

4.21 crore income tax returns Efiled this year


Number of e filed Income Tax Returns in Financial Year 2016 17 till 28 02 2017 was 4 21 Cr The total amount of refund issued in the current fiscal including refund arising out of rectification appeal effect etc is Rs 1 48 459 crore till 28 02 2017 The number of e filed Income Tax Returns in Financia

Govt to conduct trials with plastic banknotes


Government to conduct field trial with plastic banknotes at five locations of the country Approval for procurement of plastic substrate and printing of bank notes of Rs 10 denomination on plastic banknote substrates conveyed to RBI It has been decided to conduct a field trial with plastic banknotes

GST is expected to have positive effect on trade and consumers


Goods and Service Tax GST Bill The 122nd Constitution Amendment Bill 2014 has been passed by the Parliament and after ratification by fifty percent of the States the same has been enacted as 101st Constitution Amendment Act 2016 No Goods and Service Tax GST Bill has so far been passed The Central Go

Direct and indirect tax Collections shows a growth of 10.07% and 22.2% respectively upto Feb 2017


Net Indirect Tax collection upto February 2017 stood at Rs 7 72 lakh crore 22 2 more than the corresponding period last year Net Direct Tax collectionsupto February 2017 stood at Rs 6 17 lakh crore 10 7 more than the corresponding period last year Indirect Taxes The figures for indirect tax collecti

17.92 Lakh persons tax profiles does not match with cash deposits


Operation Clean Money Income Tax Department identifies 17 92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period Income Tax Department ITD has initiated Operation Clean Money on 31st January 2017 to leverage technology and data analyt

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Experts Opinions

Section 68 of income tax


Dear Experts Weather sec 68 will be applicable on Bank trf transaction or only cash transation Regards Satish

Income tax


What is the last date for filling 31 3 16 income tax return

Cash for encashment(p l surrender)is exempt from income tax


Dear Madam Please Explain me that encashment of leave income or PL surrender income for salaried person is include or exempted from income tax eligible income if exempted then tell me in which section Lalit Kumar ltc1974 gmail com

Income tax


We have applied for compounding of offence u s 276CC and ready to pay compounding fee as per CBDT Guidlines We are private limited company hence AO says directors are also responsible along with the company as per section 278B What is experts opinion If directors are responsible then what amount of

Is stipend taxable


Hi I wanted to know whether articleship stipend would be taxable

Discussion

Regarding filing of income tax return

one of my client received rs 14 lakh in his bank account through NEFT for the marriage of his son from his friend is he required to file the ITR and he have not deposit a pan number to the bank and could he covered in AIR annual information return which is filled by bank to ITdepartment even though

What are present day tax planning tools for existing huf?

What are present day investmenst tax planning tools that a existing HUF can follow to claim deduction under sce 80C now investments of Rs15000 in PPF is banned for HUF

Query related to accounting & taxation of various bpo type mncs.

hi I have question regarding taxation system of gen pact wipro or TCS who provide consultation services to various foreign client SO I WANT TO know that whether those companies are anyway attracted by our tax system in India for their companies or they are all free from Indian taxation as their head

Income Tax

We have applied for compounding of offence u s 276CC and ready to pay compounding fee as per CBDT Guidlines We are private limited company hence AO says directors are also responsible along with the company as per section 278B What is experts opinion If directors are responsible then what amount of

COMMON TOPICS NOTES

Has anybody got INDIRECT TAX COMMON TOPICS CA Final for may 2017 revision notes Please PROVIDE ME

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File Download

  • Tax Connect (With GST) - 112th Issue

    Tax Connect With GST 112th Issue
  • SAC - HSN code under GST

    SAC HSN code under GST HSN codes at 8 digits will be mandatory in case of export and imports The GST law has to be compatible with international standards For taxpayers with turnover between Rs 1 5 Crores and Rs 5 Crores in the preceding financial year HSN codes need to be specified only at 2 digit chapter level HSN code of 4 digits will be mandatory for taxpayers having turnover more than 5 crores Turnover will be taken on self declaration basis for IST year and afterwards turnover of the previous year shall be used
  • Income tax few chapters

    this file contain few chapters with latest updates
  • Bank Branch Audit

    Contains the informative notes Audit programme and checklist on Bank Branch Audit by Bombay Chartered Accountant s Society
  • CA Final - Indirect Taxes

    Summary of All Case Laws

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Articles

10 Common Mistakes People make when filing Income Tax Returns


The season of filing of tax return is here This year all those who have taxable income are required to file their return Also those with income above Rs five lakhs have to compulsorily e file their return It s very important to file error free Income Tax Return to avoid future problems Let s see the


Is tax related collected by Taxman?


We should critically read the CAG report for the year 2015 16 In this report we would find many surprises and indepth data regarding many aspects of tax collection machinery and its objectivity In the year 2015 16 total central excise collection was approx 3lakh crores As we all know the excise duty


GST from the input tax credit perspective


Changes are subtle and then only it is natural GST finally appears to have arrived after lots of discussion within and outside parliament All changes are required to be encouraged and so let us welcome GST Model GST law as declared by GST Council Secretariat is available now and in this paper I will


Why should I pay tax?


The citizens of India are required to pay Income tax as well as other taxes as per law 1 Some people raise the question Why should I pay tax They argue I have to pay for my food for my house for my travel for my medical treatment for owning a vehicle not only cost of vehicle but also vehicle tax and


Cash credits and its treatment under income tax act, 1961


CASH CREDITS UNDER INCOME TAX ACT 1961 Section 68 of the Income Tax Act 1961 provides that there has to be credit of amounts in the books maintained by the assessee that such credit has to be of a sum during the previous year and that the assessee offers no explanation about the nature and source of


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Updated on : 3/20/2017 10:45:22 AM


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