Under Uttar Pradesh Value Added Tax regime, the SIM Cards have been made specifically taxable w.e.f. 01.04.2011 @ 4% (plus 1% SAT), vide notification no. KA.NI.-2-421/XI-9(1)/08-UP Act -05-08-Or(71) dated 31.03.2011.
In the Financial Year (F.Y.) 2015-16, Department of Income Tax Receives 2.06 Crore Returns on the E-Filing Portal as on 07.09.2015 Registering an Increase of 26.12% over the Corresponding Period of the Preceding F.Y. 2014-15; 32.95 Lakh E-Returns Verified Through Electronic Verification Code;
The notices under Section 59(2) issued on 19.06.2015 which were system generated stand quashed. The consequent passed orders thereon are already withdrawn by the letters dated 17.07.2015. The Circular dated 29.07.2015 issued by Addl. Commissioner (System) is also quashed. Further, the letters issued on 17.07.2015 are also quashed.
The authorized agent will register himself/herself with a branch of a bank by submitting a copy of his/her valid certificate of authority to the Branch Manager and also produce original certificate of authority for verification as and when required by the bank.
Board has constituted a Committee to examine the feasibility of implementing ‘Industry Based Jurisdiction’ in a phased manner instead of the prevailing ‘Territorial Jurisdiction’ as recommended by the Tax Administration Reform Commission (‘TARC’).
Most of us are unaware about the payment of income tax online. We have to go to bank and deposit the tax which takes a lot of time. So here’s an easy guide to e payment of income tax online. To deposit the tax, please refer below mentioned steps:
1. DUE DATES OF FILING OF ITR AND TAX AUDIT REPORTS We all know that the due date of filing of the returns and audit reports are as follows- 31st July – filing of return of income for the people other than whom tax audit under income tax act applies and companies. 30th September – filing of tax audit report, Income tax return of the person to whom tax audit under income tax is applicable and companies registered in India.
This Income Computation and Disclosure Standard is applicable to all the assesses following mercantile system of accounting for computation of income chargeable under the head Profits and gains of business or profession or Income from other sources and not for the purpose of maintenance of books of accounts.
In the case of DCIT Vs. Raj Kumar Saraogi the Kolkata ITAT held that comparison with the items of jewellery found at the time of search with wealth tax return, which were filed much earlier was putting an onerous task on assessee to prove something impossible
High Court held In the case of CIT vs. Rakesh Mahajan that the income or profits as ascertained and determined by the assessee himself cannot always be accepted as correct because it is the duty of the A.O. to consider whether the books disclose the true state of accounts and whether the correct
