Income Tax Articles

Wait for new income tax returns is over

Posted by CA Umesh Sharma 03 August 2015 7897 Views

Karneeti Part 109 ?Tanu weds Manu? returned, ?Bhaubali? returns is awaited, but the wait for New Income Tax ?Returns? is over. Arjuna (Fictional Character): Krishna, Income Tax department has notified all remaining ITR?s for FY 2014-15. As audience w

Interest income on tax refunds

Posted by CA SONIYA AGARWAL 03 August 2015 7236 Views

An Assessee is eligible to claim refund of the excess tax paid by him. Tax could be paid in the form of advance tax or tax deducted/collected at source or self - assessment tax or payment of tax on regular assessment. To claim refund, an assessee nee

Co-operative societies and TDS on interest

Posted by sivadas chettoor 01 August 2015 85611 Views

INTRODUCTION: This brief article seeks to discuss about the liability of cooperative societies to deduct income tax (Tax Deduction at Source or TDS) at the time

Bajrangi and Bahubali, etc. like now Income Tax Department have target of Crores

Posted by CA Umesh Sharma 28 July 2015 17893 Views

Karneeti Part 108Bajrangi and Bahubali, etc. like now Income Tax Department have target of Crores Arjuna(Fictional Character): Krishna, Income tax department on 17th July 2015 has given target to find �New Taxpayers� to the Chief Commiss

Basic components of salary and its taxation

Posted by CA SONIYA AGARWAL 27 July 2015 21426 Views

CTC is cost to company and the components areBasic+HRA+CONVEYANCE+MOBILE REIMBURSHMENT+MEDICAL reimbursement+All allowances+LTA+employer contribution of PF+Employer Contribution towards ESI+Total variable incentives+Perks & benefits+ Insurance Pr

E-Verification of ITR

Posted by Harihar Mandal 27 July 2015 21657 Views

The days have been gone when we rushed to post offices for sending our acknowledgement copy (ITR-V form) of income tax return, filed online (without using DSC), duly signed to

All about IT Form 16 for salaried employee

Posted by CA SONIYA AGARWAL 24 July 2015 18468 Views

What is Form 16:- If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. Therefore Form 16 is a certificate issued to you by your employer stating the Personal details of the Employee includ

Points to be considered by a taxpayer before filing an ITR

Posted by CA ANKIT GUPTA 24 July 2015 16053 Views

1. Due Date of Filing of Income Tax Return is proposed to be extended to 31 August �2015 in respect of Assessment Year 2015-2016. 2.The maximum amount of deduction available under Chapter VI A has been extended from Rs.1,00,000 to Rs.1,50,000

TDS on Interest other than Interest on Securities 194A

Posted by CMA Poornima Madhava 23 July 2015 16967 Views

Any person (not being an individual/HUF*), responsible for paying to a resident any income by way of interest other than interest on securities, is responsible to deduct tax at source and deposit the same to the Government Treasury within the time st

Indispensable components in the salary

Posted by Ravi Dasija 23 July 2015 5960 Views

Income Tax!! Not only is it a major expense but also an unavoidable one for each person to bear. And if you draw a salary, your tax expense is probably the highest.Imagine, yo