The Union Cabinet today approved the proposal of restructuring of income tax department by creation of 20,751 additional posts in various cadres that is 1349 additional posts in the IRS cadre and 19,402 additional posts in the non-IRS cadres. An additional expenditure of Rs 449.71 crore per annum is likely to be incurred on creation of additional posts and up gradation of some existing posts, Finance Minister P Chidambaram told reporters after the Cabinet meeting. [Continue reading]
CBDT Restructuring Approved , CBEC in Offing !
May 24, 2013 by
Self Assessment Tax : 7 Reasons to Pay For Asst.Yr 2013-14
May 24, 2013 by
Self Assessment Tax payment provision is given under section 140A of the Income Tax Act. Despite many consequential penalty and harsh action, people were not paying self assessment tax while filing return of income. So , Finance Act 2013 has brought … [Continue reading]
Tax Planning :How to Prevent Addition to Income Sec. 56(2)?
May 23, 2013 by
Tax planning for property transaction is the need of hour, because Finance Act 2013 has brought in amendments effective from assessment year beginning 01/04/2014 ( 01/04/2013 of FY 2013-14) by which it has now been provided that if the stamp duty … [Continue reading]
Search & Seizure : Test Your Knowledge !
May 22, 2013 by
Search and seizure proceeding under Income Tax Act is provided u/s 132 , 132A and 132B . Further assessment of a case of search and seizure case is done u/s 153A and section 153C of the Income Tax Act. The students who are preparing for exams like … [Continue reading]
No Application of Sec. 206AA for Section 194LC !
May 22, 2013 by
Section 194LC was introduced in the Income Tax Act vide Finance Act 2012 .The provision was introduced in order to facilitate the easy and cheap funds from abroad . The provision u/s 194LC provided for lower withholding tax at the rate of 5% … [Continue reading]
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