Apply for Refund of Wealth Tax Paid on Agriculture Land !

If you have paid wealth tax for the value of agriculture land which was considered as asset u/s 2(ea) of Wealth Tax Act because of an amendment in definition of Urban Land. That definition also included an agriculture land within municipality or cantonment or within 8 Kms of distance from outer limit of minicipality. However, the government brought in amendment vide FInance 2013 by which agriculture land should not be considered as Wealth if it is recorded as agriculture

Salary of Foreign Employees Tax Free in Six Circumstances

Salary of Foreign Employees Tax Free in Six Circumstances
The salary accrues at a place where service is given . As such salary received by the foreign citizens who are non resident and deputed in India or working in India are taxable in India. DTAA relief may be availed based on particular facts associated with the foreign non resident employee , but this post is trying to bring six circumstances under which the salary received by the foreign employee are expressly tax free under Income Tax Act. (more…)

CBDT : Stop Collecting TDS Mismatch Tax Demands !

CBDT : Stop Collecting TDS Mismatch Tax Demands !
If one thing is ordinary taxpayers are concerned with and in anxiety is the email from CPC , Banglore and assessing officers intimating the assessee about an assessment and resulting demand. When the assessee fills in password and opens the pdf intimation, to his horor , he finds that there is demand raised by CPC Banglore because of non credit of TDS . Most often ,the reason is the non credit of TDS claimed in return and in many

New Circular for Delay in Filing Return !

As you are aware that refund of tax can be claimed only by filing tax return. Similarly, if the return is not filed within due date given u/s 139(1) , the carry forward of lossess ( other than depreciation ) can not be done .So , delay in filing return can be double whammy for many tax payers .CBDT is emowered u/s 119 of the I.T.Act to issue direction or circular to mitigate the hardship of assessee. (more…)

5 Reasons for No TDS on EPF or PF Withdrawal

5 Reasons for No TDS on EPF or PF Withdrawal
The provident fund accumulation is exempt from tax , but those who have not completed five years of service, the withdrawal of provident fund is not tax free unless certain special circumstances are involved in his or her case. Now whether the amount was taxable or not , the provision under section 192A inserted in the Income Tax Act and effective from 01/06/2015 , fixes responsibility of deduction of tax at source on amount of premature withdrawal by an employee.