WEALTH TAX COMPUTATION

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5.27 lakh taxpayers submit their online response to cash deposit notice


Operation Clean Money by IT Dept gets overwhelming response More than 5 27 lakh taxpayers submitted their response till 12th February 2017 Last date for the submission of online response extended up to 15th February 2017 The IncomeTaxDepartment ITD had initiated Operation Clean Money on 31st January

Expeditious issue of refunds is high priority says CBDT


Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes CBDT Over 4 19 crore Income Tax Returns ITRs processed and over 1 62 crore refunds issued during the Current Financial Year up to 10th February 2017 The Centralised Processing Centre CPC of the Income Tax Departmen

No proposal to levy 5% service tax on healthcare services says Govt


Central Government clarifies that there is no proposal in the Union Budget 2017 18 to levy 5 service tax on healthcare services The Central Government has clarified that there is NO proposal in the Union Budget 2017 18 to levy 5 Service Tax on Healthcare Services as reported in certain Social Media

Tax collection shows healthy growth upto Jan 2017


Tax Collection Figures up to January 2017 show consistent trend of healthy growth During January 2017 the Net Indirect Tax grew at the rate of 16 9 compared to corresponding month last year with growth rate in net collections for Customs Central Excise and Service Tax at the rate of 10 1 26 3 and 9

Four Advance Pricing Agreements signed by CBDT


Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi 7thFebruary 2017 Another Four Advance Pricing Agreements signed by CBDT The Central Board of Direct Taxes CBDT has entered into four more unilateral Advance Pricing Agreements APAs on 6th February 2

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Experts Opinions

Income tax


If Mr A pays LIC premium from a loan taken by him from Mr B will Mr A be entitled to claim deduction under section 80C of the Income Tax Act 1961 If the loan is taken in FY 2016 17 and LIC premium is paid therefrom and the loan is repaid in FY 2017 18 will Mr A be allowed deduction in FY 2017 18 for

Service tax provided outside india


Dear Sir Kindly let me know if a service provide provides service in abroad and collects the money in Indian Currency in that situation this service is taxable under service tax act Thanking you

tax saving on sale of residence house


a residence house sold for Rs 26 Lakh and purchase another residence house for Rs 11 Lakh which is unregistered and stamp duty not paid is it eligible for deduction

Professional tax office contact no devanalli bangalre


Do anyone have helpline no of Devanalli PTO Contact No The website showing incorrect no

Credit of service tax


Dear Sir If any company by unawareness is of the opinion that service tax credit will not be available on one service By reading with notification issued if it comes to conclusion that credit can be availed for the service tax paid on that service in Dec 2016 Can assessee claim service tax credit fo

Discussion

How to pay income tax by a taxi driver

Status Individual Profession Taxi Driving on Hire basis Source of Income Taxi Fare from Passengers Yearly Income approx 4 00 Lakhs Queries Want to pay Income tax on earning of Taxi Fare of Rs 4 00 lakhs per year Question There is no provision to submit of documents of taxi fare incometo Income Tax D

Tax on capital gain and income from other sources

FATHER SOLD ONE LAND AND USED THE RECEIVED AMOUNT TO PURCHASE RESIDENTIAL PROPERTYDIRECTLY IN THE NAME OF SON SON IS NOT A MINOR PLEASE LET ME KNOW IF ANY AMOUNT IS TAXABLE IN THE HANDS OF SON FOR ABOVE TRANSACTION ALSO WHAT IF THE LAND SOLD IS AGRICULTURAL LAND IS IT TAXABLE IN THE HANDS OF FATHER

Withholding tax

We as a Pvt Ltd Co have provided services to a Malaysian client and while receiving the payment theclient has deducted a tax Can we claim that tax in India

Income tax return

RESPECTED SIR KINDLY HELP FOR FILE RECTIFICATION REQUEST U S 154 i HAVE TO CORRECT DATA WHICH STEP I HAVE TO SELECT 01 TAXPAYER CORRECTING DATA FOR TAX CREDIT MISMATCH OR 02 TAX PAYER CORRECTING DATA IN RECTIFICATION AND HOW TO GENRATE XML FOR UPLOADING UNDER RECTIFICATION KINDLY HELP I WILL BE THAN

Income tax return

RECTIFICATION U S 154

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Articles

Small House Big Tax Benefit


Arjuna Fictional character Krishna Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri Awaas Yojna and changes have been made in Tax laws also Please tell me elaborately regarding this Krishna Fictional character Arjuna in our cou


Reverse charge mechanism and remission of tax under the GST regime


Introduction Under normal circumstances Service tax is payable only by the Service Providers but for certain services instead of Service Provider Service Receiver is liable to pay the Service Tax either fully or jointly or partly with Service Provider It is called Reverse Charge mechanism At present


Input Tax Credit under GST


Introduction As we all know that GST is going to be the biggest tax reform in the country since independence A much highlighted characteristic of GST is the seamless credit flow across the nation due to which a dealer will not have to worry about the source from where he will purchase the inward sup


Now is the time to attack! Start firing bullets at your taxes


Act before March end so that you dont have to regret in July So many clients put their palms on their head when it is the time to pay taxes and file return in July Taxes have already fired at them they have done nothing to save themselves against the tax shots They could have saved a pretty good amo


Reduce your Tax Liability


Every Taxpayer is aware about deductions under Section 80C for saving their tax liability As this financial year is going to end soon lets discuss about Deductions under Income Tax Act 1961 so that you can reduce your tax burden Deduction under Chapter VI A of Income tax Act 1961 Maximum Deduction R


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Updated on : 2/21/2017 9:29:08 PM


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