Simplifying Taxation in India
You can get up to Rs. 1 lakhs as tax benefits for your kid’s tuition fees The Section 80 C of the Income Tax Act is the most widely known section for claiming deductions. And apart from public provident fund, premiums you pay towards your life insurance policy, and Equity Linked Savings Scheme (ELSS), there … Read more
Job-hopping can increase your pay, but good old loyalty also has its perks. Stay on with your employer for five years or more, and you are entitled to gratuity when you resign, retire or are retrenched. Going by the book:- Gratuity is a reward for long and meritorious service.In 1972 the government passed the Payment … Read more
CA Pratik Anand The last date for filing the TDS Statements for the Second Quarter of FY 2014-15 is already over. There will be many deductors who did not deduct any tax during the relevant quarter and therefore did not file any statement for deduction of tax at source u/s 200(3) of the Income Tax … Read more
The new Government unveiled the Union Budget 2014 with a pragmatic recognition of common man woes and a thrust towards structural reforms. In the recent past, the Indian economy has faced one of its most challenging periods of growth and stability with subdued growth rate, high rate of inflation and lower rate of capital formation. … Read more
Dear Sir/ Madam,This is to inform you that your office (Accounts Office Identification Number (AIN)) have filed Form 24G for all 12 months in Financial Year 2013-14, however, you have not filed Form no. 24G for any of the months during Financial Year 2014-15.Please note that In case of delay in filing of Form No. … Read more
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE 17th October, 2014 Last date of filing of the TDS/TCS Statements for the 2nd Quarter of Financial year 2014-15 for the deductors/collectors in the States of Andhra Pradesh, Jammu & Kashmir, Odisha & Telangana extended.In view of the recent … Read more
What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return? The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs.5,00,000, and (ii) the total income consists … Read more
What is tax audit? The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts … Read more
Sections 44AD, 44AE and 44 AF cover special provisions of computing profits on a presumptive basis. All the schemes are optional at the discretion of the assessee. Conditions and manner of computation common to all three sections are given at the end after specific provisions applying to each section. A. Section 44AD – Presumptive computation of … Read more