computation of income tax format in excel


BRICS countries expresses commitment to ensure fairness of the International Tax System

Joint Communiqu issued at the end of the two day Meeting of the BRICS Heads of Revenue and Experts on Tax Matters at Mumbai today Heads of Revenue express their continued support to all international initiatives towards reaching a globally fair and universally transparent tax system Reiterate their

IT dept rejects Rs 2 lakh crore IDS declaration by a family from Mumbai

Verification of High Value Suspicious Declarations made under the IDS 2016 An Income Declaration Scheme IDS was announced in the Union Budget 2016 17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent 45 of the declared amount as tax surcharge a

Tax Investigations unearth misuse of Jan Dhan Accounts

Tax Investigations unearth mis use of Jan Dhan Accounts Account holders once again urged by CBDT not to consent to any kind of mis use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements Investigation being conducted by the

No seizure of gold jewellery upto 500 grams per married lady and 250 gm for unmarried

Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws Second Amendment Bill 2016 is totally unfounded and baseless In the wake of Taxati

RBI advises banks not to trust guidelines being circulated in social media

Information from Unauthenticated Sources Advisory to banks RBI 2016 17 166 DCM Plg No 1500 10 27 00 2016 17 The Chairman Managing Director Chief Executive Officer Public Sector Banks Private Sector Banks Foreign Banks Regional Rural Banks Urban Cooperative Banks State Cooperative Banks Dear Sir Info

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Experts Opinions

Agricultural income

Hello Experts my friend had agricultural land and he sold the agricultural produce to agro based companies All the transactions was done through bank The bank transactions for F Y 2014 15 is Rs 2 3 crores assuming that Profit is 1 He has a another business having turnover Rs 45 Lakhs He received a n


how will the son prove to the Department that the cash has been gifted by his father

Advance tax

I comes under super senior citizen income tax slab rate I am partner in a LLP Firm i am investing In shares Mutual Funds I am Liable to pay advance tax or Exempted From Advance tax

Income Tax Appeal

Assessee is Non resident not having PAN order under 144 made by AO Is he can submit form 35 for appeal offline and how to pay the appeal fees

Professional tax on partner's remuneration

Is partner s remuneration liable for professional tax Can he produce any document for non deduction of professional tax and can pay on his own


Tax implications

One of my friend has filed a suit against the promisory note in 2002 Promisory note amount is 15 Lakhs and year inwhich promisory note has return is 1992 and as per court judgement she won the case and now he is receiving 65 Lakhs rupees what will be the tax implication on those received amont

Service tax on repair & maintenance service to hospital

One of our client having hospital a pvt ltd company under section 12AA I want to know whether repair maintenance service without any supply of goods i e not works contract provided by partnership firm to them is taxable or not

Tax on dividend

Any further tax other than 10 tax on dividend in excess of 10 lacsI mean is the above income taxed again in INCOME FROM OTHER SOURCES

Service tax interest

Dear All Kindly confirm me that ihave not paid service tax payment on 06 11 2016 now today we want to pay last month service tax andalso pay for currentmonth service tax Please confime me that how many days interest will pay on last month if i pay today that interest will pay evenfor one month or tw

Taxability of accummulation in employees' cooperative fund

A employee of an school subscribed to employees cooperative for 20 years Received Home loan was eligible tax deduction got the tax benefit Now with retirement the employee as per rules ceased to be a subscriber received a part amount of total accumulation rest to receive next by part It is to know w

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How to Promote Cashless Economy & Tax Compliance

Our government is taking various steps to move the society to cashless economy as well as compliance of tax laws by them Although it needs various reforms in various economic laws and the results cannot be achieved overnight yet some change in Income Tax law for individuals and HUFs can turn the sit

Input tax credit under GST

style2 text align justify style3 text align justify margin leftt 40 5pt 1 GENERAL OVERVIEW Input Tax Credit is the backbone of the GST regime GST is nothing but a value added tax on goods services combined It is these provisions of Input Tax Credit that make GST a value added tax i e collection of t

Regulation of tax professionals by different countries

It would be difficult to have a well functioning tax system without tax advisors Because most taxpayers are not familiar with the intricacies of tax laws tax advisors are needed so that taxpayers can fulfill their complicated tax obligations As informed members of the public tax advisors also provid

A complete list of Penalties under Income Tax Act, 1961

1 Penalty under Section 270A Penalty for under reporting and misreporting of income If during the assessment proceedings it is found that an assessee have under reported or misreported his income then penalty u s 270A will be imposed on the Assessee This is the harshest penalty that can be imposed b

Income Computation And Disclosure Standards - In Brief

Income Computation and Disclosure Standards ICDS Section 145 2 of the Income Tax Act 1961 confers powers to the Central Government to notify accounting standards to be followed by any class of assessee Exercising that power the Central Government introduced Income Computation and Disclosure Standard

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Updated on : 12/6/2016 5:48:11 PM


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