The Central Board of Direct Taxes (CBDT) vide its order under section 119 dtd 20th August 2014 has extended the due date for filing Tax Audit Report under section 44AB of the Income-tax Act, 1961 . As per this Order, The due date for obtaining and furnishing of the report of audit under section 44AB […]
Due Date for submission of Tax Audit Reports extended Read More »
The following are the Various Statutory Obligations for the month of August 2014. Payment of Service Tax The last date for Payment of Service tax pertaining to the month of July 2014 is 5th of Aug 2014. In case of e-payment, the due date is 6th of August 2014. In case of payment by Challan GAR
Statutory Obligations for the month of August 2014 Read More »
Audit of Books of accounts in respect of businesses with Turnover/Gross Receipts exceeding Rs. 1 Crore and businesses declaring Net Profit less than 8% of the Turnover/Gross receipts is mandatory. The Income-tax Departments has made the online submission of the Audit Report (Form 3CA / Form 3CB as applicable) and the prescribed particulars to be
Form 3CA,3CB (Audit Report) & Form 3CD (Annexure to Audit Report) Modified Read More »
The last date for filing the return of Income is just about a week away and it is time to get set with your complete documents to comply with your tax filing. While you file your Income-tax returns, ensure that you have taken care of the following aspects , in order to avoid further complications
Filing your Income-tax Returns ? – For your attention !! Read More »
BUDGET 2014 – TAX PROPOSALS (Applicable for the Financial year 2014-15) RATES OF TAXES For Individuals (Below 60 years of age) & HUF Income Rate of Tax Upto Rs. 2,50,000 Nil Rs. 2,50,001 to Rs. 5,00,000 10% Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% For Resident Individuals (above 60 years of
Budget 2014 – Tax Proposals Read More »
The Income-tax Department has notified the e-filing utility ITR-5 – Income-tax Return form in respect of Partnership Firms, Association of Persons (AOP) , Body of Individual (BOI) & Limited Liability Partnerships (LLP). With this, the following Income-tax Return e-filing utilities are notified for the A.Y.2014-15 (Financial year 2013-14) :- ITR-1 – For Individuals having Income
ITR-5 (A.Y.2014-15) e-filing utility for Partnership Firms notified Read More »
The Central Board of Direct Taxes (CBDT) has notified a new Wealth-tax Return Form-BB for filing the Wealth-tax returns in respect of Individuals,HUFs and Companies. The Salient features of this notification are :- 1) This return of Net-wealth in Form BB shall b applicable for the A.Y.2014-15 and other subsequent years, in case of Individuals,
New Wealth Tax return & filing procedure notified Read More »
The Income-tax Department has notified the ITR-4 e filing utility for A.Y.2014-15 (F.Y.2013-14). The utility notified by the Income-tax Department is a Java based utility. ITR-4 is for Individuals & HUFs having Income from a proprietory business or profession. This utility can be downloaded from www.incometaxindiaefiling.gov.in With this , totally 5 Income-tax efiling utilities have
ITR 4 for A.Y.2014-15 – e-filing utility notified Read More »
The Income-tax Department has issued a notification dtd 11th June 2014 , notifying the Cost Inflation Index for the Financial Year 2014-15 (Assessment year 2015-16) as “1024”. The relevant notification is reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2014/06/cii201415.pdf”] Source : www.incometaxindia.gov.in
Cost Inflation Index for 2014-15 notified. Read More »
The Income tax Department has notified new ITR Forms ITR-1 & ITR-4S for the A.Y.2014-15. The details of the same are provided below :- [table id=5 /] The forms/utility can be downloaded from the link available in www.incometaxindiaefiling.gov.in
New ITR 1 (SAHAJ) & ITR 4S (SUGAM) for A.Y.2014-15 (F.Y.2013-14) Notified Read More »
In view of the holidays , the Central Board of Direct Taxes has extended the last date for payment of Advance tax (March 2014) instalment in respect of the A.Y.2014-15 (F.Y.2013-14) for all types of assessees, Corporate & Non Corporate assessees. The CBDT has issued an order dtd 14/03/2014 extending the last date from 15th
Last date for Advance Tax Payment (March 2014 Instalment) Extended Read More »
Section 14A of the Income-tax Act,1961 provides for disallowance of expenses which are not includible in the total income (Exempt Income). There were many controversies in the same as to whether the disallowance can be made even though there was no Exempt Income earned during the year. In this regard, the CBDT has issued a
Clarification regarding disallowance under sec.14A of Income-tax Act Read More »
The CBDT has issued a new Circular No 04/2014, dtd 10th February 2014 , providing relaxation of time limit for filing of ITR-V and processing the same. As per this circular , there were many instances wherein the return of income was filed electronically without using the digital signature and the ITR-V forms sent by
Relaxation of time limit for filing ITR-V and processing. Read More »
The Central Board of Direct Taxes (CBDT) vide its Notification No :- S O No 3794(E) dtd. 23/12/2013 has made important changes in procedure for PAN Application & Allotment. The important changes are as follows :- 1) Apart from Proof of Identity & Proof of Address, a new document (Proof for Date of Birth) needs
Change in Procedure for PAN Application & Allotment Read More »
The Central Board of Direct Taxes vide its order u/s. 119 (2)(a) of the Income-tax Act,1961 dtd 13th December 2013 has extended the due date for payment of December quarter Advance Tax for the Financial Year 2013-14 , from 15th December 2013 to 17th December 2013 for all the assessees , corporate and other than
Advance Tax Due date for Dec 2013 extended Read More »
