Don't Worry , Be Happy !
Getting income tax scrutiny notice u/s 143(2) is perplexing for many tax payers , because a whole clouds hand over the duties of tax payer. He remains worried about the questions being asked in the scrutiny proceeding . Sri Manish Bhardwaj, who is salaried employee has received one such notice of scrutiny u/s 143(2) and...
As 26AS statement has become very important document for all taxpayers, the responsibility for submitting correct TDS statement on Deductor/collector has also increased. In case of deficiencies in the accepted regular TDS/TCS statement such as incorrect challan details or PAN not provided or provided incorrectly, the tax credit will not reflect in the Form 26AS...
TINXSYS or Tax Information Exchange System is a centralized exchange of all interstate dealers spread across the various States and Union territories of India to help the Commercial Tax Departments of various States and Union Territories to effectively monitor the interstate trade. TINXSYS can be used by any dealer to verify the counter party interstate dealer in any other State. [...]
The Income Tax Act provides exemption from tax on long term capital gains , under section 54 or 54F ,in case the capital gains ( in case of sec. 54) or net sale consideration ( in case of 54F) is utilized for buying a residential house either one year before the date of transfer of...
Centralised Return Processing Scheme, 2011 is out vide NOTIFICATION NO.2/2012[F.NO.142/27/2011-SO(TPL)], DATED 4-1-2012 by which CBDT in exercise of the powers conferred by sub-section (1A) of section 143 of Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes specifies scheme for processing of returns of income. Here are major points of scheme...
Earning tax free income is possible ! And earning even more than 8 % is possible net of tax. In fact tax free ! This is one of the best tax planning tips for those who have surplus money and always try to earn interest income on fixed deposits .The beauty of this tax planning...
TINXSYS or Tax Information Exchange System provides a tool to find details about traders of India by through TIN or Tax Identification Number . In the era when the government wants to relace VAT and service tax through a new common taxation policy -GST , the online database through system like Tinxsys which is set up...
July 31st is Sunday and the income tax department has announced for special arrangement for receiving the returns. However, the department has not notified it as the working day. In essence , while the department is making endeavor to get the returns from , you , still in the income tax department , it is...
Central Board of Excise & Custom has modified two Forms- ER-1 & ER-3 vide Notification No. 16/2011-Central Excise (N.T.) dt 18th July, 2011 . The Forms which have been changed are ER-1 for monthly return for production and removal of goods and other relevant particulars and CENVAT credit, ER-3 for quarterly return for production and [...]
Service tax returns, unlike income tax return is required to be filed twice a year. Here are the 11 frequently asked questions answered 1. What are the Returns a service tax assessee has to file? As per Section 70 of Finance Act,1994 and Rule 7 of Service Tax Rules, 1994 ,registered assessee, including Input Service [...]
My friend filed an application u/s 264 against intimation u/s 143(1) for the A.Y 2007-2008 since he forgot to claim deduction u/s 54 and the time available for filing of revised return is over. The same was rejected by Commissioner for the reason that intimation u/s 143(1) is not an order for the purpose of sec.264 w.e.f 1/6/99.Is the stand of CIT correct
Filing of return under Income tax is compulsory for two classes of persons-company and firm. This is provided in proviso to section 139 of the I T Act. What happens when a company goes into liquidation? Darshan Khakhar of Ahmedabad asks “Does an official liquidator appointed by court bear any responsibility of tax? Is it a...
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