With the increasing usage of Internet for Income Tax related work including tasks such as applying for PAN and TAN or for filing Income Tax returns, the common problem being faced by many taxpayers and assessees is how to find out their particular Circle/ Ward/ Range in which they need to file return with or are assessed with.
Taxation & Law
Indian Laws, Accounting and Taxation News, Service Tax, Financial Planning
Probably the biggest tax overhaul system, which independent India has seen could be the introduction of Goods and Services Tax, leave apart the Direct Tax Code (which could replace the Income Tax Act, 1961).
“Today it takes more brains and effort to make out the income tax form than it does to make the income.” This quote by Alfred E.
Estimates show that India’s old age population will increase to 113 million by 2016, 179 million by 2026, and 218 million by 2030.
Are you prepared to play safe the Second Innings of your life? With India having a rich tradition of respect and care for the elders, there is little need to diligently plan for the retirement.
For investing, timing is the key. Just as the brain develops in early life, paving the way for all future learning and development, similarly, planning and investing should start at an early age to give a good support and foundation to the life structure.
News on income tax raid can be found flashing quite often on your TV screen and in morning newspaper, highlighting the unaccounted cash and wealth of the affected.
Over a long period of time, there has been a constant debate over whether regular trading in shares should amount to an individual being taxed as ‘Business Income’ or ‘Income from Capital Gains’.
LIC launched its much advertised policy, Jeevan Astha with great fanfare hoping to garner Rs.25000 crore in 45 days by delivering guaranteed returns.
The official website of Income Tax department www.incometaxindia.gov.in is being revamped and modified to host a whole range of features and utilities.
Every individual investor who has a tax liability of Rs5000 and above is liable to pay installment of advance tax.
For all those income tax assessees who have filed their income tax returns for Assessment Year 2007-2008 (FY 2006-2007) last year, there are reasons to cheer if you haven’t got a income tax scrutiny notice till now.
With the first advance tax date gone, income tax payers would have to begin again the task of planning their income for the financial year 2008-2009 so that they can pay the requisite amount of remaining two advance tax installment due on 15 December 2008 and 15 March 2009.
The much awaited common Goods and Services Tax (GST), due to be implemented w.e.f. April 1, 2010, is still mired under confrontation and most likely the date would have to be postponed.
In the forthcoming Budget, the finance minister may do away with the earlier practice of having different dates for filing Income Tax returns by individuals and corporates.
How to calculate tax on Google AdSense Income in India. Should I pay Service Tax or only Income Tax for AdSense earnings.
How to Calculate Your Tax Liability on Capital Gains – both long-term and short-term gains
The Income Tax Act provides for a specific way for adjustment of losses arising from sale/transfer of capital assets.
1. Interest on RBI 8% Savings Bonds, 2003 though taxable was till now exempted from TDS since they are Govt.
With the government contemplating amendments in the pre-independence enacted Indian Trust Act, 1882, the trusts will have greater flexibility with their investment decisions.
The Finance Ministry is busy drafting the new Direct Tax Code which would be tabled in the winter session of Parliament.
The IT department is on a keen drive to increase tax collections and curb black economy.
Modus Operandi of Income Tax Scrutiny The main objective of the IT officer during scrutiny is to make sure that the income shown in the return is real and there is no tax evasion.
It seems that the government is all set to make Income Tax more complex and wipe away transparency from it.
The CBDT has recently issued a circular specifying instructions and clarifications on furnishing of returns in the new ITR forms: It is mandatory for the proprietory and partnership firms, which are tax auditable u/s 44AB and companies (other than claiming exemption u/s 11) to electronically furnish the return of income/fringe benefits.