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 »
Due to demand from many Companies and public in general, the Ministry of Corporate Affairs has decided to extend the applicability of the Easy Exit Scheme 2011. The Scheme will be in operation till 30th of April 2011. Those defunct Companies willing to close down their operations shall make use of this opportunity. Click here
Easy Exit Scheme 2011 Extended Read More »
Eligibility All employees of the Assessee are eligible to claim this Exemption. Value of Travel Concession or assistance received by an individual from his employer or former employer for himself and his family* in connection with the below proceedings shall be exempt. a) On leave to any place in India; b) To any place in
The Government of India has signed a Protocol with the Government of Switzerland in August 2010 for the purpose of amending the Tax Treaty between the Swiss Confederation and the Republic of India. The protocol has been signed with the intent to enable the Government of India to access the accounts maintained in the Swiss
Unearthing Indian Black Money in Switzerland Read More »
i. All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. ii. Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; iii. Any person,
Who must have a PAN? Read More »
It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to the following financial transactions :- (a) sale or
WHY IS IT NECESSARY TO HAVE PAN? Read More »
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments,
Every dealer who is liable to pay tax under this Act shall file return on or before 20 th of the succeeding month to Assessing authority in whose jurisdiction the principal place of business is located along with statement of purchases and sales effected by him during the month in the Form specified in Rules. Every dealer whose taxable turnover in
TNVAT Monthly Return Filing Read More »
1) Those dealers whose total turnover in respect of purchase and sales in the State is not less than Rs.10 lakhs for a year are to get registered under the Act. 2) The other dealers whose total turnover for a year is not less than Rs.5 lakhs shall get registered. 3) Casual Traders, agent of
TN VAT Registration – Who are Liable? Read More »
Salaried taxpayers with no other income could get a respite from filing tax returns. The income-tax (I-T) department is open to examining a proposal to exempt them from the annual chore. Asked whether the department would think about doing away with income-tax returns for employees, who had no other income apart from salaries in a
Salaried taxpayers may be spared filing returns Read More »
As per provisions of Section 80 CCF , an additional deduction of Rs.20000/- can be claimed from Gross Total Income as Deduction in addition to Rs. 100000/- under Section 80C (LIC Premium,School Fees,Housing Loan Repayment , etc.,) On account of the same, the tax savings for an Individual can be to the maximum of Rs.
Long Term Infrastructure Bonds Read More »
The sole proprietorship is the oldest, simplest, and most common form of business entity. It is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same. The proprietorship is not taxed as separate entity. Note that the earnings of the business are
SOLE PROPRIETORSHIP IN INDIA Read More »
