WEALTH TAX COMPUTATION

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New design of PAN card with QR code from 1st January


NSDL e Governance Infrastructure Limited PAN Services Circular Circular No NSDL TIN 12017 001 January 10 2017 Subject New design of PAN card All TEN FCs PAN Centres are hereby informed that the Income Tax Department ETD has prescribed certain changes in the existing design of the PAN Card Accordingl

Exposure Draft of Ind AS Taxonomy for Comments


As per the roadmap issued by the Ministry of Corporate Affairs MCA in February 2015 certain class of companies have to prepare their financial statements as per Indian Accounting Standards Ind AS which are converged with International Financial Reporting Standards IFRS w e f F Y 2016 17 MCA has also

Direct tax collection upto December shows 12.01% growth


Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Direct Tax Collections up to December 2016 show Growth of 12 01 The figures for Direct Tax collections up to December 2016 show that revenue net of refunds is Rs 5 53 lakh crore which is 12 01 more than the n

IT dept awarded for efiling of IT returns project


Income Tax Department receives Silver Award for e filing of Income Tax Returns project in the National Awards on e Governance 2016 17 The Income Tax Department is proud to announce that it has been conferred the Silver Award in the National Awards on e Governance 2016 17 for the e filing of Income T

CBEC initiates process of migration of existing Central excise and Service tax assessee


To ensure implementation of GST by 1st April 2017 Central Board of Excise Customs CBEC has initiated the process of migration of its existing Central Excise Service Tax assessees to GST from today A 24x7 Helpdesk Through Toll Free number and Email started for the purpose Central Board of Excise Cust

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Experts Opinions

Foreign tax credit


FTC rules say that the credit shall be the lower of the tax payable under the Act on such income and the foreign paid on such income If DTAA exists and we want to apply ordinary tax credit method please clarify if we would use average rate of tax for the purpose of calculation tax credit or subtract

Tax liabilty


A son and B father are the owners of a property 50 50 both A and B are getting rental income from this property in equal ratio In september 2016 B made a gift deed of his 50 share of this property in favour of C daughter in law wife of A From september 2016 daughter in law starts getting rent of thi

Income taxable or not


Assessee is a Saint Pandit who performs Bhagvad Katha and other Activities Is his Income Taxable or not If Yes then under which Head and If Not then Quote the Exemption Section

Reg 10 10d - income tax act 149ad


Dear SIr I taken a policy in TATA AIA Life name Maha Life Gold V2 taking sum assured of Rs 10 00 000 and the premium of Rs 135000 Aproxi Now I came to know that policy not come under 10 10D tax benefit The payout benefit come from 10th year on wards year on year Rs 103000 and on 85 th age i received

Professional tax paid in excess


Dear Sir My Professional tax liability was Rs 50 000 00 I have paid Rs 2 50 000 00 by mistake So what is the remedy now Kindly suggest

Discussion

service tax refund

I am fwrding the adj order of our refund of service tax for my matters I got refund 80 but till 20 rejected on time limit Also we hv been deprived with interest for the delayed refunds since oct 2009 Its remanded matter by commissiner of Apple The grounds for granting refund of service tax to us in

Student interning abroad taxation

Dear Team I started my masters in Finland from August 2015 Before it June 2012 August 2015 I was working in Reliance Industries and paying my regular taxes I have some savings from this job which is parked as FDs in my Indian saving bank account interest of which is less than 2 5 lacs per annum I le

Income tax on agriculture income

My uncle has Earned Rs 4 52 000 from Agriculture Income and there is no other income in this year How much tax should be paid on this income

Income tax agriculture income

My uncle has Earned Rs 4 52 000 from Agriculture Income and there is no other income in this year How much tax should be paid on this income

Income of society and taxability in case not registered with income tax

a society is registered under societies act and not under income tax now 1 what will be the format of balancesheet and audit report 2 whether itr will be filed as AOP or As trust 3 tax slab rates applicable in this case

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Appeal to commissioner of income tax (Appeals)


At times it may happen that the taxpayer is aggrieved by an order of the Assessing Officer In such a case he can file an appeal against the order of the Assessing Officer before the Commissioner of Income tax Appeals Section 246A specifies the orders against which an appeal can be filed before the C


Direct Tax Amendments for CA IPCE May 2017 Exams


Basic Concepts Rates of Taxes In the case of a domestic company i Where the total turnover or gross receipt in the previous year 2014 15 does not exceed Rs 5 crore 29 of the total income ii In case of other domestic companies 30 of the total income Surcharge The rates of surcharge applicable for P Y


Analysis of Section 44AD Presumptive Taxation


Profits and gains of business on presumptive basis Section 44 AD 1 Notwithstanding anything contained in Sec 28 to Sec 43C that means deduction under thesesections will not be allowed in case of an eligible assessee should not be a LLP or a Company engaged in eligible business not applicable on Prof


Input Tax Credit in GST Simplified Version


Input Tax Credit Input tax has been defined in section 2 57 of the MGL and section 2 1 d of the IGST Act Input tax in relation to a taxable person means the IGST and CGST in respect of CGST Act and IGST and SGST in respect of SGST Act charged on any supply of goods and or services to him which are u


GST Migration for Excise and Service Tax assesses to start from 5th and 9th Jan 2017


In series of events to witness the GST light of the day enrolment of existing registrants in indirect taxes was made open for the assessees presently registered with State Tax or VAT in Puducherry the first in the Country along with Sikkim from November 8 2016 On the same day GST System Portal www g


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Updated on : 1/17/2017 3:14:09 AM


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