Showing Articles for : Taxation
Major Changes in ITR 1(Sahaj) of A.Y. 2016-17 in comparison to A.Y. 2015-16.
Under the heading Deduction under chapter VI A, New columns inserted for 80CCD (1), (1B) and (2). 80CCD(1B) was inserted vide Finance Act, 2015. Before such insertion, deduction was available u/s 80CCD(1) in respect of employees contribution and u/s 80CCD(2) in respect of employers contribution.The position that stood as of now after Finance act, 2015 … Continue reading Major Changes in ITR 1(Sahaj) of A.Y. 2016-17 in comparison to A.Y. 2015-16.
Read more 3953 Views 3 CommentsChanges in Rule 7 of Point of Taxation Rules, 2011
The Finance bill, 2016 has proposed an increase in the rate of service tax from 14.5% to 15% in the form of Krishi Kalyan Cess of 0.5%. The said increase will be effective from 01.06.2016. In the recent times, there has already been an enormous increase in the rate of service tax from 12.36% to … Continue reading Changes in Rule 7 of Point of Taxation Rules, 2011
Read more 10210 Views Leave a commentITR-4S SUGAM A.Y. 2015-16
Introduction: For Assessment Year 2015-16 there are some thing new to the Income Tax Return filings, so I am just sharing some of the things that needs to be taken into consideration while filing such ITRs, ITR-4S is here under: 1. Who can use Form ITR-4S Sugam for Assessment Year 2015-16: This Return Form is … Continue reading ITR-4S SUGAM A.Y. 2015-16
Read more 3113 Views Leave a commentITR-2 for A.Y. 2015-16
1. Eligibility for Form ITR-2 for Assessment Year 2015-16. This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:- Income from Salary / Pension; or Income from House Property; or Income from Capital Gains; or Income from Other Sources (including Winning from … Continue reading ITR-2 for A.Y. 2015-16
Read more 2803 Views Leave a commentITR-1 SAHAJ A.Y. 2015-16.
1. Eligible individuals for Form ITR-1 SAHAJ. Individuals who have earned their Income for a financial year only through the following means are eligible to fill the ITR-1 SAHAJ form:- Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought forward from precious years); or Income from Other Sources (excluding Winning from … Continue reading ITR-1 SAHAJ A.Y. 2015-16.
HRA Deduction- What if landlord doesn’t give PAN Details
Applicability: Central Board of Direct Taxes (CBDT) has vide CIRCULAR NO. 8/2013, Dated: Dated: October 10, 2013 said if annual rent paid by the employee exceeds Rs 1,00,000 per annum, it is mandatory for the employee to report PAN of the landlord and other details of their landlord on a plain A-4 size paper before submitting it to their employer. … Continue reading HRA Deduction- What if landlord doesn’t give PAN Details
Read more 4243 Views Leave a commentUnderstanding of Service Tax Laws
Purview: Service tax is levied on any act or activity performed by the assessee. And as far as my experience is concerned it is one of the most crucial and day to day activity which everyone performs. But everyone ignores this tax laws, simply because it is too much critical to understand and too much … Continue reading Understanding of Service Tax Laws
Goods & Service Tax (GST ACT)
Analysis on GST Bill No 192 of 2014 Index Special Provision in Respect to GST (Article 246A) Levy and collection of GST of Inter State Trade and Commerce Goods and Service Tax Council Amendment of Definition under Article 366 Arrangement for assignment of additional tax on supply of goods to state Restriction as to imposition … Continue reading Goods & Service Tax (GST ACT)
Read more 4645 Views Leave a commentVodafone Case and Effect of Amendments by Finance Act, 2012
It was really a great matter of fact & concern that the Indian Government have to amend the sections with a retrospective effect, for the purpose to made tax payable to Vodafone International Holdings in India who have to deduct TDS amount while purchasing the CGP Holding in Mauritius from Hutchison Group. Here, I present the … Continue reading Vodafone Case and Effect of Amendments by Finance Act, 2012
Read more 7852 Views Leave a commentChanges in Tax Audit form 3CD for A.Y. 2014-15 and onwards
Purview This time, Assessment Year 2014-15 has really brought a excess grace period for the Tax Assessee who are liable to maintain their books of accounts as per Section 44AA of Income Tax Act, 1961 and who are required to audit their books under Section 44AB, 44AD and 44AE of the said Act. It really … Continue reading Changes in Tax Audit form 3CD for A.Y. 2014-15 and onwards
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