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 released the Return filing utility ITR-3 for filing returns in respect of Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship for the A.Y.2014-15 (Financial Year 2013-14). Source :- www.incometaxindiaefiling.gov.in
ITR-3 filing utility for A.Y.2014-15 released 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 »
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 ?
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 »
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
Statutory Obligations for the month of March 2014 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 Income-tax department had issued a new Circular No 11 dtd 16/01/2014 prescribing the new procedure for application and allotment of Permanent Account Numbers(PAN). The important feature of this circular was that the original documents needs to be submitted at the time of making the PAN Application. The operation of this circular has been put
New PAN Procedure put on hold… 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 »
There has been confusion with regard to inclusion of Service Tax component in respect of Payments which are also subject to Tax Deduction at Source (TDS). Earlier the CBDT had issued a Circular No 4/2008 , wherein in respect of Rent Payments, it was clearly mentioned that the TDS Shall be deducted only on the
NO TDS on Service Tax , if shown seperately Read More »
