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
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
Registering an Increase of 6.7% During April-December 2014 over the Corresponding Period in the Previous Year; Customs Collections Increase by 9.7 % While Service Tax Collections Increase by 8.7 % During the Same Period Indirect Tax Revenue (Provisional) collections have increased from Rs 3,54,049 crore in April-December 2013 to Rs. 3,77,648 crore during April-December 2014. Thus an increase … Read more
GOVERNMENT OF INDIADEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI INSTRUCTION NO 01/2015, Dated: January 13, 2015 Subject: – Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961 – reg. Sub-section (1D) of section 143 of the Income-tax Act, 1961 (‘Act’) provides that where a notice has been issued to a … Read more
The due date for filing income tax return is 31st July (for individual & HUF to whom tax audit is not applicable). However, some taxpayers failed to file Income tax return before the due date, now they can file belated return. But tax-payers can file belated returns for two financial years at a time. As per … Read more
CIRCULAR CIR/MRD/DP/02/2015 January 12, 2015 All Stock Exchanges. Subject: Index based market-wide circuit breaker mechanism 2001 and CIR/MRD/DP/25/2013 dated September 03, 2013 advising stock exchanges to implement an index based market wide circuit breaker system to bring about a coordinated trading halt in all equity and equity derivative markets nationwide on 10%, 15% … Read more
To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)I GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 31st December, 2014 (E). In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013), the … Read more
Taxclick.org provides free updates to taxpayers, finance professional and finance students on direct taxes, indirect taxes, company law, ICAI regulation, RBI, MVAT/CST, and all other financial related issues. Another objective of the website is to make available all information regarding the professional opportunities, assistance, news, views and thoughts of other professional colleagues. If you are … Read more
Government of India Department of Revenue PRESS RELEASE Director( Tax Policy & Legislation)-III Commissioner of Income Tax Official Spokesperson, CBDT Download draft ICDS
Most of income tax returns are filed online and taxpayers are giving the computerized printed copy as an acknowledgement of Income Tax Return, called as ITR-V. Therefore it is difficult for bankers to check the genuineness of ITR as it is just computerized printed pdf copy. Following are the two options for verification of ITR acknowledgement. Option 1 – Download … Read more