Electronic Verification Code (EVC) – Additional Modes

Tax payers can generate Electronic Verification Code in many ways as directed by Central Board of Direct Taxes vide notification 2/2015 dated 13th July 2015. The new measures will eliminate the procedure to sending the physical copy of ITR V acknowledgment to CPC Bangalore. This article is in addition to our earlier publication on EVC,… Read More »

Rules regarding quoting of PAN for specified transactions

PAN (Permanent Account Number) is a ten digit unique alphanumeric number issued by the Income Tax Department. PAN gives identity to each tax payer thru which the income tax department code and co relate the income and taxes. There are certain transactions which require mandatory action of quoting of PAN. Thru which your transactions are… Read More »

Different types of Income Tax Penalties

An assessee has been made liable to penalties for the defaults or non-compliance committed by him under the various provisions of income tax act. As against various exemptions, reliefs & deductions income tax act also levy/charge various types of penalties on its tax payers who does not comply with provisions of the income tax act.… Read More »

Clubbing of Income Section 60 to 64 – Some Facts & FAQ’s

‘Diversified Income’ the word itself defines what it means. Its normal human tendency to diversified its income sources to manage the income as well as saves some taxes on it. Generally the individual does this by investing his savings in the name of his spouse or children’s. It may seem ordinary to invest money for… Read More »

CBDT extends Due date for Payment of TDS/TCS for state of Tamil Nadu

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 7th December, 2015 Subject: Extension of due date for deposit of tax deducted at source and tax collected at source for the State of Tamil Nadu – regarding Chennai and a large part of Tamil Nadu have… Read More »

10 Key facts about Goods and Service Tax (GST)

GST (Goods and Service Tax) the most awaited act in India. The long-pending GST Bill was approved by Lok Sabha. GST, which was first introduced in 2006, is expected to rationalize the Indian Taxation System and cut down multiplicity of compliance and cascading effect of taxes. GST or Goods and Services Tax is considered as… Read More »

Depreciation rates as per Income Tax Act

Depreciation rates as per Income Tax Act (For F.Y 2014-15 & 2015-16) Depreciation rates as per I.T Act for most commonly used assets S No. Asset Class Asset Type Rate of Depreciation   1. Building Residential buildings except hotels and boarding houses 5% 2. Building Hotels and boarding houses 10% 3. Building Purely temporary erections… Read More »

Tax on EPF withdrawals – Some Important Facts

The Employees’ Provident Fund (EPF) is an investment by salaried individual for retirement or for long term requirements. But with now a days people don’t continue with same organization for longer period. They keep on switching the employment for either good hike or for batter career opportunity. So at this point they withdraw the EPF… Read More »

Key Facts about Wealth Tax and Wealth Tax Return

Most people only focus on their personal tax planning and working towards saving as much of income tax. They invest funds in 80C eligible instruments, invest in tax free bonds, carefully managing their capital gains etc. But if your net wealth exceeds Rs. 30 lakhs then you are liable to pay WEALTH TAX. Wealth tax,… Read More »

Tax Audit u/s 44AB – Due Date Extended to 31st Oct. 2015

CBDT Extends the due Date for E-Filing of Returns of Income Tax and Audit Reports U/S 44AB of Income Tax Act from 30th September, 2015 to 31st October 2015  The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30thSeptember, 2015 has been the subject matter… Read More »

Fake Order for extension of Tax Audit due date for AY2015-16

CBDT has clarified on the order which was recently circulated on social media about extension of due date for the tax audit assessee. It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income tax Act 1961 under the signature of… Read More »

Filing of Quarterly TDS/TCS Statements

The due date for filing Quarterly TDS/TCS statement for Q2 of FY 2015-16 is fast approaching. Do submit your quarterly TDS/TCS returns on or before due dates (as mentioned below) to avoid late filing fee under section 234E of Income Tax Act. Period Due Date for Government Deductors/Collectors Due Date for Other Deductors/Collectors Quarter 2… Read More »