The TNVAT (5%) imposed on the textile products with effect from 12.07.2011 has been withdrawn by the Government of Tamilnadu with retrospective effect. This was announced by the Chief Minister of Tamilnadu after the Cabinet meeting decided to withdraw this tax. The relevant Notification is reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2011/07/GO-90_210711.pdf”]
TNVAT 5% on Textiles Withdrawn Read More »
The Tamilnadu Government has changed the rate of TNVAT from 4% to 5% and 12.5% to 14.5%. The relevant notification is attached below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2011/07/GO76_110711.pdf”]
Changes in TNVAT Rates Read More »
As per recent Notification from the Ministry of Corporate Affairs, the DPIN (Designated Partner Identification Number) has been replaced by DIN (Director Identification). In view of the above, any person who is intending to become a designated partner in an LLP shall apply for DIN and get the same approved. If a person holds both
This Tax Calculator will calculate the tax Payable in respect of Individuals & HUF for the year 2010-11 (A.Y.201-12) Enter your data only in Green shaded Cell. You will get the tax payable Send your comments to sridharca@gmail.com
Tax Calculator for 2010-11 (A.Y.2011-12) Read More »
The Income-tax Department has issued a new Notification No 37/2011 dtd 01.07/2011. As per this notification , all Individual/HUF/Partnership Firms who are covered under Tax Audit u/s.44 AB of the Income-tax Act, shall electronically file their return of Income with the Digital Signature of the Assessee/Partner. This will be applicable from the A.Y.2011-12 onwards. The
E filing with Digital Signature mandatory for Tax Audits Read More »
NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL] DATED 23-6-2011 In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department
Cost Inflation Index for Financial Year 2011-12 is 785 Read More »
No.402/92/2006-MC (14 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, dated the 23rd June, 2011 PRESS RELEASE The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for
Exemption from Filing of return for Salaries Employees Read More »
All the tax payers can view their tax credits on account of TDS/TCS deducted by their payers. This facility is available from the Income-tax department from F.Y.2005-06 onwards. CLICK HERE to view the Tax Credit.
Taxpayers view for TDS/TCS – Verify your Form 16A issued by deductors Read More »
All employees can now verify the Form 16 issued by their employees through the Income-tax website. Click here to verify your Form 16
Verification of Form 16 by employees Read More »
S.No Assessee Type Individual Individual, HUF Source of Income ß ITR-1 ITR-2 ITR-3 ITR-4 ITR-4S 1 Income from Salary/Pension • • • • 2 Income from Other Sources (only Interest Income or Family Pension) • • • • 3 Income/Loss from Other Sources • • • 4 Income/Loss from House Property
Return forms for filing Income-tax returns for the year 2010-11 Read More »
The due dates for filing Income-tax returns for the F.Y.2010-11 (A.Y.2011-12) is as follows :- In case of assessees not covered by Audit – 31st July 2011 (Salaries employees,Business with Less than 60 Lakhs turnover, Assessees with Incomes such as Rent,Capital Gain) In case of assessees covered by Audit – 30th September 2011 (Business with
Due date for filing Income-tax returns Read More »
The Income-tax Department have come out with a circular with procedures for streamlining the Scrutiny of IT returns during the year 2011-12. As per this circular, the returns in respect of small Tax payers and Senior Citizens who are filing their returns in ITR1 & ITR 2, will not be subject to scrutiny unless there
Procedure for streamlining the Scrutiny of IT Returns Read More »
The Central Government has notified 35 new Indian Accounting Standards. The Schedule and the date of Implemention will be announced soon. The following are the New Accounting Standards notified :- Indian Accounting Standards(Ind AS) 1 Indian Accounting Standards(Ind AS) 2 Indian Accounting Standards(Ind AS) 7 Indian Accounting Standards(Ind AS) 8 Indian Accounting Standards(Ind AS) 10
New Indian Accounting Standards (Ind AS) Notified… Read More »
CHANGES IN RATES OF INCOME TAX In case of Resident Individual (Below 60 years of age) & HUF Income Level Tax Rate (%) Upto Rs. 1,80,000/- Nil Rs. 1,80.001/- to Rs. 5,00,000/- 10% Rs. 5,00,001/- to Rs. 8,00,000/- 20% Above Rs. 8,00,000/- 30% In case of
Budget 2011 – Tax Proposals Read More »
The Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V forms relating to income tax returns for A.Y 2010 – 2011 filed electronically on or before 1st April 2010. Those who have filed their returns on or before 1st April 2010 electronically, without digital signatures , initially had time
Due Date for filling of ITR-V extended to 31st July, 2011. Read More »
Click the below link to Join our Community
Stay updated on Latest information on Taxation,Finance and other Statutory updates…
