Income Tax, Wealth Tax and Direct tax Code Related News

  • 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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  • Oct
  • 20
  • 2014

Happy Diwali with crackers of Income Tax

Added In Income Tax
Arjuna: Krishna, Which may be biggest cracker if we correlated with the Income Tax Provision? Krishna: Arjuna, listen gladly, the salesmen in the market sells different types of crackers likewise there are various provisions in various laws. Accordingly in Income tax the biggest cracker is the cracker that explodes in 6 different ways, we call it as ‘Six Shots’ and that cracker is of ‘SEARCH OR RAID’

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  • Oct
  • 20
  • 2014

Gratuity – Legal Provisions and Taxation

Added In Income Tax
ratuity is a reward for long and meritorious service. In 1972 the government passed the Payment of Gratuity Act that made it mandatory for all employers with more than 10 employees to pay gratuity. Gratuity shall be payable to an “employee” on the termination of his employment

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  • Oct
  • 20
  • 2014

Interst on Long Term foreign currency Bonds- Conditions for Lower TDS

Added In Income Tax
CBDT CIRCULAR NO. 15/2014, Dated: October 17, 2014 Subject: Approval of long term bonds and rate of interest for the purpose of Section 194LC of the Income-tax Act, 1961- regarding. Section 194LC of the Income-tax Act, 1961, introduced by the Finance Act 2102, provided for lower withholding tax at the rate of 5% on the […]

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  • Oct
  • 20
  • 2014

CPC-TDS- Processing of TDS/ TCS statements may take 7 to 10 working days

Added In Income Tax
CPC-TDS has informed on its website that Considering peak statement filing time, processing of TDS/ TCS statements might take 7 to 10 working days from date of filing. 90% of the statements filed till 15th Oct 2014 have been processed for 26AS.

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  • Oct
  • 20
  • 2014

Tax planning and managing the House Property

Added In Income Tax
The direct tax proposals of budget 2014 have been tax friendly. It is also worth noting that budget proposals have received the assent of President and now it is law of land under Indian Income Tax Act. It provides for tax advantage in the form of increased basic exemption limit for individuals by Rs.50K.

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  • Oct
  • 20
  • 2014

Not filed your TDS Return-File NIL Declaration on Traces

Added In Income Tax
The last date for filing the TDS Statements for the Second Quarter of FY 2014-15 is already over. There will be many deductors who did not deduct any tax during the relevant quarter and therefore did not file any statement for deduction of tax at source u/s 200(3) of the Income Tax Act’1961.

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  • Oct
  • 19
  • 2014

Why should I pay tax?

Added In Income Tax
 The citizens of India are required to pay Income tax as well as other taxes as per law.  1.  Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost […]

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  • Oct
  • 19
  • 2014

No disallowance u/s 14A & Rule 8D can be made if the assessee does not have tax-free income & no claim for exemption is sought

Added In Income Tax
Section 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads as under:

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  • Oct
  • 18
  • 2014

FAQs on Exemption from filing of income tax return for Salaried

Added In Income Tax
​What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return? ​ The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs.5,00,000, and (ii) the total income […]

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