"02 August 2015" Archive

‘Bhaubali Returns’ is awaited, but wait for New Income Tax ‘Returns’ is over

Krishna, Income Tax department has notified all remaining ITR’s for FY 2014-15. As audience wait for next release of movies, now taxpayers have to wait for next version of returns. Like movie sequels now Income tax returns also have their sequels. So please explain what are the changes made in these ITR....

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Posted Under: Income Tax |

GST: Hyped Are The Merits, Hidden Are The Threats

The introduction of GST along with other government initiatives like the ‘make in India’ programme have the potential to drastically bring down costs, re-define and re-shape the economy of India. The benefits of implementing GST have been much talked but the probable threats have only been popularized as opposition party’s publicity...

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Posted Under: Income Tax |

Gifts Received Not To Be Indicated in ITR

CA Pulkit Agrawal Introduction:- As per Section 56 of Income Tax Act 1961, Gift exceeding Rs. 50,000/- is taxable in the hands of Donee and is to be indicated under the head Income from Other Sources in ITRs. But if gifts received from Donors does not exceeds Rs. 50,000/- then whole of the sum received […]...

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Posted Under: Income Tax |

Refund Under Provisions of Income Tax Act, 1961

Section 237 of the Income Tax Act, 1961 deals with refund of excess tax paid by the assessee. If any person or assessee satisfies the assessing officer that the amount of the tax paid by him or paid by any person on his behalf during any previous assessment year exceeds the amount with which he is properly chargeable under the act for tha...

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Posted Under: Income Tax |

Hastiness And its harmful effects

Speed has become a fashion and necessity in the digital era. The limited resources and the growing population have necessitated the development of speedy service as Fast food, Express ticketing, Quick visas, Fast lane traffic, etc. Even the time is moving on the fast track: years get completed before we count the days. Burgers and pizzas ...

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Posted Under: Income Tax |

Process for Surrender/Cancellation/ of Additional/Duplicate/ Extra DIN

1. Holder of duplicate DIN shall make an application for surrender with Regional Director in form DIR5. 2. The application shall be accompanied with a declaration on affidavit duly notarized that he has never been appointed as director in any company and the said DIN has never been used for filing of any document with any authority....

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Posted Under: Income Tax |

Allotment of Shares as Per Companies Act 2013

(i) A private placement offer cannot be made to more than 200 people in aggregate in a financial year excluding "qualified institutional buyers" and employees of the company being offered securities under a scheme of employee's stock option as per provisions of clause (b) of sub-section (1) of section 62....

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Interest Income on Income Tax Refunds

An Assessee is eligible to claim refund of the excess tax paid by him. Tax could be paid in the form of advance tax or tax deducted/collected at source or self - assessment tax or payment of tax on regular assessment. To claim refund, an assessee need to E - file Return of Income submitting the proof of payment of taxes like Advance Tax, ...

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Input Tax Credit on Composite production of Taxable/Tax Free goods under PVAT Act, 2005

Section 13 of the PVAT Act, 2005 provides for the entitlement of Input Tax Credit on the purchases made by a Taxable Person subject to such Conditions as may be prescribed. However when a person uses taxable goods for the production of both taxable and tax free goods Section 13(5) & Rules 23 & 24 of the PVAT Rules, 2005 comes into play....

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Power of Introspection -I am doing my work & Rains doing theirs…

Assessment means appraisal, evaluation, estimation, measurement, judgment etc. In the context income tax law it means then evaluation, estimation, or measurement of income. The term ‘assessment' in field of taxation law has a definite meaning. This term is comprehensive and may include varied ranges of activities and procedures. The def...

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Posted Under: Income Tax |

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