Tax India

You are here: Home

Procedure for Rectification of Mistake in Filing of Return

With a view of rectifying any mistake apparent from the record, an income tax authority may amend any order passed by it under the provisions of this Act or amend any intimation under section 143(1). An order for such amendment shall be passed in writing by the income-tax authority.
Who can amend the order or intimation: [...]

Know your taxability under Profit and Gains of Business or Profession?

This is one of the five heads of income as specified by the Income-Tax Act and is the most important head in the sense that revenue falling to the Government under this head is more than the revenues under all other heads of income put together. To charge an income under this head, the income [...]

A Must for Every Service Provider: Know your Taxability

Generally, service-provider is liable to pay service tax but there are certain exceptions which are discussed below:

Recipient of service liable to pay service tax: in the following cases, recipient of service will be liable to pay service tax;
In relation to insurance auxiliary service by an insurance agent, the insurance company i.e. general insurance business or [...]

Do You Know About Your Gratuity’s Treatment While Filing Your Return?

Gratuity usually refers to a lump sum payment made by the employer in compensation of past services. It is one of the retirement benefits granted by an employer to his employees. Employees covered by the Payment of Gratuity Act, 1972 are entitled to gratuity as per the rules provided in section 4(2) and 4(3) of [...]

Carry Forward and Set off of Accumulated Losses in Certain Cases of ‘Amalgamation’

Carry forward and set off of accumulated losses in certain exceptional cases like amalgamation and demerger is a vital issue and a major part of the population is unaware of such a fact. The provisions which relate to carry forward and set off in case of amalgamation are as follows:
Where there has been an amalgamation [...]

Things You Must Know Before You Carry Forward and Set Off of Business Losses

The unadjusted loss under the head ‘Profit and Gains of business or profession’, excluding the loss of a speculation business) for the assessment year in which such loss arises shall be carried forward to the following assessment year(s) and it shall be set off against the profits and gains of any business or profession carried [...]

Do You Know Interest And Penalty That You Are Chargeable to?

Every assessee is required to comply with certain obligations imposed by the Act e.g. filing of return of income within a specified date, payment of advance tax within specified dates and installments, etc. Failure to comply with such obligations entails interest, penalties and prosecutions. The Department is also liable to pay interest to the assessee [...]

Do you know the Provisions regulating advance rulings??

The provisions of advance rulings are briefly discussed below:
Meaning of advance ruling [Sec.245N (a)]: ‘Advance ruling’ means:

a determination by the Authority in relation to a transaction which has been undertaken or is proposed to be undertaken by a non-resident applicant and such determination shall include the determination of any question of law or fact specified [...]

MCA’s Guidelines for Deciding Cases for Availability of Names

MCA’s guidelines for deciding cases for availability of names

Superseding all previous Circulars and Instructions (Circular Letter No. 10(1)–RS/60, dated 01-04-1960 and Circular Letter No. 10 / (19)-RS/61, dated 15-03-1962) the Department of Company Affairs has laid down the following principles for deciding cases for availability of names:
Guiding instructions for availability of names
The procedure [...]

MCA’s Guidelines for filing Annual Return for Financial Year 2009-10

MCA’s Guidelines for filing Annual Return for Financial Year 2009-10
TO AVOID LAST MINUTE RUSH AND SYSTEM CONGESTION IN MCA21 DUE TO HEAVY FILING IN LAST 10 DAYS OF THE MONTHS OF OCTOBER AND NOVEMBER 2010, IT IS REQUESTED THAT FILING OF ANNUAL RETURN AND
BALANCE SHEET MAY BE DONE IN THE FOLLOWING ORDER:-

Company Names starting [...]

GST – All You Wanted to Know About Good and Service Tax in India

Refurbishing the current tax system requires implementation of such a new methodology that it is able to eliminate the drawbacks of the present system of taxation in India. India waits for the GST, Goods and Service Tax, to arrive the scenario for a better tax system. Added to it the Direct Tax Code can also [...]

Direct Tax Code 2011 Cleared by Cabinet

“The cabinet has cleared the Direct Tax Code bill and it is likely to be tabled during the monsoon session of parliament,” the sources said after a cabinet meeting chaired by prime minister Manmohan Singh.
The draft Direct Taxes Code (DTC) along with a Discussion Paper was released in August, 2009 for public comments. Since [...]

I-T Dept Streamlines Tax Refund Procedure for Faster Payment

In a shift which will accelerate the pace of delivery of tax refunds, the IT (income tax) department will entertain the all tax deducted at source (TDS) credit and refund claims for the first time. The claim in such respect cannot exceed Rs. 3, 00,000 in case of TDS credit whereas the limit for refund [...]

Home Loan EMI Calculator – Download or Calculate Online

Different banks are offering in internet online home loan calculators to calculate payments on the mortgage. These calculators are characterized by three drawbacks:

usually they are configured only for a certain interest rate adopted in this bank, which makes it impossible to use them to calculate the loan under another annual interest;
they are often prompted [...]

Small Savings: Big on Tax Benefits!

The small savings section is one of the most attractive sections for people all over the world. The small savings section provides people flexibility and proves to less burdensome. Small savings requires a very scant amount from the pocket of the investor and ensures a guarantee for better periodical return. Added to this, being small [...]

LIC’s Bima Bachat: Luminating Lives

Bima Bachat is an insurance plan hosted by LIC to tender security in respect of financial matters to the policy possessor and his kin. The insurance policy involves payment of only one single premium which depends upon the choice of the individual who is opting for the scheme including the amount and the period for [...]

← Previous Entries