Income Tax, Wealth Tax and Direct tax Code Related News

  • Aug
  • 20
  • 2014

Transactions Not Regarded as Transfer for Capital Gain Purpose

Added In Income Tax
No stone is left unhurt when the law makers are Indians. In the sense that no kind of income goes untaxed under the Indian Income Tax law. The Income Tax Act, 1961 is a freakish machine with 5 eyes, no income goes unnoticed from these eyes.

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  • Aug
  • 19
  • 2014

Not filed Your IT Return? File it now

Added In Income Tax
Not filing a return on time does have financial implications, especially if you have a net income tax payable and / or if you have losses to be carried forward. This can really hurt especially if the losses to be carried forward are significant. Therefore, your best option is to ensure that you file the income tax return by the deadline.

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  • Aug
  • 19
  • 2014

Deduction on children’s education u/s. 80C & 80E

Added In Income Tax
The cost of educating our children is rising consistently. It’s a matter of concern for all of us. One relief is the tax benefit provided for spending on children’s education. The Income Tax Act provides a direct deduction on account of fees paid for the education of dependent children. The act also provides for deduction on account of interest on loans taken for higher education of children.

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  • Aug
  • 18
  • 2014

8 Reason to deffer New Tax Audit Report To A.Y. 2015-16 – Letter To CBDT

Added In Income Tax
1 AUDIT ALREADY COMPLETED BUT NOT UPLOADED:-. The financial year preceding to the assessment year 2014-15 was ended on 31/03/2014 and audits for this year were started at any time after that date and completed before 25/07/2014 but the audit report are not uploaded on the IT site. Banks, Insurance Companies, PSUs and other assesses are included in this list. Now the auditors have to revisit them and collect the fresh information as incorporated in the new format.

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  • Aug
  • 18
  • 2014

India is My Country and Paying Taxes of others is also My Duty

Added In Income Tax
Arjuna, all feels proud to be Indian. Growth of the nation is carried out from the taxes collected from the taxpayers. For financial growth of the nation it is necessary to pay taxes. Taxpayer will have to pay his own taxes simultaneously taxpayer is required to pay taxes of the person with whom transactions were incurred.

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  • Aug
  • 16
  • 2014

No disallowance U/s 14A can be made if there is no exempt income

Added In Income Tax
Counsel for the assessee submits that assessee has not received any exempt income and in the absence of the assessee receiving any exempt income, there is no justification in deriving expenses attributable for earning income which is not received by the assessee. He places reliance on the recent decision of the Hon’ble Allahabad High Court […]

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  • Aug
  • 15
  • 2014

CBDT Order No. 130 of 2014 Trandferring And Posting Addl/ Joint CsIT

Added In Income Tax
CBDT Order No. 130 of 2014 dated 14.08.2014 CBDT has transferred and posted several officers in the grade of Additional/ Joint Commissioner of Income Tax with immediate effect. To View List of Such officers Download the Following Order :- CBDT Order No. 130 dated. 14.08.2014

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  • Aug
  • 14
  • 2014

Login to Income Tax E-filing Account from your Bank Account

Added In Income Tax
Income Tax Department is happy to announce the facility of Direct Login from Corporation Bank, Union Bank of India and Oriental Bank of Commerce – Net banking account to the taxpayer’s E-filing Account. Other banks are expected to follow.

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  • Aug
  • 14
  • 2014

CPC (TDS) reminds to raise Flag “B” in TDS Quarterly Statements against 15G/H Forms

Added In Income Tax
As you may be aware that the depositors submit form 15G/H to the bank for no deduction of tax to be made on the interest payments made to them. However , it has been observed in your case that you have not raised Flag ‘B’(No deduction on account of 15G/H) even against a single transaction […]

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