In the budget it is proposed to reduce the tax on companies from 30% to 25% and increase the Dividend Distribution Tax (DDT) from 15% to 17% with usual Education Cess @2% and Secondary and Higher Education Cess @1%.
CA. M. Lakshmanan Whatever said and done everybody will agree that the higher the rate of tax the higher will be the generation of Black Money. We follow the progressive rate of taxation for Income Tax which is the main cause for creation of Black Money. Even in uniform rate of taxation higher the income, […]
CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]
CA. M. Lakshmanan At present issue of cheque by State Bank of India for refund of Income Tax has been dispensed with and the refund due is transferred to the account of the assessee by ECS. But in certain cases the refund does not reach the account of the assessee due to various reasons viz. […]
CA M. Lakshmanan While we go for e-payment of service tax we are given the codes for various services that existed till 1st July 2012 and additionally we are given an option to select ALL TAXABLE SERVICES – OTHER THAN IN THE NEGATIVE LIST (WITH EFFECT FROM 1ST JULY 2012 and the code given is 1089 whereas […]
In the Income Tax Website e filing is enabled for ITR – 1, ITR – 2, & ITR – 4S only and for all other categories it is yet to be done.If an assessee has failed to pay 90% of Income Tax payable as Advance Tax within the due dates and if he prefers to file the return now by paying the tax due as Self Assessment Tax
CA. M. Lakshmanan As per notification F.No. 225/26/2006-ITA.II (Pt.) dated 8th September 2010 scope of enquiry in the scrutiny cases selected on the basis of information collected from AIR returns would be limited to the aspects of information received through AIR.
It is a welcome proposal that the government will pay the interest outstanding as on 31.12.2103 for the education loans taken up to 31.03.2009 and the borrower has to pay interest from 01.01.2014. But for those who have paid interest whether the same will be refunded or the interest portion will be deducted from the principal payable.
The following assessees have to file compulsorily e return only: – Limited Companies – Compulsory Audit Cases – from A.Y. 2012-13 Individuals/HUFs having Total Income above Rs. 10 Lakhs and assessees who have got foreign assets. To be filed with digital signature only for Limited Companies and for others whose accounts are audited u.s. 44 AB. If filed without digital signature the acknowledgement in Form V duly verified is to be sent to CPC within 120 days by ordinary or speed post.
Though the proposed amendment to Section 115-O of the Act providing that in case any company receives, during the year, any dividend from any subsidiary and such subsidiary has paid DDT as payable on such dividend, then, dividend distributed by the holding company in the same year, to that extent, shall not be subject to Dividend Distribution Tax under section 115-O of the Act, will remove the cascading effect of ‘Dividend Distribution Tax’ (DDT), the one of the basic ‘canons of taxation’ viz. ‘one who earns more has to pay more tax’ has not been taken into account in the sense that because the entire Dividend is exempt at the hands of the recipient without any limit and the Limited company pays DDT (Dividend Distribution Tax) @ DDT and common man 10% at the time of distribution of dividend.
