Income Tax, Wealth Tax and Direct tax Code Related News

  • Jul
  • 24
  • 2014

Income Tax department to remain open on 26th & 27th July 2014

Added In Income Tax
The due date for filing of return of income within the meaning of Explanation 2(c) to section 139(1) of the Income Tax Act, 1961. is 315t July 2014. The Income tax authorities are hereby directed that for the convenience of the taxpayers’, arrangements be made for accepting the returns of income during normal office hours on 26th July and 27th July 2014, being Saturday and Sunday respectively. This direction is issued by the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income Tax Act, 1961.

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  • Jul
  • 24
  • 2014

How costly can the delay in filing tax returns be?

Added In Income Tax
Due date for Filing Income Tax Return for Assessment Year 2014-15 for Salaried Persons and other Assessees who are engaged in business and profession and whose turnover is less than Rs. 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) is 31st July 2014. In this article we have detailed in the form of Question answers Consequences of Delay in Filing Return of Income or of Filing Return after the due date.

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  • Jul
  • 23
  • 2014

Budget 2014 – Does it really not contain retrospective amendments?

Added In Income Tax
Almost everyone, including active and proactive professional tax advisers- mainly, lawyers and CAs, having something to do or other with the Budget proposals of the newly installed government, have sought and brought to focus the ‘highlights’. Even so, it is sad to observe that, in so doing, in one’s conviction, some of the deficiencies, hidden or otherwise, it is noted, have not been even touched upon, for reasons not known.

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  • Jul
  • 23
  • 2014

Parities & Anomalies Brought Between Section 40(a)(i) & Section 40(a)(ia) by Finance Bill 2014

Added In Income Tax
CA Surbhi Jain TDS as the name implies, aims at collection of tax at the very source of income. Its of great significance to the Government as it propones the collection of tax, provides for a greater reach and wider base for tax and from the perspective of Tax Payer, it distributes the incidence of […]

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  • Jul
  • 23
  • 2014

FM Asks I-T Officers to Use Non Intrusive & Innovative Methods of Investigation

Added In Income Tax
Finance Minister Asks Officers of Income Tax Department to Maximise the Use of Non Intrusive and Innovative Methods of Investigation; Calls for Training for Upgradation of Skills and Need for Capacity Building The Union Finance Minister, Shri Arun Jaitley exhorted the officers of the Income Tax Department to maximize the use of innovative and non-intrusive […]

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  • Jul
  • 23
  • 2014

Rates of Gold & Silver up to 31.03.2014 with valuation rules

Added In Income Tax
Rates of Gold and Silver for Wealth Tax valuation Purpose – Valuation of Jewellery- Jewelry Includes: Ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel.

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  • Jul
  • 23
  • 2014

Issues in Assessment of Partnership Firms & Recommendations – CAG

Added In Income Tax
Executive Summary Partnership Firms (Firms) along with Association of Persons (A0Ps) and Body of Individuals (B0Is) constitute one of the major businesses apart from the corporate sector in India. Firms are governed by India Partnership Act, 1932. The Income Tax Act, 1961 (Act) provides various exemptions and deductions to the Firms. Income Tax Department (ITD) […]

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  • Jul
  • 23
  • 2014

Highlights of CAG Report on Direct Taxes

Added In Income Tax
HighlIghts of CAG Report on Direct Taxes This Report discusses trends, composition and systemic issues in direct taxes using data from Finance Accounts, departmental accounts, departmental MIS and findings of compliance audit. Gross tax receipts (GTR) of Union Government in FY 2012-13 was RS. 10,36,460 crore which represented 10.25 per cent of the GDP. Share […]

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  • Jul
  • 22
  • 2014

Taxation Of Charitable/Religious Trust

Added In Income Tax
Shalki Bansal Charitable/religious trusts are the trusts which are formed with an objective of providing relief to poor, education ,medical relief, preservation of environment/ monuments , advancement of objects of general public utility, religious purpose, etc. There taxation has always been a point of concern. The entire income of such trust(be it house property, capital […]

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