Income Tax, Wealth Tax and Direct tax Code Related News

  • Dec
  • 19
  • 2014

Proposed Changes in e-TDS/TCS RPU & FVU validations

Added In Income Tax
It is proposed to release new version of NSDL Return Preparation Utility (RPU) and File Validation Utility (FVU) incorporating the below features: Features of NSDL RPU Allow update in field in Form no. 27Q ‘Whether TDS rate of TDS is IT act (a) and DTAA (b)’ where the tax has been deducted at higher rate. […]

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  • Dec
  • 19
  • 2014

Income Tax – Mere 1.5% Annual Growth in Taxpayer base

Added In Income Tax
Growth in the number of taxpayers Over the past few years, the CBDT in its Central Action Plan has been targeting a 15 per cent increase in new taxpayers vis-à-vis taxpayers added during the previous year. The taxpayer base increased from 319.03 lakh taxpayers in FY 2006-07 to 337.38 lakh taxpayers in FY2010-11, registering an […]

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  • Dec
  • 18
  • 2014

CBDT notifies guidelines for notifying semiconductor wafer fabrication units U/s. 35AD

Added In Income Tax
NOTIFICATION NO. 80/2014, Dated: December 12, 2014 Guidelines for notification of a semiconductor wafer fabrication manufacturing unit as specified business under section 35AD. 11-OB. (1) The notification of a semiconductor wafer fabrication manufacturing unit as a specified business under sub-clause (xiii) of clause (c) of sub-section (8) of section 35AD of the Act shall be in accordance with the following procedure, namely:-

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  • Dec
  • 18
  • 2014

Only 44.74% Income Tax Returns filed by Corporates during FY 2006-07 to 2011-12

Added In Income Tax
CA Sandeep Kanoi In the period from Financial year 2006-2007 to Financial Year 2011-12, Total Income Tax Returns filed by Corporate Taxpayers was 25.55 Lakh against the Required 46.24 Lakh Returns.  During the period in financial year 2006-07, 56.19% of Corporate Assessees has not filed Income tax Return required to be filed by them, while […]

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  • Dec
  • 17
  • 2014

SIT Submits suggestion / Actions to Control Black Money

Added In Income Tax
Placed below are the relevant portions of the Second Report of the Special Investigation Team (SIT) on Black Money which was recently submitted by the SIT to the Hon’ble Supreme Court: I. In response to the directions issued by the SIT, CBDT has directed various Assessing Officers to finalize the assessments for all actionable cases (427), whose names are appearing in the HSBC list received by the Department.

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  • Dec
  • 17
  • 2014

Process for PAN application for Non Resident in India

Added In Income Tax
Indian citizen residing abroad, foreign citizen and other than individual (like company or trust or firm etc.) who wants to apply for PAN should fill the PAN application 49AA. Basically PAN application for Non Resident can be bifurcated into three categories

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  • Dec
  • 17
  • 2014

Process for PAN application for Resident Indian

Added In Income Tax
Permanent Account Number is a number allotted to a person by the Assessing Officer for the purpose of identification. PAN of the new series has 10 alphanumeric characters and is issued in the form of laminated card with photograph.

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  • Dec
  • 16
  • 2014

To curb Black Money widen Tax Base

Added In Income Tax
 CA. M. Lakshmanan Whatever said and done everybody will agree that the higher the rate of tax the higher will be the generation of Black Money. We follow the progressive rate of taxation for Income Tax which is the main cause for creation of Black Money. Even in uniform rate of taxation higher the income, […]

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  • Dec
  • 16
  • 2014

Out of 17 Crore PAN holders only 3.5 crore files Income Tax Return

Added In Income Tax
Gap between PAN card holders and number of taxpayers Further, PAN has been allotted to around 17 crore entities while I-T returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per […]

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  • Dec
  • 16
  • 2014

Expanding Tax Base In India- TARC Recommends Measures

Added In Income Tax
Justice Wendell Homes once said ‘With taxes, I buy civilisation, ’It means that taxes are the cost paid for living in a society and for being part of civilisation. Taxes also need to be utilised to meet basic functions of the state like defence, law, justice, public services and good governance. Unfortunately, people take taxes only as a burden on their income and treat the filing of returns as a mere formality.

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