Income Tax, Wealth Tax and Direct tax Code Related News

  • Oct
  • 24
  • 2014

Profits and Gains from Business and Profession – Brief Study

Added In Income Tax
In our series of Articles on Tax Treatment of Income from Different Sources we earlier explained Provisions of Income From Salary and Income from House Property, which can be accessed at the following links :- Tax Treatment of Income from Salary in Brief All about Income from House Properties In this Article we have discussed […]

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  • Oct
  • 24
  • 2014

Issues in ‘Re-issue’ of refund of Income Tax by CPC

Added In Income Tax
CA. M. Lakshmanan At present issue of cheque by State Bank of India for refund of Income Tax has been dispensed with and the refund due is transferred to the account of the assessee by ECS. But in certain cases the refund does not reach the account of the assessee due to various reasons viz. […]

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  • Oct
  • 23
  • 2014

All about Income from House Properties

Added In Income Tax
1 Basis of Charge [Section 22]: Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land appurtenant thereto; b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose […]

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  • Oct
  • 23
  • 2014

Gold & Silver rates for current & last ten assessment years & on April 1, 1981

Added In Income Tax
Value of gold contained in gold ornaments should be reduced by 14 to 20 per cent of ruling rates of standard gold, as per the practice prevalent in the bullion market and the amount of reduction has to be worked out in the following manner :

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  • Oct
  • 23
  • 2014

TDS Provisions – Section 194-IA – Payment on transfer of certain immovable property

Added In Income Tax
Deduction of tax at source from payment on transfer of certain immovable property [AY 2014-15 & AY 2015-16] 1 Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any […]

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  • Oct
  • 22
  • 2014

Tax Treatment of Income from Salary in Brief

Added In Income Tax
1. Income under the head Salaries 1.1 Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund

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  • Oct
  • 22
  • 2014

ICAI invite suggestions on ITRs & other Income Tax forms

Added In Income Tax
ICAI invites suggestions on Income-tax Returns (ITRs) and other forms notified under Income-tax Rules, 1962. – (21-10-2014) The Direct Taxes Committee of the ICAI is in the process of compiling suggestions on Income tax Return forms (ITRs) and other forms to be made applicable for Assessment year 2015-16. With regard to the same, suggestions are […]

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  • Oct
  • 22
  • 2014

CPC-TDS enables Online TDS Statement Correction functionality

Added In Income Tax
The Online Correction functionality is now enabled for TDS Statements prior to FY 2012-13 also (Financial Year 2007-08 onwards), provided at least one correction for the relevant statement has been processed by CPC (TDS). Download Tutorial on above from the following link :- http://contents.tdscpc.gov.in/docs/e-Tutorial%20-%20Online%20Correction-%20Challlan%20Correction.pdf

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  • Oct
  • 22
  • 2014

CBI caught DCIT taking Rs.23-lakh bribe

Added In Income Tax
CBI ARRESTS A DEPUTY COMMISSIONER AND TWO INSPECTORS OF INCOME TAX DEPARTMENT IN A BRIBERY CASE The Central Bureau of Investigation has arrested a Deputy Commissioner and two Inspectors, all the three of Income tax Department in a bribery case. A case was registered against a Dy Commissioner of Income Tax, Karimanagar (Telangana) on the […]

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  • Oct
  • 21
  • 2014

Benefits available to Non- Residents under Income Tax Act,1961

Added In Income Tax
1. Who is a Non-Resident Section 2(30) defines non-resident as a person who is not a resident. Section 6 lays down the test of residency for different taxpayers as under: A. Individual An individual is said to be non-resident in India if he is not a resident in India. An individual shall be deemed to […]

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