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Return filing date for Assessment Year 2010-11 Extended to 4th August !

July 31, 2010 By taxworry Leave a Comment

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Excerpt: The press release says it all – file return upto August 2010 for Asst year 2010-11 Press Release The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which is 31st July 2010. All paper returns or e-returns filed on or before 4th August 2010 will be considered as filed within the due date. The decision was taken in view of some technical snags in the e-filing computer system, and inclement weather at various locations, due to which taxpayers have reported difficulties in filing or uploading…

Filed Under: A NEWS u can USE Tagged With: Assessment, Central, date, direct taxes, e filing, e returns, inclement weather, income tax returns, Press, upto

Six Banks’ site now allows you to view tax credit statement (26AS )

July 17, 2010 By taxworry Leave a Comment

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Excerpt: The Tax credit Statement (Form 26AS) helps to taxpayers in following aspect of tax responsibility Preparing income tax returns Verify detail of tax deducted at source (TDS) Verify detail of tax collected at source Verify detail of tax payment made by taxpayer (advance tax/self assessment tax) Detail of refunds The Tax Credit Statement (Form 26AS) are generated wherein valid PAN has been reported in the TDS returns as well as in the OLTAS challans. One of the modes through which tax payer can avail view of Tax Credit Statement (Form 26AS) is through net banking facility provided by banks. To avail this facility, the PAN holder is…

Filed Under: A NEWS u can USE Tagged With: detail, holder, income tax returns, PAN, self, self assessment tax, state bank of india, tax self assessment, TDS, union bank of india

One percent VAT imposed by Maharashtra on flat sale !

July 17, 2010 By taxworry Leave a Comment

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Excerpt: VAT is a sales tax on the “agreement for sale” between builder and buyer. .Maharashtra government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1.This would be in addition to a 5 per cent stamp duty, 2.38 per cent service tax and 1 per cent local self-government tax in certain districts. The total burden comes to 8.38 per cent in Mumbai and 9.38 per cent in other places. VAT is only…

Filed Under: A NEWS u can USE Tagged With: Agreement, builder, cent, contract, contract price, government tax, maharashtra government, percent, self government, stamp duty

e-filing of tax return compulsory for Individuals & HUF from Asst Yr 2010-11

July 11, 2010 By taxworry 1 Comment

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Excerpt: Income Tax Rule has been amended by notificationno 49/2010 to compel two new classes of tax payers to file income tax return compulsorily online only. These are – Individuals or HUF having turnover exceeding Rs 40 Lakhs (4 million ) or if the individuals or firm is having professional income , then turnover is exceeding Rs 10 lalks . In other words , those individuals or HUF which falls under the provision u/s 44AB i.e compulsorily audit of accounts during FY 2009-10 ( Asst year 2010-11 ) shall have to file the return online only. Further , companies which were filing return without digital…

Filed Under: A NEWS u can USE, Filing of Return Tagged With: 7th amendment, Assessment, Asst, income tax, income tax act, income tax act 1961, income tax return, professional income, Return, Rule

Claim additional deduction of Rs 20,000 u/s 80CCF for investment in bonds

July 10, 2010 By taxworry Leave a Comment

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Excerpt: The Finance Act2010 introduced a new deduction u/s 80CCF for deduction up to the extent of Rs 20,000 for investment in specified infratrcuture bonds. now the government has approved plans of LIC and certain other finance companies for issue of infrastructure bonds . The section 80CCF is 80CCF. In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, the whole of the amount, to the extent such amount does not exceed twenty thousand rupees, paid or deposited, during the previous…

Filed Under: A NEWS u can USE, Deductions Tagged With: Act, CCF, claim, Finance, hindu undivided family, india infrastructure, industrial finance corporation, infrastructure bonds, infrastructure finance, infratrcuture

Choose date for fixation of pay under 6th pay commission !

July 6, 2010 By taxworry Leave a Comment

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Excerpt: Media reported today (6th Jul2010 ) that according to an office-memorandum issued by the Centre on Monday (5th July 2010 ) central govt. employees have been allowed time till December to fix the base date for taking the new pay scale, from a date that is more beneficial to them. Earlier, they did not have this option as the government had fixed January 1, 2006 as the cut-off date for implementing the new pay award. The government, according to an office-memorandum, tweaked the norms in view of the representations received from employees. Earlier, the government, while implementing the Pay Commission award in 2008, had…

Filed Under: A NEWS u can USE Tagged With: award, fixation, Govt, govt employees, Media, memorandum, norms, pay scale, today

Profession tax payment due date extended to 31st July 2010 !

July 5, 2010 By taxworry Leave a Comment

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Excerpt: The Government of Maharashtra has extended the Due Date for payment of Profession Tax for the FY 2010-2011 to 31st July, 2010. Please Note The Profession Tax Department has allotted new Enrollment and Registration Numbers. The new Enrollment Numbers starts with “99″ and ends with the alphabet “P” whereas the new Registration Numbers starts with “27″ and ends with the alphabet “P”. If you are holding VAT or CST TIN Number and your Profession Tax Registration Number starting with “27″ is not identical to the VAT or CST TIN expect the last alphabet, apply to the concerned Profession Tax Officer to allot the identical profession…

Filed Under: A NEWS u can USE Tagged With: CST, government of maharashtra, new numbers, payment, Profession, profession tax, Registration, tax numbers, TIN, tin number

Why BCCI slapped with huge demand of tax ?

June 30, 2010 By taxworry Leave a Comment

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Excerpt: A a Rs 118-crore demand for assessemnt year 2007-08 was raised on BCCI , out of which department has already recovered Rs 92 crore. The reason for such demands on BCCI , which until sometime ago was claiming all its income exempt u/s 11 of the I T Act , is that from 2007-08 , the status of the BCCI in eyes of department has changed on account of variataion in objectives set out by it. Section 11 of the I T Act exempts income earned by organisation whose agenda is not to earn profit but using all money for furtherance…

Filed Under: A NEWS u can USE, Tax News Tagged With: assessemnt, BCCI, charitable services, crore, Exemption, IPL, rs 500, status, tax authorities, variataion

REC and NHAI in market for 54EC capital gains exemption bonds

June 27, 2010 By taxworry 1 Comment

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Excerpt: Income Tax Act provides methods of exemption from tax on capital gains u/s 54, 54F or 54EC and others. However, there are only two kinds of scheme for claiming exemption from long term capital gains on sale of residential or any other capital asset. One method provided under the I T Act is certainly by buying the residential house or constructing the house under both section 54 or 54F . The other way is by investing in capital gains bonds u/s 54EC. But unlike in the past, as per section 54EC , bonds specified for the purpose of 54EC are presently…

Filed Under: A NEWS u can USE, capital gains Tagged With: asset, capital gains exemption, Click, Exemption, income tax act, long term capital gains, national highway authority of india, NHAI, nhai bonds, tax

Duty drawback claim time limit extended !

June 21, 2010 By taxworry Leave a Comment

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Excerpt: Duty drawback rules allows exporters to claim back duties paid on imported goods upon their re-export in the same form. The rules mandated filing the drawback claim within three months from the date of ‘let export’ order by the Customs. The latest amendment allows a further period of nine months for filing the claim, subject to payment of a nominal fee. Now , the finance ministry has made amendments to the Duty Drawback Rules, allowing longer period will be available for the exporters to claim duty drawback. A time limit of 60 days from the date of export for filing the…

Filed Under: A NEWS u can USE Tagged With: central excise, claim time, duty, duty drawback, export, finance ministry, Form, limit, payment, supplementary claim

India Income Tax Made Simple

Return filing date for Assessment Year 2010-11 Extended to 4th August !

Six Banks’ site now allows you to view tax credit statement (26AS )

One percent VAT imposed by Maharashtra on flat sale !

e-filing of tax return compulsory for Individuals & HUF from Asst Yr 2010-11

Claim additional deduction of Rs 20,000 u/s 80CCF for investment in bonds

Choose date for fixation of pay under 6th pay commission !

Profession tax payment due date extended to 31st July 2010 !

Why BCCI slapped with huge demand of tax ?

REC and NHAI in market for 54EC capital gains exemption bonds

Duty drawback claim time limit extended !

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