income tax

Basic concepts under income tax act 1961

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The students who are preparing for Income tax studies is required to understand the basic concepts of the income tax act 1961. Some of definitions under income tax act are explained below in the simple language so student can understand it easily. Person – Section 2 (31) Term “person” is wide term in Income Tax … Read more

Format for Computation of Income under Income Tax Act

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Computation of Income for an assessment Year …. Particulars Rs. Rs. Income From Salary     Salary  xxxxx   Allowances received (taxable allowances) xxxxx   Taxable value of  perquisite xxxxx     =====   Gross Salary xxxxx   Less: Deduction under section 16     Professional Tax xxxxx   Entertainment allowance Xxxxx     ===== … Read more

Undue influence/coercion in the recording of the statement during Search/Survey/Other proceeding will be viewed by the Board adversely

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F. No. 286/98/2013-IT (Inv.I1) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Room No. 265A, North Block New Delhi, the 18th December, 2014 To 1. All Principal Chief Commissioners of Income Tax 2. All Chief Commissioners of Income Tax 3. All Directors General of Income Tax (Inv.) 4. Director … Read more

Meaning of “Substantially financed by the Government” for the purposes of clause (23C) of section 10 – CBDT Notification

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MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES)    NOTIFICATION  INCOME-TAX  New Delhi, the 12th December, 2014   S.O. 3168 (E). – In exercise of the powers conferred by section 295 read with sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10of the Income-tax Act, 1961 (43 of 1961), the Central Board … Read more

Order under section 119 of the Income-tax Act, regarding the extension of due date of tax audit for A.Y. 2014-15

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F.No.153/53/2014-TPL (Pt.I) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) **** North Block, TPL Division New Delhi, the 26th September, 2014 Order under section 119 of the Income-tax Act, 1961 Section 44AB of the Income-tax Act, 1961 („the Act?) read with rule 6G of the Income-tax Rules, 1962 („the … Read more

Monetary Limits for filing Income Tax appeals before Appellate Tribunal, High Court and Supreme Court is revised

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The Central Board of Direct Taxes has revised the monetary limits of filing the appeals before   appellate tribunal, high court and Supreme Court. Henceforth, appeals shall not be filed in cases where the “tax effect” does not exceed the monetary limits given hereunder… Sr. No. Appellate Authority Monetary Limit (Rs.) 1 Appellate Tribunal 4 Lakh … Read more

Deduction in respect of Health Insurance Premium – Sec 80D of Income Tax Act

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Under Section 80D of the Income Tax Act, deduction in respect payment made towards Health Insurance Premium and Preventive health check-up is allowable as deduction from total income. Who can claim the deduction & for what? – Individual or HUF can claim deduction under this section in respect of payment made by them towards:- 1.     … Read more

Chartered Accountant can do 60 Tax audits in financial year 2014 -15 and onwards

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In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a … Read more