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Tax exemption to industry and commerce sectors


Direct Tax Various tax concessions in the form of exemptions deductions etc have been provided under the Income tax Act 1961 which have been availed by different sectors of Commerce and Industry also Cumulative figures of revenue impact of direct tax incentives for the last five years are as follows

CBDT extends due date for filing return to 5th August 2016


F No 225 195 2016 ITA II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block IT II DivisionNew Delhi the 29thof July 2016 Order under Section 119 of the Income tax Act 1961 On consideration of reports of Bank strike on 29thJuly 2016 Friday and the

FM takes a serious view of opposition by Income Tax officers


The Union Finance Minister Shri Arun Jaitley takes a serious view of the resolution by Officers of Indian Revenue Service Income Tax against Department of Revenue The Ministry of Finance has learnt through a newspaper item which appeared today that some officers of Indian Revenue Service Income tax

Undisclosed income of Rs 21354 cr detected in last 2 years


There is no official estimation of the amount of black money stashed away abroad Various non governmental organizations and economists in the past have indicated certain estimations of illicit financial flows out of the country Such estimations appear to be based upon different sets of facts assumpt

IT dept to issue 7 lakh letters seeking information in respect of high value non PAN transaction


Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi 21st July 2016 Sub Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions Under the Annual Information Returns AIR various types of high value transa

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Experts Opinions

What books Shall be used for income tax??


I am just going to start studying IPCC Direct tax Which book will help me to complete the subject in time

Arrear salary


Dear Sir One of my client got Arrear salary for AY s 2015 16 14 15 13 14 during this year ie AY 2016 17 While go through his previous returns I found that for AY 2013 14 he showed his salary say Rs 420000 and filed the return but at 26AS it is 510000 but in Form 16 it is 525000 now there is a demand

Interest on income tax


My friend has specified home loan in declaration but at time of submissions of actual he specified that he has not taken up home loan so TDS was deducted but while filing return interest is being levied under 234B Can he claim it back n if he has to pay this interest how to pay it is it possible onl

Income tax return related


I am working in a small private firm my annual income is below 1 lakh I bought some equity shares worth below 10000 keeping a mutual fund SIP I didn t sold any equity shares or mutual fund units in the FY 2015 16 Is return filing required for me If yes which ITR from

Income tax for nri


Dear Sir Presently I am staying in Kuwait for last two years and I have other income i e Interest Earned from Saving Account of Rs 1 10 000 and TDS is deducted from bank of Rs 10 100 Can I get the refund of Rs 10 100 as my income in india is below 2 5 Lakh Please confirm

Discussion

Notice u/s 139(9) of income tax act

No receipt or income has been offered in any heads of income for the TDS TCS claimed in the return Please suggest me what the possible resolution i can do

Allowance under section 10 in total income

i have recieved allowance of 1200 exempt under section 10 in form 16 from my employer gross salary is 462580 after alownace 1200 it is 45058 which is my total income to be filled in income tax e filing

Computing income post early retirement

Hello I hv taken early retirement 56 yrs last year need your help to ascertain how to compute my income for this year I hv no pension My children transfer funds to my acct for my exps They also remit funds to me to repay their education loan which i do I hv kept my retirement funds including PF in F

Tds deduction on increasing salary

In my company staff s salary is revising from august 2016 company is giving arrear since april 2016 so i want to know should I deposit interest on TDS on salary or or i should pay any penalty also

Income tax on 194da

I have withdrawn ICICI lIFE INSURANCE i got Rs 165000 after on which tax is deducted Rs 3300 2 u s 194DA in 165000 i have paid 148000 as premium so it would be my principle and 17000 i got as int now i am filing ITR what should I have to show in my income either 165000 whole or just 17000

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  • Highlights of Draft GST Bill - June 2016

    some short points of model GST bill published by government in june 2016
  • Professional Ethics - for CA Final Audit

    Professional Ethics is one of the most important Chapter for CA Final Audit This Chapter cover all Professional Ethics related questions appeared in previous CA Final Examination This Chapter is taken from the Book A Complete Guide for Advanced Auditing CA Final by CA Sumit Aggarwal http www amazon in s ref nb sb noss url search alias 3Daps field keywords 978 8193058022
  • Accounting Standards for CA Final - Audit

    Accounting Standards is one of the most important Chapter for CA Final Audit This Chapter cover all Accounting Standards related questions appeared in previous CA Final Examination This Chapter is taken from the Book A Complete Guide for Advanced Auditing CA Final by CA Sumit Aggarwal http www amazon in s ref nb sb noss url search alias 3Daps field keywords 978 8193058022
  • Dispensation of Proof of Landing under MEIS

    As per paragraph 3 03 of Hand Book of Procedures of FTP 2015 20 where the reward under MEIS is not available to all countries proof of landing of export consignment in notified market is required to be submitted for claiming benefit under MEIS as specified in paragraph 3 03 C Vide Public Notice No 6 2015 20 dated 04 05 2016 issued by Director General of Foreign Trade Government of India Ministry of Commerce and Industry the Landing Certificate henceforth shall not be required under MEIS
  • Frequently Asked Questions (FAQs) on Goods and Services Tax

    Frequently Asked Questions FAQs on Goods and Services Tax GST which will solve many of your doubts on GST

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Articles

How to report Incomes from India while filing the tax return in USA?


It is often that people take the plea that the law is not known to them and any breach of law therefore is purely due to ignorance However the Latin term ignorantialegisneminemexcusat very aptly and succinctly states the truth ignorance of the law excuses no one Tax violations in countries like USA


Career in Banking Sector : Life, Salary, Growth


We all know that Banks are considered as the backbone of any countrys economy In India Bank Job is considered as most sought job Getting a bank job is a matter of prestige especially in a government sector bank Life in a Banking Sector You can enjoy your personal life while working in banks You can


Income Tax Deductions 2016-17


Dear All Here are Income tax Deductions taking effect of amendments as per finance budget 2016 presented by Mr Arun Jaitely Income tax deduction for AY 16 17 Section 80c The maximum tax exemption limit under Section 80C has been retained as Rs 1 5 Lakh only The various investment avenues or expenses


Who? What? How for the income declaration scheme, 2016


THE INCOME DECLARATION SCHEME 2016 SNO QUESTION SOLUTION 1 Who Is Eligible For This Scheme 1 The Person Who Has Not Received Any Notice Under Section 142 1 143 2 148 153a 153c For That Assessment Years Will Only Be Eligible For Declaration 2 No Proceeding For That Assessment Years Is Pending Before


Netaji, aap income tax return file karo, to hum tumare saath hai?


Arjuna Fictional Character Krishna the Maharashtra Election Commission has cancelled registration of 191 political parties for not filing income tax return and audit report What will happen and what will be its consequences if a common man does not file income tax return Krishna Fictional Character


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Updated on : 8/5/2016 11:12:09 AM


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