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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

Detection of black money by Government


Recognizing various limitations under the existing legislation Income tax Act 1961 etc the Government enacted a new law The Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act 2015 to specifically and effectively tackle the issue of black money stashed away abroad This has in

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Experts Opinions

Income tax return


Dear Sir I can paid tax for the a y 2016 2017 and I file return after 5th aug 2016 then any notice raise or any difficulty raise or not

Income tax


I got call from cit to visit his office But I dont know why he call pls reasons for call I had cash deposit 10 lakh in 2009 10 year now tell me what to tell him Tell me how to explian that cash deposit so that they can not add it as income I had deposit it for investments in commodity I had depisit

Speculation income


Where to show speculation income in itr form

How to avoide tax on my income


DEAR SIR DUE TO 9 LACKS INCOME IN MY SAVING BANK ACCOUNT I HAVE RS 35380 INTEREST INCOME DUE TO WHICH I AM GETTING TAX LIABILITY OF 3000 APPROX IF I DOESNT FILE RS 10000 INTEREST INCOME WHILE PREPARING RETURN FOR AY 16 17 THEN I CAN AVOIDE TAX OF THIS RS 3000 I KNOW THAT IS NOT A RIGHT WAY TO DO THA

Tax on salary not received


Dear Sir My client is director in unlisted limited company Company is loss making and yet not paid salary to director and showing it in Balance sheet as Salary payable The query is such unrealized salary can be taxed in hands of director Claim is that salary not received then how can he pay tax on s

Discussion

Depreciation as per income tax act.

Hello If someone having 50 000 as a opening block 01 04 2015 of assets of category 15 and sold something from it in exchange with Rs 60 000 on 03 10 2015 having purchase worth Rs 40 000 as on 02 02 2016 Then how we will calculate depreciation as per Income Tax Act

Loss set off against business income

Dear Sir If this loss of income from other sources adjusted with business income under presumptive basis u s 44AD or 44AE then where I can put this loss in ITR 4S Please clarify me anyone

Lpg subsidy for income above 10l - is it taxable?

Hi I have income above 10 lakhs however I have not given up my LPG cylinder subsidy yet I have also received 1321 Rs amount as LPG subsidy for the last year Should I declare this as income in ITR as other sources and pay tax on it I think I have already paid tax on the income from which I have purch

How to avoid tax on my income

DEAR SIR DUE TO 9 LACKS INCOME IN MY SAVING BANK ACCOUNT I HAVE RS 35380 INTEREST INCOME DUE TO WHICH I AM GETTING TAX LIABILITY OF 3000 APPROX IF I DOESNT FILE RS 10000 INTEREST INCOME WHILE PREPARING RETURN FOR AY 16 17 THEN I CAN AVOIDE TAX OF THIS RS 3000 I KNOW THAT IS NOT A RIGHT WAY TO DO THA

Amount transferred other than salary

Dear Team Members I am an employee working for a logistic firm As a part of job i used to travel a lot and my company used to transfer funds in my salary account as Travel Advances Further to pay the salary of new joiners they use to transfer in my account and i use to pay the same Now the matter is

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  • Order for extension of time limit u/s 139(1)

    In exercise of the powers conferred u s 119 of income tax act 1961 CBDT extended time limit for filing return u s 139 1 from 31st July to 5th August 2016 due to bank strike on 29th July and public holiday sunday on 31st July
  • Income Tax Calculation 2016-17

    Prepare form 16 upto 500 employee in single excel sheet Tax calculation and prepare section 89 1 relief from F Y 1985 86 to 2016 17 View Tax Rate for last 31 years Calculation of Tax under section 234A 234B 234C prepare challan no 280 281 Find out TDS TCS rates Find out Maturity value of Term Deposit RD House Rent Allowance rebate calculation and find out interest on NSC and much more in single excel sheet
  • Income Declaration Scheme, 2016

    INCOME DECLARATION SCHEME 2016 Is 45 too much to pay Here is how you can reduce it
  • Assessment Procedures, Income Tax Act, 1961

    Revised version with small corrections Assessment Procedure overview has been given with the help of Flowcharts gives you a brief idea of the Procedures Very helpful in studies as well as at your office
  • Income tax calculator And advance tax calculation

    Version 6 1 Income tax calculator Individual Company and Firm Following type income calculate tax 1 Salary income 2 House property 3 PGBP Income 4 Capital gain U s 111A U s 112 and Normal capital gain 5 Other source income 6 Agriculture income 7 interest U s 234A 234Band 234C Also HRA calculation

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Articles

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


Why filing of Income Tax Return before 31st July is Important?


Arjuna Fictional Character Krishna July month has started It is said that income tax return has to be filed in this month So who are required to file income tax return before 31st July and what care they should take before filing it Krishna Fictional Character Arjuna every person whose annual income


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Updated on : 7/30/2016 8:11:09 PM


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