Krishna, in last week Income Tax Department has issued forms for filling Income Tax Return for Financial Year 2014-15. Which are these Forms? What are the important things that must be considered by a common man while filling an Income Tax Return? Also explain the changes made in those Returns compared to previous year?
Every taxpayer should check his account with Income tax department. In this account he should check his previous and current year’s status, and thereafter take appropriate decision. Also one should note that the income tax department’s website is updated continuously, therefore one should recheck status on timely basis.
Income Tax Department has issued Circular No. 09/2015 dated 9th June, 2015 regarding income tax refund. Taxpayer wants Refund of excess of Income Tax paid as early as possible. Then today please tell me about income tax refund and about this circular. The one who have not received the income tax refund feels that his Kahani is Aadhuri.
Krishna, Today Karneeti is completing its Century and we will continue it. In these Karneeti Articles we have discussed about various taxes like Income Tax, VAT, Companies Act, Service Tax etc. Krishna, please tell the 100 things of taxes that everyone must know.
According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. e.g. if for selling an immovable property ‘A’ has received an amount of Rs.1 lakh in cash from ‘B’ then ‘A’ has to pay 100% penalty of Rs. 1 lakh.
CA Umesh Sharma Arjuna (Fictional Character): Krishna, Income Tax Department has introduced the provision of TDS deduction on the Interest of Fixed Deposits of Co-Operative Banks in the Financial Budget of 2015-16. What are its effects and who will they affect? It seems that a lot many people will be in trouble on rural India!
CA Umesh Sharma Arjuna (Fictional Character): Krishna, expenditure incurred in relation to exempt income is a controversial issue and matter of discussion in these days. But what is exempt income, deduction of expenditure incurred on exempt income. What should taxpayer learn at the time of calculating tax or filling of return from this?
Krishna, The whole world has trembled due to the earthquake in Nepal. Due to this earthquake Nepal has suffered terrible financial losses. To come out of this disaster at every level everyone is contributing something or the other. If Indian Citizens help Nepal from India in any manner then will they get any benefits in Income Tax?
Financial year 2014-15 is over. Now Income Tax Return will have to be filed for that year. The Department has notified some of the modified forms for filing Income Tax Return. Which forms have been notified, what are the changes made in it and what is its impact on Taxpayers?
Krishna, Nowadays PAN card is generally used for many things. Finance Minister Mr. Arun Jaitly is insisting the usage of PAN in many financial transactions, to curb black money. People even use PAN card as Identity Proof, is it correct?
