What is quarterly e-TDS/TCS statement? Who is required to file e-TDS/TCS return? Are the forms used for e-TDS/TCS return same as for physical returns? What are the forms to be used for filing annual/quarterly TDS/TCS returns? Is it mandatory to mention Tax Deduction Account Number (TAN) in e-TDS/TCS return? Can I file Form No. 26Q separately for contractors, professionals, interest etc.?
We are uploading herewith Income tax calculators from A.Y. 2001-2002 to A.Y. 2012-13 prepared by Mr. Nithyanand a Software Professional working in Bangalore.
Deduction by ship-owners – Ship-owners are liable to deduct tax at source under section 192(1). For the purposes of determining the rate of tax applicable, the total salary of the seaman for the year may be estimated as the amount of wages due for a period of ten months on the basis of the monthly wages fixed as per articles of agreement. In cases, where the agreement itself covers a period of more than ten months, the estimated income of such actual period would have to be taken into account for the purpose of tax deduction. If an agreement starts towards the latter part of the year and any seaman satisfies his employer that his income for the year as a whole would not be above the taxable limit, no tax need be deducted for that financial year.
The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2011 are likely to be declared tentatively on Thursday, the 9th February, 2012 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website:
The Institute of Company secretaries of India ( ICSI), a premier National Professional body established by Act of Parliament to develop and regulate the Profession of Company Secretaries has launched a new syllabus for CS Foundation Programme today, at New Delhi. The CS Foundation programme consists of four papers viz., Business Environment and Entrepreneurship; Business Management, Ethics and Communication; Business Economics; Fundamentals of Accounting and Auditing.
The Commissioner (Appeals) considered the fact that there is no bar to purchase agricultural land on which house was to be constructed. The fact is that subject to the provisions of sub-section (4) of section 54F, where, in the case of an assessee being an individual or a HUF, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereinafter in this section referred to as the original asset), and the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed,
ACIT Vs. Mrs. Rajpal Sethi (ITAT Mumbai) – AO in the case of assessee while making the assessment for the assessment year 2004-05 has accepted the short term capital gain and the long term capital gain on sale of shares vide order dated 22.12.2006 passed u/s 143(3) of the Act, therefore, we are of the view that the assessee’s case is squarely covered in favour of the assessee by the decision of the Tribunal in the case of Shri Satpal Singh Sethi (supra). This being so and in the absence of any distinguishing features or contrary material brought on record by the Revenue, we respectfully following the consistent view of the Tribunal and the ratio of the decision of the Hon’ble Jurisdictional High Court in the aforementioned cases, hold that the ld. CIT(A) was fully justified in directing the AO to accept the appellant’s claim of short term capital gain and long term capital gain on share transactions, where the delivery has been taken or given and Security Transaction Tax has been paid.
Kushal K. Bangia Vs. ITO (ITAT Mumbai)- In principle, though the scope of ‘income’ in s. 2(24) is very wide, a capital receipt is not chargeable to tax as income unless there is a specific provision to that effect. As the residential flat owned by the assessee in the society’s building was a capital asset in his hands, the compensation was a capital receipt. The department’s argument that the cash compensation was a ‘share in profits earned by the developer’ is not acceptable because it proceeds on the fallacy that the nature of payment in the hands of the payer determines the nature in the hands of the recipient. However, as the said receipt reduced the cost of acquisition of the new flat, it had to be taken into when computing the gains from a transfer thereof in the future
We have uploaded new form 16 in Excel Format which is for male and Female below the Age of 60 years. The form cum tax calculator is for Assessment year 2012-13 i.e. Financial year 2011-12. Assessee have to select his sex first and then he have to enter his salary details in form 16. The Form will calculate the tax on salary automatically. Download New Form 16 for AY 12-13 in Excel with formula
The due date for submission of ITR-V for A.Y. 2011-12 has been extended upto 31.03.2012 or 120 days from the date of upload whichever is later.
