Archived; click post to view. Excerpt: Goods and Services Tax (GST) and Direct Taxes Code are two tax reforms that the government is aiming to introduce from April 1, 2011. The Cabinet  is likely to take up Direct Taxes Code (DTC) bill  on Thruday . as per media reports, the DTC Bill may be introduced in the current [...]

Archived; click post to view. 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 [...]

Any expenditure incurred wholly and exclusively for the business is alloowable expenditure u/s 37 of the I.T.Act. The premium paid on insurance policy on any employee life is also allowable expenditure. The insurance company sells Keyman insurance policy which basically means as per Explanation to section 10(10D) as under

Archived; click post to view. Excerpt: CBDT has notified that employees  who  retire,  or become incapacitated before retirement, or expire, or whose services are terminated, on or after the 24th May 2010 will get exemption of ten lakh rupees as the maximum amount of gratuity entitled under sub-clause (iii) of clause (10) of section 10 of the [...]

One more steps for claiming refund from income tax department ! Be careful to fill out the return of income and if you want refund of tax deducted .Now CBDT has come out with a new rule that a taxpayer will have to quote the receipt number of the TDS return filed by the deductor in order to get the refund

Archived; click post to view. Excerpt: I am air travel agent we booked hotels for over guest. We booked hotel by other travel agent.He invoice raised me no 118000 on Net amount. Tell my tds applicable on this payment as per section 194-I. Raj Section 194I  provides for deduction of tax at source from rent [...]

Archived; click post to view. Excerpt: A taxpayer can apply for the certificate of deduction of tax at lower rate u/s 197 of the I.T. Act . Till this time certificate issued under section 197 of the I.T.Act were done manually with no database in income tax department. Now  Central Board of Direct Taxes   has issued instruction no 4 [...]

Archived; click post to view. Excerpt: The issue is settled to rest by the decision of  Supreme Court in the case of  ACIT vs Rajesh Javeri Stock Brokers (P) Ltd. 291 ITR 500 in which it was held  that intimation although deem to the notice of demand U/s.156 can not taken as assessment order. The decision : It is [...]

Archived; click post to view. Excerpt: Income tax Act provides ways to rectify any error which comes to light . This right is provided to both-assessee and the A.O . There is also time limits for  such rectification . I T Act provides that an assessee can move an application for rectification of an order within 4 years from [...]

The government today exuded confidence of introducing major reforms on direct and indirect taxes front in the form of Goods and Services Tax (GST) and Direct Taxes Code (DTC) from April 1, 2011.
“I am confident that the government will be in a position to implement DTC from April one, 2011… It will be my earnest

The committee set up by the Central Board of Direct Taxes (CBDT) is considering various options to retain minimum alternate tax (MAT) with the new proposed base of gross assets