All about House Rent Allowance House Rental Allowance also called as HRA is given by the employers to their employees in order to meet their expenses towards the rent paid for their residential accommodation. Normally, many employers give the benefit of House Rent Allowance as the part of the Pay package which can be […]
All about House Rent Allowance (HRA) Read More »
The Due dates for filing Income-tax returns for the year 2011-12 (A.Y.2012-13) is as follows :- 31st July 2012 – Salaried Employees , Assessees with Rental & Interest Income only, Business with less than 60 Lakhs turnover. 30th September 2012 – All Corporate assessees and Business Assessees who are subject to Audit Click here to
Due Date for filing Returns for the year 2011-12 (A Y 2012-13) Read More »
Introduction : Sweat Equity Share means equity shares issued by the company to employees or Directors at a discount, or for consideration other than cash for providing knowhow or making available rights in the nature of intellectual property rights or value additions by whatever name called. Sweat Equity shares in India : Generally at the
Sweat Equity Shares Read More »
[gview file=”http://bssridhar.com/blog/wp-content/uploads/2012/06/tds-rates-12_13.xls”] Click here to download the above in an Excel Sheet [wpdm_file id=17]
Rates of TDS for the year 2012-13 (A.Y.2013-14) – Non Salary Read More »
The Finance Minister Mr. Pranab Mukherjee released the “Whitepaper on Blackmoney” in India. This White paper presents the different facets of black money and its complex relationship with policy and administrative regime in the Country.It also contains the options, strategies of the Government to tackle the same. It also lists out the need to address
Whitepaper on Blackmoney released Read More »
The Income-tax department has released an Excel Utility for filing the return form ITR 4S (Sugam), which is applicable for Assessees opting to pay tax under Presumptive method. Click here to download the ITR 4S Excel Utility.
E Filing of Form ITR 4S(Sugam) enabled for A.Y.2012-13 Read More »
The Income-tax department has provided an online utility for calculation of Tax Liability in respect of the following types of assessees :- 1) Individuals 2) Hindu Undivided Family 3) BOI (Body of Individuals) 4) AOP (Association of Persons) 5) Firms 6) Domestic Companies 7) Foreign Companies and 8 ) Co-operative Societies Click here to use
Income-tax Calculator for last 12 Assessment years Read More »
The Income-tax Department has started accepting e-filing returns for the year 2011-12 (A.Y.2012-13). ITR-1 which is applicable for assessees having income from salary and income from other sources (only interest income or family pension) can be filed now using the utility provided in the Income tax department website. Click here to download the ITR-1 for
E filing for A.Y.2012-13 (F.Y.2011-12) commenced Read More »
The CBDT vide its circular No 03/2011 dtd 13.05.2011 had stipulated that Form 16A in respect of tax deducted at source on or after 01/04/2011 shall be mandatorily downloaded from TIN website (with unique TDS Certificate Number) in case of company including banking company ,banking institution,co operative society engaged in banking business. For other deductors
Issue of TDS Certificate in Form 16A – to be generated from TIN Central System Read More »
The Income tax department,vide its Notification No 15/2012 dtd 30/03/2012 has restricted the rate of depreciation on windmills from 80% to 15% w.e.f. 01/04/2012. The relevant Notification is reproduced below :- Income-tax (Fourth Amendment Rules, 2012 – Depreciation restricted to 15% on wind mills installed after 31-3-2012 Notification No. 15/2012 [F.No.149/21/2010-SO(TPL)] S.O.694(E), dated 30-3-2012 In
Rate of Depreciation on Windmills reduced to 15% Read More »
In the recent Budget presented in the parliament, the finance minister has introduced a new provision in the Income-tax Act,1961 , wherein certain property transfers were brought into the ambit of Tax Deduction at Source. This move by the Government of India is aimed at not only increasing the revenue for the Government but also
All about Tax deduction at Source (TDS) on Immovable Property Transfers Read More »
The Central Board of Direct Taxes vide its Notification dtd S.O. 626(E) dtd 28th March 2012 has notified new return forms (manual forms) for the previous year 2011-12 (Assessment Year 2012-13). Form No Applicable to Download Link ITR-1 SAHAJ Indian Individual [wpdm_file id=8] ITR-2 For Individuals and HUFs not having Income from Business (or)
New Income-tax return forms for the year 2011-12 (A.Y.2012-13) notified Read More »
The Financial Year 2011-12 closes on 31-3-2012 falling on Saturday. All the Income Tax Offices through out India shall remain open on this day and the receipts counters shall also work during normal office hours. This direction is issued for administrative convenience by the Central Board of Direct Taxes in exercise of powers conferred under
Income-tax offices to remain open on 31/03/2012 Read More »
DIRECT TAX PROPOSALS v Changes in Tax Slabs : The existing differentiation of Male and Female assessees has been removed. The tax rates for all Individual assessees below 60 years of age for the year 2012-13 is as follows :- Income Level Rate of Tax Upto Rs. Rs. 2,00,000/- Nil Rs. 2,00,001 to Rs. 5,00,000/-
BUDGET 2012 – IMPORTANT TAX PROPOSALS Read More »
Income-tax is a very famous and well known direct tax inIndia. But many Income-tax assessees are unaware of the fact that they are also liable to pay wealth-tax and file Wealth-tax returns every year along with their Income-tax returns. In this article , let us try to analyse the various provisions with regard to Wealth-tax
Wealth-tax – Are you Complying with the Provisions ? Read More »
