The Special Court for CBI , Mumbai has pronounced guilty Sh. Rajiv Kumar the then Assistant Commissioner of Income Tax Circle 27 (1) Piramal Chambers Lal Baugh, Mumbai in a bribery case and ruled him to undertake 5 years rigorous imprisonment with fine of Rs. 30,000 / -. A situation was registered on 25.03.1998 against Shri [...]
Capital Gains Exemption on Sale of Gifted Property !
December 1, 2012 by
The confusion regarding capital gains on sale of property received as gift from relative is very common among tax payers. One such tax payer, a subscriber to this blog Sri Som Rajan , has asked by mail “Whether sale of gifted property is exempt from LT capital gain, e.g. land gifted by parents.”.Since the question asked by...
Tax Audit and 44AD Limit Increased to 1 Crore !
March 17, 2012 by 3 Comments
Tax audit limit enhanced by Finance Bill 2012-13 . It is good news for all as the limit up to which a person can file tax return u/s 44AD has been enhanced to 1 Crore . Along with this good amendment, the limit for turnover upto which tax audit is not required has also been [...]
Excel Based Form 16 Software For FY 2011-12
September 18, 2011 by
Form 16 must be a familiar name for every employee- whether government or private sector . At the end of financial year, employer has to issue a form 16 which contains the details about the salary earned by that employee and tax deducted on it. Automated Excel Based Form 16 A reader of this blog...
Download ITR-2, ITR-3, ITR-4, & ITR-4 for Asst Yr 2011-12 in Doc Format
April 15, 2011 by 1 Comment
Central Board of Direct Taxes has notified new income tax return forms for assessment year 2011-12 (Financial year 2010-11 ) . However, simplest form, which Finance Minister promised , will take some more day to come. Following income tax forms are notified For Individuals and HUFs not having Income from Business or Profession ITR-2 in [...]
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