Income Tax Articles

Income tax deduction in India

Posted by Neeraj Sharma 17 July 2015 27381 Views

Every individual who earns an income in India is supposed to pay Tax on the Income earned by him during that financial year to the government of India. Calculation of the Income Tax to be paid by an individual is a cumbersome process. The government

How to e-verify ITR with the help of EVC

Posted by SAMEER AHMED 17 July 2015 27923 Views

Source:-The Notification No.2/2015 on dated 13.07.2015The Notification will come into effect from the date of issue.By this notification the process of verification after e-filing of any Income tax return has been modified only.Before this notificati

New to income computation and disclosure standards (ICDS)? Here's what you need to know

Posted by Karan Khatri 15 July 2015 12789 Views

INTRODUCTIONBackgroundSection-145(2) of Income tax Act, 1961 empowers Central Government to issue Income Computation and Disclosure Standards (ICDS).Key Features of ICDS Effective Date of ICDS is 01stApril, 2015e. AY: 2016-17 onwards. ICDS applicable

Bhaijaan, TDS se kar lo Pehchaan

Posted by CA Umesh Sharma 13 July 2015 21319 Views

Karneeti Part 106Bhaijaan, TDS se kar lo PehchaanArjuna (Fictional Character): Krishna, the festival of Eid is approaching. But the Taxpayers are in a rush of filing TDS returns. As the due date of TDS returns and the auspicious festival of Eid have

Section 80C simplified. (A summary view)

Posted by CA. AJAY PANCHARIA 13 July 2015 44590 Views

DEDUCTION UNDER SECTION 80 C F.Y. 2014-15(A.Y. 2015-16)(AN INVESTMENT LINKED DEDUCTION) 1. LIMIT:With effect from 01-04-2015 the maximum allowable limit is extended to Rs.150000 from the previous Rs.100000.2. MAJOR INVESTMENT AREAS: Followi

Filing ITR of AY 2015-16

Posted by CMA. CS. Sanjay Gupta 11 July 2015 51625 Views

Obligation to file Income Tax Return Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act 1961, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of

Pay as you earn scheme of advance tax

Posted by CA Kumar Kedia 08 July 2015 55886 Views

In today's Scenario, the collection of advance tax by Government of India amounts to a big share in the revenue of Indian Economy. Advance tax is paid in the year in which income is received. There

The ITR SAGA - The Who, when and what of the Annual Disclosure Exercise

Posted by Dhawal Jain 07 July 2015 5673 Views

�Income tax returns are the most imaginative fiction being written today. ~Herman Wouk (Pulitzer Prize-winning American author)��Taxes: Of life's two certainties, the only one for which you can get an automatic extension. ~Auth

Black Cloud & Black Money, will they come & rain in Country?

Posted by CA Umesh Sharma 06 July 2015 6196 Views

Karneeti Part 105Black Cloud & Black Money, will they come & rain in Country? Arjuna (Fictional Character): Krishna, at the time of arrival of monsoon season farmer keeps watch on the sky. Farmer thinks that will black cloud give rain. Simil

Summary: Black Money Rules

Posted by CA Pradeep Kumar Rajput 06 July 2015 8764 Views

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015.Notified rules are: Short Title and commencement. Definition. Fair Market Value. Tax Authorities. Notice of demand. Appeal to Commissioner(Appeals) Appeal to Appel