| UPDATES: | ||
| Deduction u/s. 80C for tuition / school / education fees | ||
| Deduction for tuition fees u/s. 80C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF.Deduction under this section is available for tuition fees paid on two children's education. If Assessee have more then two children then he can claim tuition fees paid of only two children's. The Deduction is available for any two children. read more.. | ||
| Due Date for filling TDS Return for 3rd Qtr. 2014-15 | ||
| The last date of filing TDS returns for the third quarter of FY 2014-15 falls due on 15th January 2015. It is very important to file returns on time because late filing of TDS returns not only delays TDS Credits to the deductees but also attracts late filing fees and penalties. read more.. | ||
| Companies Covered Under XBRL (Extensible Business Reporting) provisions | ||
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General Circular No. 16/2012 Dated:
06.07.2014.
Vide Companies (Filing of documents and
forms in Extensible Business Reporting Language) Rules,
2011 notified vide GSR No. 748E dated 5.10.2011,
following class of companies are required to file their
Balance Sheet and Profit & Loss Account and other
documents as required u/ s 220 of Companies Act, 1956
with the Registrar of Companies for the financial year
ending on or after 31 st March, 2011 in XBRL format.
read more...
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| Service Tax Return due date for the period from Oct 2013 to Mar 2014 | ||
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Service Tax Return (ST-3) excel utility for the period of
October 2013 to March 2014, i.e. second half of the
financial year 2013-14 is now available in ACES for e-filing
by the assesses in both offline and online version. The Due
date of
filing the ST-3 return for the period Oct 2013 to Mar 2014
is 25th April, 2014.
The assesses can file return
either online or use the offline utility by downloading
the latest version. Online filing of Service Tax return is
mandatory for all registered service tax assesses.
read more..
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| Due Date Extended to ITR-V filling AY 2012-13 and 2013-14 | ||
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There are many taxpayers who have uploaded their Income Tax
Returns (without digital signature Certificate) for A.Y.
2012-13 [filed between 1.4.2012 to 31.10.2013 and for A.Y.
2013-14 [filed between 01.4.2013 to 31.10.2013, but have
either not filed the corresponding ITR-V or have filed it
with the local Income-Tax Office. ITR-V is accepted only at
CPC, Bengaluru by ordinary or speed post. Therefore an
opportunity is being given to such taxpayers to regularize
their Income-tax returns.
read more..
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| Compilation of Registration Provisions under works contract and Vat Laws under various states (Free E-Book) | ||
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Work contract: Works contract taxation is considered to involve a lot of complexities and controversies which in the short term may not get resolved. Since the time when the concept of deemed sale was introduced under sales tax, transactions that would be liable to tax under the guise of works contract have always been a matter of debate and dispute. read more.. Value Added Tax: Value Added Tax (VAT) was introduced for the first time in Brazil in mid 1960's, then in European countries in 1970's and subsequently introduced in about 130 countries, including several federal countries. In India, it was introduced in respect of central excise duties during eighties. read more.. |
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| Important due dates in march 2013 | ||
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March is most important month of the financial year in Financial world. In India Income tax, service tax ,Vat and all other taxes are assessed on the Financial year basic so in Tax system March month has a Major landmark month. Not only due to closing of the Financial year but also due to various due date correlated with the end of financial year i.e. 31st march. We have complied a summary of provisions and due dates falls in month of March. read more..
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| RBI extended date for exchanging the pre 2005 banknotes to 01.01.2015 | ||
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March is most important month of the financial year in Financial world. In India Income tax, service tax ,Vat and all other taxes are assessed on the Financial year basic so in Tax system March month has a Major landmark month .Not only due to closing of the Financial year but also due to various due date correlated with the end of financial year i.e. 31st march. We have complied a summary of provisions and due dates falls in month of March. read more..
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| No refund on confirm railway tickets after two hours from departure of Train | ||
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The Ministry of Railways clarifies that there
has been no change in
the Refund Rules which have been notified in
June 2013 and have been brought into force with
effect from 1st July, 2013. According to the
notified refund rules, passengers on a confirmed
ticket can avail refund upto 50% of the fare
provided the ticket is cancelled within 2 hours
of the departure of the train.
read more..
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| Taxable and Non Taxable allowances under Salary | ||
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Definition of "Allowance" has not been
provided under Income Tax Act however
generally Allowance: means Fixed amount of
money or other substance given monthly in
addition to salary to meet the particular
type of expenditure.
Treatment under Income Tax :
Allowances are part of salary and taxable in
hands of the assessee if no specific
exemption is given under the Income Tax
Act/Rules.
Further Complete list of taxable and non
taxable allowances has not been provided
under the Income Tax Act or Rules. We can
divide the allowances under three
categories.
1. Fully Exempted
2. Partly Exempted
3. Fully taxable.
read more..
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| Interim Budget 2014-15 Changes in Excise duty | ||
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Changes in Central Excise in interim
Budget 2014-15:
1. Duty has been reduced
on items falling under Chapter 84 and
Chapter 85 from 12 % to 10%. Chapter 84
covers Machinery, Mechanical appliances
and part thereof and Chapter 85 covers
Electrical/Electronics machinery and
equipment. The rates are effective from
February 17, 2014 itself. This rate is
applicable upto 30.6.2014.
2. Duty on mobile
handsets has been reduced. The rate with
Cenvat credit will be 6% and without
credit will be 1%.
3. Duty on
small cars, motor cycles, scooter,
commercial vehicles, trailers, SUV,
large, mid- sized cars, hybrid motor
vehicles and hydrogen vehicles.
read more..
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| Summary Changes in Service Tax Excise Custom in interim Budget 2013 | ||
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The Hon'ble Finance Minister P. Chidambaram
presented the Interim Budget for the fiscal year
2014-15 on Monday, February 17, 2014 to cover
expenditure until the Government's term ends in
May, 2014. While presenting the Interim Budget
2014 in Parliament, the Hon'ble Minister
proposed no major changes in tax laws. He even
expressed disappointment over delay in
introduction of two of India’s biggest tax
reform initiatives - the Direct Taxes Code (DTC)
and the Goods and Services Tax (GST). The
Government appealed to all political parties to
resolve to pass the GST Laws and DTC in 2014-15.
However, the Hon’ble Minister announced some
changes in Indirect Tax Rates.
read more..
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| Additional deduction of 25000/- in Rajiv Gandhi Equity Savings Scheme 2013 | ||
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With an objective to encourage flow of savings
and to improve the depth of the domestic capital
market, the Government of India announced a tax
–saving scheme in the Union Budget 2012-13 named
Rajiv Gandhi Equity Savings Scheme, 2012. The
Scheme aims at widening the retail investor base
in the Indian securities markets and also
furthers the goal of financial stability and
financial inclusion. A tax benefit u/s 80 CCG of
Income-tax Act is available to the investors
under this scheme.
read more..
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| EPF limit to be increased to 15000/- from 6500/- ?? | ||
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The 203rd meeting
of the Central Board of Trustees', Employees'
Provident Fund (CBT, EPF) was held on 05.02.2014
under the Chairmanship of Shri Oscar Fernandes,
Chairman CBT, EPF and Union Minister of Labour &
Employment .In this meeting major decision has
been taken regarding EPFO.
The main decision
which has been taken that The EPF limit is to be
increased to Rs 15000/- from 6500/-Further
Minimum pension of 1000/- Rs has also been
approved.
read more..
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| Railway Budget 2014-15 Highlights | ||
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Highlights of Interim Railway budget 2014-15
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| Due Date to file ITR-V for AY 2009-10,2010-11,2011-12 extended up to 31.03.2014 | ||
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CBDT has again extended the Due date to file ITR-V for ay 2009-10
2010-11 2011-12 extended up to 31.03.2014. The due date has been extended
many time earlier also but still many online returns are yet to processed
due to non submission of ITR-V by the assesees.
read more..
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| File Your Income Tax Return from Desktop No need to login at income tax india e-filling site | ||
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Income Tax department has released Three Income Tax forms java based by which you can file income tax return by click of mouse , no need to visit Income tax site and and you can get pre filled data and submit return without visiting the income tax website. read more.. Download Java Based Income Tax Return ITR-1 Download JaVa based Income Tax return ITR-4S Download Java Based Income Tax return ITR-7
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| Punjab Vat rate updated on Iron and Steel | ||
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1.The State government has reduced the rate of tax from 4.50 percent to 2.5
percent on all Iron & Steel goods except non cenvat paid scarp.
2. Rate of tax on non cenvat paid scrap is
reduced to 1%.
3. Input tax credit will now be restricted to two stages only. read more..
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| Tax Saving options available under section 80C of Income Tax Act for individual/HUF | ||
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In computing the taxable income of
the employee, the following deductions under Chapter VIA of the Act are
to be allowed from his gross total income: Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. (section 80C) read more..
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| E TDS -TCS return filing procedure changed :27A Mandatory through FVU wef 01.02.2014 | ||
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Major changes has been made in
ETDS return filing
through introduction of new FVU
Version 4.1 wef 04.01.2014. In new FUV 4.1 ,while
creating FVU file ,Form 27A is also generated ,which is required to be filed
along with ETDS fvu file. At present form 27A can be prepared through any
software or can be filed manually and an be furnished along with etds fvu
file at TIN-FC.
Now TIN has issued a release at website that
27A must be generated through FVU file only . Other form 27A shall be
treated as invalid wef 01.02.2014. So all deductors should note that they
should file form
27A generated
through FVU only wef 01.02.2014.Release gien by TIN-NSDL
given below.
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| Pan Application procedure changed w.e.f. 03.02.2014 - additional deduction of 25000/- | ||
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The procedure for PAN allotment
process will undergo a change w.e.f.03.02.2014. From this date onwards,
every PAN applicant has to submit self
attested copies of
Further person is also required to
produce original documents of such POI/POA/DOB documents, for
verification at the counter of PAN Facilitation Centres. read
more..
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| No TDS on Service Tax under Section 194J of the Income Tax Act, 1961 (circular 01/2014) | ||
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Central Board of Direct Taxes has issued
Circular No. 01/2014 dated 13.01.2014 clarifying that TDS under Section 194J
(chapter XVII-B of the Income Tax Act, 1961)(professional and technical
services) shall be deducted on the amount paid/payable without considering
the Service tax portion if indicated separately in terms of the
agreement/contract between the payer and the payee.
This circular has come after judgment of the
Hon'ble Rajasthan High Court dated 01.07.2013,
read more.. |
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