Income Tax, Wealth Tax and Direct tax Code Related News

  • Jul
  • 28
  • 2014

Some Helpful Tips for Filing Income Tax Returns

Added In Income Tax
Income-tax return is a legal document and it should be filed by the assessee with due care and caution. There should be no corrections or overwriting and it should be properly signed and verified by the person authorized to do so under the provisions of the Income-tax Act. The following important points may be taken care of while filling up the return forms:

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  • Jul
  • 27
  • 2014

Check List for Making Form 15CA and 15CB by Professionals

Added In Income Tax
Nowadays Form 15CA and 15CB are of a lot importance. We professional atleast have to issue one Form 15CB every day and form 15CA is also to be made by the professional on behalf of the client.

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  • Jul
  • 26
  • 2014

Changes made in Budget 2014 by Lok Sabha

Added In Income Tax
The list of changes made in the Finance Bill are as under: 1) Unlisted securities and units of MF transferred between 01-04-14 and 10-07-14 shall be deemed to be long-term capital assets, if held for more than 12 months. 2) Long-term Capital Gains on Units of Mutual Funds transferred between 01-04-14 and 10-07-14 shall be taxable at 10% without indexation.

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  • Jul
  • 26
  • 2014

Lok Sabha Passes Finance Bill 2014

Added In Income Tax
The Lok Sabha on Friday 25.07.2014  passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally. Finance Minister said that “Ours is not a high-tax government. A high tax government cannot promote […]

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  • Jul
  • 26
  • 2014

How much is your goodwill and entity worth?

Added In Income Tax
Goodwill of an enterprise is an important ‘asset’ which is relevant for investors in their decision to invest or not and to know how goodwill is quantified? A chartered accountant may think this to be his forte to provide an answer but how much is the value of goodwill of an entity and value of an entity may be difficult to answer but not impossible.

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  • Jul
  • 25
  • 2014

CBDT Releases ITR 6 e-filing Utility for A.Y. 2014-15

Added In Income Tax
After a Wait of  almost 4 Months CBDT has finally released ITR 6 Java Utility required for online filing of Income Tax Returns of Companies other than a company claiming exemption under section 11 for Assessment year 2014-15 i.e. Financial Year 2013-14. CBDT has Yesterday released only Java Utility, which means we have to wait […]

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  • 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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