In all the returns filed in ITR-1 and ITR-2 for the A. Y. 2008-09, where the aggregate TDS claim does not exceed Rs four lakh and where the refund computed does not exceed Rs.25,000; the TDS claim of the tax payer concerned should be accepted at the time of processing of return.
Notification No. 18/2010 – Service Tax In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 17/2010-Service Tax, dated the 27th February, 2010 published in the Gazette of India, Extraordinary, Part II, Section [More…] 3, Sub-section (i) vide number G.S.R. 161 (E), dated the 27th February, 2010, at page 159, in line 28, for “the buyer”,
The last examinations under SYLLABUS 2002 would be held in June 2010. From December 2010 term onwards, examinations shall be held only under the REVISED SYLLABUS, 2008
The Institute of Chartered Accountants of India (ICAI), in a bid to save time and money of students pursuing the Chartered Accountancy programme as they complete their course is planning to provide them with coaching classes taught by the faculty members through virtual and physical medium.
Health services undertaken by hospitals or medical establishments for the employees of business organizations and health services provided under health insurance schemes offered by insurance companies.
Under the existing provisions of section 44AD of the Act, a person carrying on any business is entitled to opt for a scheme of presumptive tax scheme, provided its turnover or gross receipts do not exceed Rs. 40.00 lacs. In such type of assessees, the assessee is required to presume its income at 8% of the turnover or gross receipts and pay tax accordingly.
The existing provisions contained in the aforesaid section provide that if any person fails to get his accounts audited in respect of any previous year relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may impose a penalty equal to one-half per cent, of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or a sum of one lakh rupees, whichever is less.
Persons carrying on business / profession are required to get their accounts audited, if their turnover exceeded the threshold limit of Rs. 40.00 lacs for business and Rs. 10.00 lacs for profession. These limits were fixed w.e.f A.Y. 85-86.
“Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in subsection (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.”.
“Total number of pending refund returns (up to January 2010 is 49 lakh. The statutory time limit to process the return and issue refund in financial year 2009-10 is March, 31, 2011,” minister of state for finance SS Palanimanickam informed the Rajya Sabha in a written reply.
