10B, 10BA) - 139(1) :- 2. DUE DATE OF FILING RETURN OF INCOME: RETURN OF
|
|
- Jean Wells
- 8 years ago
- Views:
Transcription
1 RETURN OF INCOME 1. OVERVIEW: - Section 139(1) of the act requires every person :- a) Being a company or firm to file a return of income b) Local authority to file return if total income exceeds the exemption limit c) Every other person to file a return of income if his total income(without giving effect to chapter VI A and provisions of Section 10A, 10B, 10BA) or total income of any other person in respect of which he is assessable exceeds the exemption limit. d) Although in point (b) and (c) only persons whose income exceed exemption limit are required to file a return of income but law do not stop other persons to file their return of income. 2. DUE DATE OF FILING RETURN OF INCOME: - The due date of filing return of income in prescribed form is:- a) Where assessee is:- Company or Any other person(other than company) whose accounts are audited under this act or any other law in force or Working partner of firm (whose accounts are audited), The assessee is required to file his return of income by 30 September of the relevant assessment year. b) In any other case, assessee is required to file his return of income by 31 July. 3. RETURN OF LOSS(section 139(3)): - Section 139(3) read with section 80 requires an assessee to compulsorily file a return of loss u/s 139(3) to carry forward some losses, the provisions of section 139(3) shall apply in the same manner as in section139(1). For carry forward of loss it is necessary that return is filed by due date. Return is necessary for carry forward of: - Business loss Speculation business loss Capital gain loss Loss on account of owning and maintaining horses Return is not necessary for carry forward of: - House property loss Loss of business specified u/s 35AD Unabsorbed depreciation, etc. NOTES: - Section 139(3) read with section 80 do not stop set off of loss in current year even if return is not filed it just prohibits carry forward of such loss
2 It is to be noted that current year loss cannot be carried forward if return is not filed but in this case, losses pertaining to preceding years can be carried forward if return for these years is filed by due date. 4. BELATED RETURN(Section139(4)): - If return is not filed u/s 139(1) or within time allowed u/s 142(1) by A.O. than also assessee can file a belated return: - Within 1 year from the end of relevant assessment year or Before expiry of best judgment assessment u/s 144 Whichever is earlier. 5. RETURN OF CHARITABLE TRUST OR INSTITUTION: - Every person who is in receipt of following income:- Income from property held under trust whose income is wholly or In part only for religious or charitable purposes Income by way of voluntary contribution on behalf of such trust. Must file return of income in ITR-7 if such income before allowing exemption u/s 11 and 12 exceeds the exemption limit must file his return of income by 30 th September. CONSEQUENCES OF FAILURE TO FILE RETURN: - Penalty of Rs. 100 per day till default continues. 6. RETURN OF POLITICAL PARTY(Section 139(4B)): - If Total income of a political party before allowing exemption u/s 13A exceeds maximum amount not chargeable to tax, The CEO of such party is required to file it s return of income. The due date if party wants to seek exemption u/s 13A is 30 th September otherwise it is 31 st July. 7. RETURN OF SPECIFIED INSTITUTIONS( Section 139(4C)): - Specified institutions means:- Scientific research institution mentioned in section 10(21) News agency mentioned in section 10(22B) Association for promotion of certain institutions and professions referred in section 10(23A) Certain khadi and village development associations referred in section 10(23B) Institutions or funds referred in section 10(23C) Education institutions other than those substantially financed by govt. if gross receipts exceed Rs. 1 Crore. Trade union mentioned in section 10(24) Such assesses shall be required to file their return of income, duly verified and in prescribed form if Total Income before allowing exemption u/s 10 exceeds maximum amount not chargeable to tax 8. RETURN OF CERTAIN INSTITUTIONS(Section 139(4D)): - Specified institutions means institutions mentioned in section 35 which were accepting donations for scientific research including colleges, recognized bodies.
3 These institutions are compulsorily required to file a return of income. 9. REVISED RETURN(section 139(5)): - An assessee can revise his return anytime before:- One year from the end of relevant assessment year or Completion of best judgment assessment u/s 144 Whichever is earlier. Revised return substitutes the original return. NOTES:- Belated return cannot be further revised Revised return can be further revised within time limits prescribed under this section (section 139(5)). 10. Section 139(C): - Board may make any rules for certain persons or class of persons who may not be required to attach documents, certificates, etc. with the return of a person except that under section 139(D). 11. RETURN IN ELECTRONIC FORM(Section 139(D)): -The board may make any rules prescribing rules for: Persons who are required to file return in electronic form Form and manner of filing return Documents, statements, certificates, reports to be filed along with the report The computer resource to which such return is to be transmitted. 12. PAN(Permanent account Number): -Every person: - a) Whose Total income Exceeds exemption limit and covers the case where he is assessable for any other person or b) Whose Receipts of his business and profession exceeds Rs or c) If he is required to file return of trust or charitable institution and d) Every employer who is required to file a return of fringe benefits Must apply for PAN number to the A.O. in form 49A in time limit prescribed. Any other person may voluntarily apply for PAN number. Besides this A.O. may also allot PAN number to any person. TIME LIMIT FOR APPLYING FOR PAN NUMBER: - SITUATION In case of persons in clause (a) In case of persons in clause (b) TIME LIMIT On or before 31 May of the assessment year for which income is assessable On or before end of that accounting year In case of persons in clause (c) In any other case On or before end of that accounting year On or before end of that accounting year
4 CERTAIN CASES WHERE PAN HAS TO BE QUOTED: - In all returns or correspondences with income tax authority In all challans for payment of sum due under this act In all documents pertaining to certain transactions as may be prescribed by board. CERATIN TRANSACTIONS PRESCRIBED BY BOARD FOR QUOTINF OF PAN: - Sale/purchase of immovable property valued at 5 lakhs or more Sale/purchase of motor vehicles(other than two wheelers) which require registration under motor vehicles act,1988 Deposit exceeding Rs in post office savings bank account Contract for purchase/sale of securities for more than Rs.1 Lakh Payment for hotel/restaurant bills exceeding Rs at one time Application for installation of telephone connection including cellular connection. Payment exceeding Rs to:- Mutual fund company Company for acquiring it s shares Company or institution for acquiring it s debentures or bonds RBI for acquiring bonds issued by it. Any person to whom PAN has not been allotted and enters into above transactions must file a declaration in Form No.60 Person who is in receipt of only agricultural income and to whom PAN has not been allotted and enters into above transactions must file a declaration in Form No. 61 INTIMATION OF PERSONS TO INFORM PAN TO CERTAIN PERSONS AND OBLIGATION OF THAT OTHER PERSON: - a) In case TDS has been deducted: - Person receiving such sum shall intimate his PAN to person deducting TDS Such person deducting tax shall quote this PAN on: - All statements of perks furnished to employee All certificates of TDS given to that person All statements of TDS given to income tax authorities. b) Obligation of buyer, licensee, lessee or seller of alcoholic liquor, timber or any other forest product: - Every buyer, lessee or licensee of these products shall intimate his PAN to persons responsible for collecting tax Such persons collecting Tax shall Quote this PAN on:- In all certificates furnished to such buyer, lessee, etc. of these products
5 In all statements furnished to income tax authorities in this regard. 13. SELF ASSESMENT u/s 140A: - Every person before filing his return of income shall first make self-assessment of income in the following manner: - a) calculate total income b) calculate tax on such income c) add surcharge, if applicable d) add Education cess@2% and secondary and higher education cess@ 1% e) Calculate relief u/s 89,90,etc. f) Deduct MAT credit.. g) Add interest u/s 234A for late submission of return of income. IT IS CALCULATED AFTER DEDUCTION FROM TAX LIABILTY THE AMOUNT OF ADVANCE TAX, TDS, RELIEF u/s 89,90, etc. h) Add interest u/s 234B for short or non- payment of advance tax i) Add interest u/s 234C for short or non- payment of advance tax installments. j) Deduct amount of TDS from above calculated Liability k) The above tax is self assessment tax and interest payable to authorities. 14. Signing the return of income ( section 140 ): Assessee Who should sign the return: Individual HUF Company By the individual himself or where the individual concerned is absent from India, by the person duly authorized by him on his behalf ( i.e. person holding valid power of attorney and such power of attorney shall be attached to the return), and where the individual is mentally incapacitated from attending to the affairs, by the guardian or person competent to act on his behalf, and where it is not possible for individual to sign the return for any other reason, by any person duly authorized by him in his behalf. By the Karta, or Where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of the family. By the Managing Director thereof, or where for any unavoidable reason such managing director is not able to sign or where there is no managing director, by any director of the company.
6 Firm Limited Liability Partnership Local Authority Political Party By the managing partner, or Where for any unavoidable reason, such managing partner is not able to sign or where there is no managing partner, by any major partner. By the designated partner thereof, Where for any unavoidable reason, such designated partner is unable to sign or where there is no designated partner, by any partner thereof. By the Principal officer thereof By the Chief Executive Officer ( CEO) of Political Party
7
FILING OF RETURNS AND ALLIED COMPLIANCE UNDER INCOME TAX
Legal Series Vol. VIII Issue 3 June 2015 For private circulation only FILING OF RETURNS AND ALLIED COMPLIANCE UNDER INCOME TAX Authors* : Dr. Manoj Fogla Suresh Kejriwal Sanjay Patra, ED, FMSF * The Authors
More informationTDS ON FOREIGN REMITTANCES Surprises continued..
TDS ON FOREIGN REMITTANCES Surprises continued.. CA. Ashwani Rastogi ashwani.rastogi.ca@gmail.com +91 9990999281 New Delhi 12 August 2014 1 TDS ON FOREIGN REMITTANCE As Per Section 195 TDS shall be deducted
More informationSection 195 Related-TDS payment to non residents T.G. Suresh Chartered Accountant
Section 195 Related-TDS payment to non residents T.G. Suresh Chartered Accountant Presentation Overview Section Analysis Tax rates PAN Mandate/206AA Procedural Aspects (Form 15CA and Form 15CB) Consequences
More informationAddendum. This addendum set out changes to be made in the Statement of Additional Information (SAI) of Tata Mutual Fund.
Addendum This addendum set out changes to be made in the Statement of Additional Information (SAI) of Tata Mutual Fund. Date of Enactment of Finance Bill 2015: 14th May 2015 Section VI. TAX & LEGAL & GENERAL
More informationINSTRUCTIONS FOR FILLING UP RETURN OF NET WEALTH (FORM BB) (To be detached before filing the return in a paper form)
INSTRUCTIONS FOR FILLING UP RETURN OF NET WEALTH (FORM BB) (To be detached before filing the return in a paper form) This form is to be filled up by all wealth-tax assessees [individual, Hindu Undivided
More informationContents. About the Author I-5 Forward I-7 Preface I-9 Chapter-Heads I-11
Contents About the Author I-5 Forward I-7 Preface I-9 Chapter-Heads I-11 u Amendments made by Finance (No.2) Act, 2014, at a Glance I-23 u GENERAL REFERENCER A. Taxation Rates 1 A.1. Individuals/HUF/AOP/BOI
More informationSECTION NATURE OF DEDUCTION REMARKS
The chart given below describes the deductions allowable under chapter VIA of the I.T. Act from the gross total income of the assessees having income from salaries. SECTION NATURE OF DEDUCTION REMARKS
More informationIncome Tax 2013-14. Income Tax Slabs & Rates for Assessment Year 2014-15
Income Tax 2013-14 we have provided here a detailed guide for Income Tax 2013-14 Assessment Year 2014-15 applicable to Salaried Class Employees. Government has brought three important changes this year
More informationGUIDANCE NOTES FOR FILLING UP RETURN OF INCOME (ITS-3)
GUIDANCE NOTES FOR FILLING UP RETURN OF INCOME (ITS-3) (To be detached before filing the return) This new ITS-3 Form of Return of Income is a simplified one-page SARAL form, which is similar to the SARAL
More information(2) Computation of income-tax, surcharge, education cess and interest in respect of income chargeable to tax
Instructions for filling out FORM No. ITR-7 (to be detached before filing the return) 1. Legal status of instructions These instructions though stated to be non-statutory, may be taken as guidelines for
More informationTO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)]
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) (INCOME-TAX)
More informationThe Institute of Chartered Accountants of India - Nellore Branch -SIRC
TDS Amendments proposed in the Finance (No. 2) Act 2009 Rationalisation of provisions relating to tax deduction at source (TDS) a. Rationalisation of TDS rates: A. Under the existing provisions of section
More informationCHAPTER XIII INCOME TAX MATTERS
CHAPTER XIII INCOME TAX MATTERS A. TAX DEDUCTION AT SOURCES (TDS) 13.A.1 GENERAL 13.A.1.1 Under section 192 to 195 of the Income tax Act, 1961, it is the responsibility of the Drawing and Disbursing Officer
More informationAPPEAL TO THE INCOME TAX APPELLATE TRIBUNAL
APPEAL TO THE INCOME TAX APPELLATE TRIBUNAL Introduction The Commissioner of Income-Tax (Appeals) is the first appellate authority and the Income Tax Appellate Tribunal (ITAT) is the second appellate authority.
More informationINTEREST FOR DELAY IN PAYMENT OF TDS/TCS AND FOR NON-PAYMENT OF TAX DEMANDED
INTEREST FOR DELAY IN PAYMENT OF TDS/TCS AND FOR NON-PAYMENT OF TAX DEMANDED Introduction A person is liable to pay interest for various delays/defaults like interest under section 234A for delay in filing
More informationUnit 10 : ADVANCE TAX AND RETURN OF INCOME
Unit 10 : ADVANCE TAX AND RETURN OF INCOME Income liable for advance tax Under the scheme of advance payment of tax, every income ( including capital gains, winnings from lotteries, crossword puzzles,
More informationKey Features of Budget 2015-2016 Employee specific. 2015 Copyright JB ARSEN
Key Features of Budget 2015-2016 Employee specific 2015 Copyright JB ARSEN 2015 Copyright JB ARSEN A. Rates of Income-tax Rates of Income-Tax Basic Rates The income tax rates remains unchanged for individuals.
More informationForm DVAT 04 Cover Page [See Rule 12]
Department of Trade and Taxes Government of NCT of Delhi Form DVAT 04 Form DVAT 04 Cover Page [See Rule 12] Application for Registration under Delhi Value Added Tax Act, 2004 Please tick as applicable
More informationChapter 12 REBATE & RELIEF
Chapter 12 REBATE & RELIEF CHAPTER OVERVIEW Contents Page 12.1 Rebate from Tax payable u/s 87A 12.2 12.2 Reliefs for Salaried Employees 12.2 12.2.1 Concept of Relief 12.2 Eligible Receipts 12.2 Claim of
More informationFor Individuals And HUFs Having Income From Proprietary Business or Profession.
Types of ITR Forms ITR FORMS ITR - 1 (SAHAJ) ITR - 2 ITR - 3 ITR - 4 ITR - 4S (SUGAM) ITR - 5 TYPE OF INCOME For Individual Having Income From Salary And Interest. For Individuals And HUFs Not Having Business
More informationGovernment Amendments to the Finance Bill 2016. Clause 3
Government Amendments to the Finance Bill 2016 Clause 3 Clause (29A) of section 2 of the Income-tax Act defines "long-term capital asset" to mean a capital asset which is not a short-term capital asset.
More informationFORM NO. 3 [See RULE 12(1)(b)(iii) of Income-tax Rules, 1962]
FORM NO. 3 [See RULE 12(1)(iii) of Income-tax Rules, 1962] RETURN OF INCOME SARAL ITS-3 (For Non-Corporate assessees not claiming exemption u/s 11 and not having income from ACKNOWLEDGEMENT business or
More informationFINANCE BILL, 2013 PROVISIONS RELATING TO DIRECT TAXES
FINANCE BILL, 2013 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of the Finance Bill, 2013 relating to direct taxes seek to amend the Income-tax Act, Wealth-tax Act and Finance (No.2)
More informationCompanies (Acceptance of Deposits) Rules, 1975
Companies (Acceptance of Deposits) Rules, 1975 In exercise of the powers conferred by section 58A, read with section 642 of the Companies Act, 1956(1 of 1956), the Central Government, in consultation with
More informationWhat is Service Tax? Can recipient of service be also asked to pay service tax? Under which authority service tax is levied?
What is Service Tax? It is a tax levied on the transaction of certain specified services by the Central Government under the Finance Act, 1994. It is an indirect tax, which means that normally the service
More informationCheck points to e-file
Personal Information Schedule 1. PAN: To be quoted correctly. The critical parameters such as name, date of birth, Sex & Status would get auto populated based on PAN database. 2. Name: To be matched with
More informationPaper 7- Direct Taxation
Paper 7- Direct Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7- Direct Taxation Full Marks:100 Time allowed: 3 hours
More informationHow to compute amount of tax to be deducted under section 192? a Find out Salary Income including taxable perquisites
TDS ON SALARIES CA. Vishesh Sangoi Salary!!! Isn t it everyones favourite? It s paid once in a month and fully expensed out in 5 days or less. Every employee is aggrieved when less salary is received and
More informationCIRCULAR - F.Y.2015-16
INTAS PHARMACEUTICALS LTD. CIRCULAR - F.Y.2015-16 TAX SCHEDULE: 1.For resident individual(who is of the age of below 60 years at any time duringthe previous year)the basic exemption limit of income is
More informationNew e-filing procedures
1 New e-filing procedures About the topic Obligation to file Return of Income Due Dates for filing Return of Income Contents Recent Amendments relating to return filing. In ITA Forms used Changes in online
More informationChamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant
Chamber of Income-tax Consultants Tax deduction at source from payments to Non-residents August 2006 Naresh Ajwani Chartered Accountant Importance of the subject: The subject of Tax deduction at source
More informationFiling of Income Tax Returns
Filing of Income Tax Returns Assessment year 2009-10 Relevant amendments By Sonalee Godbole Manish Unadkat Agricultural Income Judicial view on Nursery operation Basic operations on land is must Saplings
More informationASSOCIATION OF MUTUAL FUNDS IN INDIA LEVY OF SERVICE TAX VIS-À-VIS MUTUAL FUNDS A GUIDANCE NOTE
ASSOCIATION OF MUTUAL FUNDS IN INDIA LEVY OF SERVICE TAX VIS-À-VIS MUTUAL FUNDS A GUIDANCE NOTE A. BACKGROUND: Vide Finance Act, 2003, a new taxable service under the heading Business Auxiliary Service
More informationITR 4 Validation Rules for AY 2015-16. Version 1.0
ITR 4 Validation Rules for AY 2015-16 Version 1.0 July 2015 Table of Contents 1. Purpose... 2 2. Validation Rules... 2 2.1 Category A:... 3 2.2 Category B:... 7 2.3 Category C:... 7 Page 1 1. Purpose The
More informationAdvance Learning on TDS under section 194-I and 194-C
Advance Learning on TDS under section 194-I and 194-C The person (not being an Individual or HUF) who is responsible for paying any income to resident by way of rent is liable to deduct tax at source in
More informationFor Empanelment of Registered Firms of Chartered Accountants for. conduct of Audit of Accounts and also Physical verification
'... REQUEST FOR PROPOSAL (RFP) For Empanelment of Registered Firms of Chartered Accountants for conduct of Audit of Accounts and also Physical verification of Works executed by the Gram Panchayats of
More informationPermanent Account Number (PAN)
Permanent Account Number (PAN) Various aspects of PAN to be covered What is PAN? Utility of PAN Who has to obtain PAN? Transactions in which PAN is mandatory How to apply for PAN? How to correct any mistake
More informationFiling Assets and Liabilities is mandatory for every Public Servants
Filing Assets and Liabilities is mandatory for every Public Servants Section 44 of the Lokpal and Lokayuktas Act, 2013 mandates that every public servant (as defined in the Act, which includes Ministers,
More informationPROFORMA. 1) In respect of H.R.A. (Section 10(13) A of I.T. Act 1961 read with Rule 2A of I.T. Rules 1952) a) Actual HRA received Rs.
-2- ANNEXURE-I PROFORMA Calculation of Income tax for the Financial Year 2014-15 (A.Y.2015-2016) NAME : DESIGNATION : PERMANENT ACCOUNT NO. : PARTICULARS OF SALARY, ETC : Gross Income:- A 1. Salary for
More informationEXPLANATORY NOTES ON PROVISIONS OF THE INCOME DECLARATION SCHEME, 2016 AS PROVIDED IN CHAPTER IX OF THE FINANCE ACT, 2016
Circular No. 16 of 2016 F.No.370142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated: 20 th May, 2016 EXPLANATORY NOTES ON
More informationEXECUTIVE PROGRAMME TAX LAWS AND PRACTICE SAMPLE TEST PAPER
EXECUTIVE PROGRAMME TAX LAWS AND PRACTICE SAMPLE TEST PAPER (This test paper is for practice and self study only and not to be sent to the institute) Time allowed: 3 hours Maximum mark: 100 [Attempt all
More informationTAX Saving Guide. Compiled Date: 11/04/2011 www.prodigytechnologies.in
TAX Saving Guide Compiled Date: 11/04/2011 www.prodigytechnologies.in Objective 1. This document will help salaried person to reduce tax liability. 2. Give insight of various sections under which a person
More informationCONVERSION OF PARTNERSHIP FIRM AND PRIVATE LIMITED COMPANY INTO LLP
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Seminar on 05 th March 2011 LIMITED LIABILITY PARTNERSHIP CONVERSION OF PARTNERSHIP FIRM AND PRIVATE LIMITED COMPANY INTO LLP - CA S. V. SHANBHAG svshanbhag.co@gmail.com
More information[\rrw. No iltlgslsri.2012-13 GIRCULAR. g7b
g7b No iltlgslsri.2012-13 GOVERNMENT OF INIDA GEOLOGICAL SURVEY OF INDIA GIRCULAR Accounts-l Southern Region Hyderabad - 500 068 Dated. 6"t September 2012 sub. calculation lncome Tax for the financial
More informationSUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE INCOME- TAX ACT, 1961.
CIRCULAR NO : 17/2014 F.No. 275/192/2014-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block, New Delhi Dated 10 th December, 2014 SUBJECT:
More informationGOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION INCOME-TAX
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION
More informationChapter 11 : Deduction and Rebates. Advance Direct Tax and Service Tax [Sub code : 441]
Chapter 11 : Deduction and Rebates Advance Direct Tax and Service Tax [Sub code : 441] Learning Objectives Deductions from Total Income Deductions available under Chapter VI-A Rebates available under section
More informationSCHEDULE III SECURITIES AND EXCHANGE BOARD OF INDIA 1992 10) I. FEES TO BE PAID BY THE STOCK-BROKER
SCHEDULE III SECURITIES AND EXCHANGE BOARD OF INDIA (Stock Brokers And Sub-Brokers) Regulations, 1992 (Regulation 10) I. FEES TO BE PAID BY THE STOCK-BROKER 1. Every stock-broker shall subject to paragraphs
More informationRe: E-filing of Income-tax Return Forms
FOR THE KIND ATTENTION OF THE MEMBERS Re: E-filing of Income-tax Return Forms The Fiscal Laws Committee has recently submitted to the CBDT the selected issues on e-filing of income-tax return forms. Further
More informationTHE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, APRIL 5, 2013 SECURITIES AND EXCHANGE BOARD OF INDIA
THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, APRIL 5, 2013 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 5 th April, 2013 SECURITIES AND EXCHANGE
More informationAfter section 80B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2006, namely:
Insertion of new section 80C. After section 80B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2006, namely: 80C. Deduction in respect of life insurance
More informationCHAPTER II INCIDENCE AND LEVY OF TAX
CHAPTER II INCIDENCE AND LEVY OF TAX Incidence Tax 3 (1) Liability: - Subject to other provisions of this Act, every dealer - (a) whose turnover during the year immediately preceding the commencement of
More informationDirect Tax (Article) Tax Provisions for Senior Citizens in India
Direct Tax (Article) Tax Provisions for Senior Citizens in India The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or
More information67. MANAGEMENT, MAINTENANCE OR REPAIR SERVICES FOR GOODS, EQUIPMENTS OR PROPERTIES
67. MANAGEMENT, MAINTENANCE OR REPAIR SERVICES FOR GOODS, EQUIPMENTS OR PROPERTIES (A) Date of Introduction: 01.07.2003 (Notification No.7/2003-S.T.dated 20.06.2003) (B) Definition and scope of service:
More informationBasic Concepts. The Institute of Chartered Accountants of India
1 Basic Concepts Question 1 MNO Limited is engaged in manufacturing activities. It received liquidated damages of ` 10 lakh from supplier of machinery due to delay in supply of machinery. State, with reasons,
More information10.INSURANCE OF MOTOR VEHICLES AGAINST THIRD PARTY RISKS 10.1 Authorised Insurer (MVA S 145) 10.2 Certificate of Insurance (MVA S 145, CMV R 141,
10.INSURANCE OF MOTOR VEHICLES AGAINST THIRD PARTY RISKS 10.1 Authorised Insurer (MVA S 145) 10.2 Certificate of Insurance (MVA S 145, CMV R 141, 142, 143) 10.3 Policy of Insurance (MVA S 145) 10.4 Third
More informationCreating imaginative spaces across India. NRI/PIO/OCI Real Estate Investment Guidelines
Creating imaginative spaces across India NRI/PIO/OCI Real Estate Investment Guidelines C O N T E N T S NRI/PIO/OCI Definition and general guidelines 04 Documents required for buying property 06 Tax on
More informationTax essentials for Individuals 2008-09
Tax Rates The income tax rates are: Page 1 of 5 Taxable Income for Men Rate Taxable Income for Women Rate Up to Rs. 1,50,000 Nil Up to Rs. 1,80,000 Nil 1,50,001 to 3,00,000 10% 1,80,001 to 3,00,000 10%
More information-Initiatives of the Income tax Department
-Initiatives of the Income tax Department 1 M aking it easier to com ply Incometaxindia.gov.in Internet connectivity National Data Centre Intermediaries 2 E-Services to taxpayers e-filing of Income tax
More informationDeductions from Gross Total Income
7 Deductions from Gross Total Income Deductions in respect of payments Section 80C Eligible Assessee Individual or HUF 80CCC Individual 80CCD Individuals employed by the Central Government or any other
More informationTable of Fees (pursuant to rule 12 of the Companies (Registration of Offices and Fees) Rules, 2014)
Annexure Table of Fees (pursuant to rule 12 of the Companies (Registration of Offices and Fees) Rules, 2014) I. Fee for filings etc. under section 403 of the Companies Act, 2013 Table of fees for the documents
More information62. INVESTMENT MANAGEMENT SERVICE UNDER ULIP
62. INVESTMENT MANAGEMENT SERVICE UNDER ULIP (A) (B) Date of Introduction: 16.05.2008 vide Notification No. 18/2008-S.T., dated 10.05.2008 Definition and scope of service: "Insurer, " means any person
More informationTAX ON LONG-TERM CAPITAL GAINS
TAX ON LONG-TERM CAPITAL GAINS Introduction Gain arising on transfer of capital asset is charged to tax under the head Capital Gains. Income from capital gains is classified as Short Term Capital Gains
More information15. Give the following particulars of the capital asset converted into stock-in-trade:
FORM NO. 3CD [See rule 6 G(2)] Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961 PART A 1. Name of the assessee 2. Address 3. Permanent Account Number (PAN)
More informationTHE FINANCE (No. 2) BILL, 2014
BILL No. 3 OF 14 THE FINANCE (No. 2) BILL, 14 (AS INTRODUCED IN LOK SABHA) THE FINANCE (No.2) BILL, 14 ARRANGEMENT OF CLAUSES CHAPTER I PRELIMINARY CLAUSES 1. Short title and commencement. CHAPTER II RATES
More informationAdvance Learning on Section 44AD (Theory)
Advance Learning on Section 44AD (Theory) To give relief to small assessees, the Income-tax Law has incorporated a simple scheme commonly known as Presumptive Taxation Scheme. There are two schemes, viz.,
More informationCHAPTER VI AUDIT, ASSESSMENT, RECOVERY OF TAX AND REFUND
CHAPTER VI AUDIT, ASSESSMENT, RECOVERY OF TAX AND REFUND 41. Selection of dealers for tax audit. (1) The Commissioner shall, under the provision of section 41, select by the 31 st of January or by any
More informationLOGO 24th 24 August 2013
LOGO 24 th August 2013 T.D. Venkata Rao v. Union of India [1999] 237 ITR 315 (SC).: "Chartered Accountants, t by reason of their training i have special aptitude in the matter of audits. It is reasonable
More informationTAX ON PRESUMPTIVE BASIS IN CASE OF CERTAIN ELIGIBLE BUSINESSES OR PROFESSIONS
TAX ON PRESUMPTIVE BASIS IN CASE OF CERTAIN ELIGIBLE BUSINESSES OR PROFESSIONS To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited,
More informationTHE BIHAR ELECTRICITY DUTY RULES,
1 THE BIHAR ELECTRICITY DUTY RULES, 1949 Notification No. 2240-F.I,. dated the 10 th February, 1949 In exercise of the powers conferred by sub-section (2) of section 10 of the Bihar Electricity Duty Act,
More informationPrescribed form for the registration under VAT- Form A1 with Annexure Prescribed form for the registration under CST- Form A
Prescribed form for the registration under VAT- Form A1 with Annexure Prescribed form for the registration under CST- Form A Fee for Registration under VAT- Rs. 100/- Fee for Registration under CST- Rs.
More informationDeductions from Gross Total Income
7 Deductions from Gross Total Income Deductions in respect of payments Section Eligible Assessee 80C Individual or HUF 80CCC Individual 80CCD Individuals employed by the Central Government or any other
More informationM.V.RAMACHANDRA RAO S TAX CLASSES VENUE- SRI MEDHA CA INSTITUTE, NEAR IMAGE HOSPITAL, AMEERPET, HYDERABAD. FOR ADMISSIONS @ 9966004686.
M.V.RAMACHANDRA RAO S TAX CLASSES VENUE- SRI MEDHA CA INSTITUTE, NEAR IMAGE HOSPITAL, AMEERPET, HYDERABAD. FOR ADMISSIONS @ 9966004686. CA FINAL DIRECT TAX CLASSES WILL COMMENCE FROM 02-JUNE-2014 AT AMEERPET.
More informationE-PAYMENT OF DIRECT TAXES
E-PAYMENT OF DIRECT TAXES There are two modes of payment of direct taxes (i) physical mode i.e. payment by furnishing the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making
More informationTAXATION OF INCOME FROM PROPERTY TAX YEAR 2013(1 st July 2012 TO 30 th June 2013) (SECTIONS 15, 16, 155 & 169)
(1 st July 2012 TO 30 th June ) (SECTIONS 15, 16, 155 & 169) BASIS OF ATION 1. Income from property is taxable as a separate block of income on gross rental receipts. In Finance Act 2010 words section155
More information2. Accounting standard 14 is a nature of - a) mandatory, b) compulsory, c) injunction, d) all of these.
1. Accounting standard 14 is related with - a) amalgamation, b) valuation of stock, c) depreciation accounting, d) valuation of assets. 2. Accounting standard 14 is a nature of - a) mandatory, b) compulsory,
More information(4) Obligation to file return of income Instructions for filling out this Form
Instructions for filling out Form ITR-7 These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act,
More informationClarifications on Tax Compliance for Undisclosed Foreign Income and Assets
Circular No. 13 of 2015 F. No. 142/18/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated 6 th of July, 2015 Clarifications on
More information15 Double Taxation Relief
15 Double Taxation Relief 15.1 Concept of Double Taxation Relief In the present era of cross-border transactions across the globe, the effect of taxation is one of the important considerations for any
More informationFAQs on Payroll and Income Tax
FAQs on Payroll and Income Tax These Frequently Asked Questions (FAQ s) are general information based on the commonly sought responses and do not amount to advice on any particular matter. You are advised
More informationINSTRUCTIONS ON E FILING OF TAX AUDIT AND OTHER REPORTS
INSTRUCTIONS ON E FILING OF TAX AUDIT AND OTHER REPORTS (Contributed by CA. Laksh Gala) Why E Filing??? Previously, assessees were only required to E File their Income Tax Return. There were cases being
More informationANNEXURE POLICY ON BANK DEPOSITS
ANNEXURE POLICY ON BANK DEPOSITS 1. TYPES OF DEPOSIT ACCOUNTS: While various deposit products offered by the Bank are assigned different names, the deposit products can be categorized broadly into the
More informationCompany Taxation. There is no difference in treatment in determining the profits and income from any source of a company.
Company Taxation There is no difference in treatment in determining the profits and income from any source of a company. 1 Calculation of a tax payable for a company 1. Tax on Income taxable at special
More information(6)The registering authority as referred to in these rules, shall mean
CHAPTER IV REGISTRATION OF DEALERS, AMENDMENT AND CANCELLATION OF CERTIFICATE OF REGISTRATION 15. Application for registration. (1) Every dealer, who does not have more than one place of business, liable
More informationTAXATION INTRODUCTION
TAXATION INTRODUCTION India has a complex tax structure and levy ranges from taxes and duties on corporate income, personal income, manufacturing, sale of goods, works contract, rendition of services,
More information25th June '2010 CA S V Shanbhag
TAXATION OF LIMITED LIABILITY PARTNERSHIP Seminar on LLP on 14 th February 2015 CA. S. V. Shanbhag 1 LIMITED LIABILITY PARTNESHIP TAX ADVANTAGES BASIC TAXATION ISSUES ISSUES ON CAPITAL GAINS CONVERSION
More informationGOVERNMENT OF JAMMU AND KASHMIR FINANCE DEPARTMENT (Updated Till 31.03.2011) NOTIFICATION Srinagar, the 9 th June, 2005
GOVERNMENT OF JAMMU AND KASHMIR FINANCE DEPARTMENT (Updated Till 31.03.2011) NOTIFICATION Srinagar, the 9 th June, 2005 SRO 159 - In exercise of the powers conferred by section 85 of the Jammu and Kashmir
More informationEXPLANATORY NOTES - SERVICE TAX. The following changes are being proposed in the Finance Bill, 2006. [refer clause 68 of the Finance Bill, 2006]
EXPLANATORY NOTES - SERVICE TAX The following changes are being proposed in the Finance Bill, 2006. [refer clause 68 of the Finance Bill, 2006] (I) Rate of service tax The rate of service tax is being
More informationTDS ON FOREIGN REMITTANCES, ON PAYMENT TO NON-RESIDENT Surprises continued..
TDS ON FOREIGN REMITTANCES, ON PAYMENT TO NON-RESIDENT Surprises continued.. CA. Ashwani Rastogi ashwani.rastogi.ca@gmail.com +91 9990999281 +91 9810999281 New Delhi 2 August 2015 Part-A : LEGAL PROVISIONS
More informationSTAMP RECEIPT NO. HERE ITR-4S SUGAM PRESUMPTIVE BUSINESS INCOME TAX RETURNAY 2012-13 SEAL, DATE AND SIGNATURE OF RECEIVING OFFICIAL D D M M Y Y Y Y
2012-13 ITR-4S, PAGE 1 ITR-4S SUGAM PRESUMPTIVE BUSINESS INCOME TAX RETURN A1 FIRST NAME A2 MIDDLE NAME A3 LAST NAME A4 PERMANENT ACCOUNT NUMBER A5 SEX ; Male ; Female A8 FLAT/DOOR/BUILDING A6 DATE OF
More informationCHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX. 9. There shall be levied in accordance with the provisions of this Act,
CHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX Charge to tax and incidence. 9. There shall be levied in accordance with the provisions of this Act, (a) a Value Added Tax hereinafter called VAT on the
More informationTO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) The Income Declaration Scheme Rules, 2016 NOTIFICATION
More informationNo. F.12 (23)FD/Tax/2015-206 Dated: 09.03.2015
Notification regarding exemption from payment of tax to the registered dealers engaged in execution of works leviable on the transfer of property in goods No. F.12 (23)FD/Tax/2015-206 Dated: 09.03.2015
More informationInstructions for filling out FORM ITR-2A
Instructions for filling out FORM ITR-2A These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act,
More informationLLP LIMITED LIABILITY PARTNERSHIP (LLP) AN ALTERNATE VEHICLE FOR SETTING UP BUSINESS IN INDIA
LIMITED LIABILITY PARTNERSHIP (LLP) AN ALTERNATE VEHICLE FOR SETTING UP BUSINESS IN INDIA CopyrightGopalChopra&Associates 1 Contents 1.0 Introduction - Limited Liability Partnership (LLP) as a form of
More informationDEDUCTION OF TAX AT SOURCE INCOME TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME TAX ACT, 1961
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX AT SOURCE INCOME TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME TAX ACT, 1961
More informationAPPENDIX-I [Rule 3(1)]
APPENDIX-I [Rule 3(1)] Return of Assets and Liabilities on First Appointment or as on the 31 st March, 20..* (Under Sec 44 of the Lokpal and Lokayuktas Act, 2013) 1. Name of the Public servant in full
More informationIncome Tax return (ITR) and Filing of Form 3CEB for foreign Companies
Income Tax return (ITR) and Filing of Form 3CEB for foreign Companies Filling of Income Tax Return (ITR) Provisions relating to filling of Income Tax Return is contained in Sec : 139 of Income tax Act.
More informationFAQ-Portfolio Managers SECURITIES AND EXCHANGE BOARD OF INDIA SEBI INVESTOR EDUCATION PROGRAMME (PORTFOLIO MANAGERS)
FAQ-Portfolio Managers 1. Who is a Portfolio Manager? SECURITIES AND EXCHANGE BOARD OF INDIA SEBI INVESTOR EDUCATION PROGRAMME (PORTFOLIO MANAGERS) A portfolio manager is a body corporate who, pursuant
More informationTax Reductions, Rebates and Credits
Tax Reductions, Rebates and Credits TAXPAYER S FACILITATION GUIDE Brochure IR-IT-03 / Updated April, 2014 Revenue Division Federal Board of Revenue Government of Pakistan helpline@fbr.gov.pk 0800-00-227,
More information