CA Umesh Sharma Arjuna (Fictional Character): Krishna, 7th February to 14th February is celebrated as Valentine Week all over the World. This is celebrated by giving gifts and wishes and for that the markets were ready. This market of love gifts is called as “Loveonomics”. Please explain the provisions of Income Tax regarding these Love […]
Krishna, what are the Provisions in Income Tax Act, when a Taxpayer already owns a house and again Purchases another house i.e., ‘Second House’? Arjuna, listen carefully; otherwise having a second house may become a hardship. E.g. If the Taxpayer is having a House at Aurangabad and he purchases another Flat at Mumbai, then he has to show any one property as Self Occupied Property and has to pay taxes on second House.
Krishna, on 26th January, India celebrates its Republic Day. On this Republic Day the President of the United States of America Mr. Barack Obama will be the guest of honour. On this day India’s unity and strength is demonstrated by the Army, Navy and Air Force in the grand Parade along with the exhibition of various diverse states of India.
Generally department issues notices of Mismatch for differences between sales and purchases after VAT Audit. Now from April 2014 onwards, filing of Annexure J1 and J2 along with return has been started. Therefore Mismatch Report is available online to the Dealers after filing return.
Krishna, this Year Makar Sankranti is on 15th January and also the last date of submission of Maharashtra VAT Audit Report. There is Happiness everywhere because of Makar Sankrati. Many are busy in flying kites and buying gift (Vaan). Accordingly, how interesting Kite fight between department and VAT dealer?
Arjuna, In Income Tax Act there are two types of years i.e. Assessment Year and Previous Year. According to section 2(9) Assessment Year is 1st April to 31st March. According to Section 3, Previous Year means the year in which the Income is earned. Income earned in Previous Year is taxable according to tax rates of Assessment Year.
Krishna, Aamir Khan’s recently released movie, PK, is in Limelight. Tell me, if this character ‘PK’ participates in a T.V. talk show on the topic of Taxation, what fun it will create? In this way we can spread awareness of taxation among people for following tax laws.
CA Umesh Sharma Arjuna (Fictional Character): Krishna, The tours across the world of Modiji after becoming the Prime Minister of India has become the topic of discussion for everyone. He invited Non Resident Indians to make financial investment in India through “Make in India” scheme. But who are these Non Resident Indians (NRI), what is […]
Arjuna, the last date for such income tax return filling is 30th September but this year due to several changes in tax audit report various high courts have extended the due date to 30th November. Almost all taxpayers i.e. Salaried, Business, Professional and Company, etc. have completed their responsibility by filling income tax Return for the financial year 2013-14, thanks to them. But some Late Latif taxpayers may file late return up to March 2015 as there is no penalty till that date for filing return.
Krishna, In Maharashtra State discussion on proving Majority and resolution for proving trust in Government is going on. It’s for the formation and running of the Government. But what if, it happens in business, please explain what the importance of majority and resolutions in business.
