Income Tax, Wealth Tax and Direct tax Code Related News

  • Apr
  • 21
  • 2015

Practical Issues in Penalty U/s. 271D and 271E r.w. Section 269SS and 269T

Added In Income Tax
Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of section 269SS then a penalty equivalent to the amount of such loan or deposit may be levied by the Joint commissioner.

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  • Apr
  • 21
  • 2015

NSDL releases e-TDS/TCS RPU (Version 4.3) with enhanced features

Added In Income Tax
e-TDS/TCS RPU (Version 4.3) for Statements from FY 2007-08 onwards released (20/04/2015) Key Features – Return Preparation Utility (RPU) version 4.3 Quoting of PAN of responsible person for deducting/ collecting tax. Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., through transfer voucher. Quoting of BIN mandatory only for the […]

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  • Apr
  • 21
  • 2015

e-TDS/TCS File Validation Utility (FVU) version 2.142 wef 21.04.2015

Added In Income Tax
File validation utility (FVU) version 2.142 from FY 2007-08 to FY 2009-10 and 4.6 from FY 2010-11 and onwards released (20/04/2015) Key Features –File Validation Utility (FVU) version 2.142 Quoting of PAN of responsible person for deducting/ collecting tax. This version of FVU will be applicable with effect from April 21, 2015

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  • Apr
  • 20
  • 2015

International Taxation-Common Reporting Standards on Automatic exchange of Information

Added In Income Tax
We strongly feel that there is a need to ensure that the Common Reporting Standards on Automatic exchange of Information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay.

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  • Apr
  • 20
  • 2015

Who are allowed to Open PPF account on behalf of a minor

Added In Income Tax
A Public Provident Fund account on behalf of a minor can be opened by either father or mother. Both the parents cannot open a separate account for the same minor. An individual may open one PPF account on behalf of each minor of whom he is the guardian.

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  • Apr
  • 19
  • 2015

What if an Individual have two PPF Account in his/her name?

Added In Income Tax
An individual can open only one account in his name either in the post office or in the bank and he has to declare this in application form for opening the account. Persons having a PPF account in the bank cannot open another account in the post office and vice-versa. Only one account can be […]

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  • Apr
  • 19
  • 2015

Carry Forward and Set off of Losses in tabular form with FAQs

Added In Income Tax
Set off of loss from one source against income from another source under the same head of income/inter- source set-off under the same head of income Any loss in respect of one source shall be set-off against income from other source under the same head of income. But, there are some exception to this.

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  • Apr
  • 19
  • 2015

New section 9A-Certain activities not to constitute business connection in India

Added In Income Tax
The foreign portfolio investors (referred as foreign institutional investors in the Act) face a difficulty in characterization of their income arising from transaction in securities as to whether it is capital gain or business income. Further, the fund manager managing the funds of such investor remains outside India under the apprehension that its presence in India may have adverse tax consequences.

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  • Apr
  • 19
  • 2015

New Income Tax Returns with data of foreign return, but now again a U-turn

Added In Income Tax
Financial year 2014-15 is over. Now Income Tax Return will have to be filed for that year. The Department has notified some of the modified forms for filing Income Tax Return. Which forms have been notified, what are the changes made in it and what is its impact on Taxpayers?

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  • Apr
  • 19
  • 2015

Revised List of Proof of Identity, Address and Date of birth for PAN/TAN application

Added In Income Tax
Recently CBDT has prescribed 4 more documents acceptable as ‘Proof of date of birth’ for PAN Application vide Notification No. 38/2015, Dated: April 10, 2015. After Considering this and earlier Notification we have compiled List of Documents  acceptable as proof of identity, proof of address and proof of date of birth as per Rule 114 […]

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