Income-tax

Form 3CA,3CB (Audit Report) & Form 3CD (Annexure to Audit Report) Modified

1 Comment / General, Income tax return filing in chennai, Income-tax /

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 […]

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Budget 2014 – Tax Proposals

Income tax return filing in chennai, Income-tax /

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

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ITR-5 (A.Y.2014-15) e-filing utility for Partnership Firms notified

1 Comment / Income tax return filing in chennai, Income-tax /

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

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New Wealth Tax return & filing procedure notified

2 Comments / Income tax return filing in chennai, Income-tax /

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,

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ITR 4 for A.Y.2014-15 – e-filing utility notified

General, Income tax return filing in chennai, Income-tax /

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

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Cost Inflation Index for 2014-15 notified.

2 Comments / Income tax return filing in chennai, Income-tax /

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

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Year End Tax Tips

Income-tax /

 The financial year is at its end and its time to check few things in your books of accounts to ensure that you are tax compliant and save some money on taxes. This article aims at giving you some tips that could save your money/ taxes. Haven’t paid your Advance Tax ?      

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Last date for Advance Tax Payment (March 2014 Instalment) Extended

Income tax return filing in chennai, Income-tax /

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

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Statutory Obligations for the month of March 2014

General, Income-tax, Service Tax /

The following are the Various Statutory Obligations for the month of March 2014. Payment of Advance Tax The last date for Payment of Advance Tax (4th Instalment in case of Companies & 3rd  Instalment in case of Non Companies) for the A.Y.2014-15 is 15th March 2014. Click here to make Advance Tax Payment online. Click here to download Challan

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Clarification regarding disallowance under sec.14A of Income-tax Act

1 Comment / Income tax return filing in chennai, Income-tax /

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

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Relaxation of time limit for filing ITR-V and processing.

Income tax return filing in chennai, Income-tax /

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

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