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Income Tax Refund Status – Quick Guide

You should check out on https://tin.tin.nsdl.com/oltas/refundstatuslogin.html entering the correct PAN in capital and selecting the relevant assessment year. If it shows that “refund cheque has been encashed”/ “refund is credited to your bank account, please contact your bank” then you should verify it from your bank account on the particular date. However it does not show the refund amount. To know the refund amount, you should check out Part – D of Form – 26AS .....

IT Department Sends Notices Over Bank Accounts Abroad

The issue of black money and its maintenance in foreign bank accounts has been a long incident which is characterized by unfair tax evasions and income assessment. The fight against corruption has been a long one where each and every measure leads to new sources of evidences in respect of black money which is generated in India and later on transferred to outside India. The Income Tax Department has taken several initiatives which includes going .....

How to Make a Statement of Taxable Income

One might have all the required knowledge with respect to making up a statement of income of an assessee and yet one cannot frame it properly, the reason being knowledge about framing a proper statement of income where all the items in relation to taxability of an assessee are listed as per the prescribed rules and the regulations, where each of the head of income that we have learnt earlier has been properly framed as a segment wise. To .....

Understanding Various Heads of Income

Understanding the various heads of income is very important as it forms the basis of your income statement. To be very precise, there are five different heads of income, namely: Income from house property Income from salary Income from business or profession Income from capital gains Income from other sources Income from house property To begin with, the statement of computation of income is first headed by “income from house property”. This heads of income shows the .....

Understanding Tax Planning Know Your Tax Liability – Part 1

India is a democratic country where most of the people work in service sectors, but presently a need as to felt to increase the awareness among people with respect to knowledge about right amount of tax liability that is required by them to pay to the Government at the end o every period. Most of the people are willing to pay their taxes on time and the right amount but the problem lies in lack of knowledge wit respect .....

The Indian Tax Scenario – Part 2 – The Need to Pay Taxes

Today India is facing a major problem by way of tax evasion. The basic reason for it being that most of the people do not find logic behind the taxation policy as they take tax to be an income for the Government, whereas in true sense, taxation is a very important part of every assessee’s income as it is an obligation for every assessee to pay taxes in order to ensure that the facilities that are being provided .....

The Indian Tax Scenario – Part 1

The Indian Tax structure is very wide with two main divisions- direct tax and indirect tax. The present tax structure is governed by Income Tax Act, 1961. This governing act would soon be replaced by Direct Tax Code with effect from April, 2012. There have been a lot of amendments in the tax structure in presents Union Budget (2011-12). The first and foremost amendment that had an impact on the tax scenario of the country is .....

Mumbai beats revised income-tax collections target by Rs 252 crores

Collection of income tax according to the pre determined period is sure a task of high diligence and expertise which calls in for hard labour and precision. In the present context it seems very difficult as the tax refunds this year has already made a significant contribution to act as a barrier for the government to achieve its desired tax goals. The estimated collection for the year was revised at Rs. 4, 46, 000 crores .....

13 Commonly Used Income Tax Terms- You Must Know!

The Income tax is a very subjective issue with respect to the Indian citizens, where some sections find it very simple and precise to understand and whereas some have major difficulty in getting used to the terms and nature of the Indian Income Tax Act. The Indian Income Tax Act is not merely a reflection of getting what the Government wants from you rather is an ever changing theory which fluctuates from time to time .....

Direct Taxes Code Important Provisions – Everyone Should Know

In there are specific acts that have been enacted by the government from time to time to look into different matters that has bearing on the people of the and affects their interest in any way. We all pay income tax or see someone talking about income tax. But not everyone knows that this income tax is too is governed by the Income tax Act, 1961 which has been amended from time to time to bring .....

Streamlining Procedure for Scrutiny of Income Tax Returns

Streamlining procedure for scrutiny of income-tax returns No.402/92/2006-MC (07 of 2011) Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi dated the 14th March 2011 Scrutiny of income tax returns is an important mechanism for ensuring taxpayer compliance and to counter tax-evasion. However, it has evoked some concern from small taxpayers and senior citizens about prolonged enquiries. Concerns have also been raised about selection of the .....

Black Money to be Taxable Under DTC

As we all know that there has been a lot of talk about the black money that is there in India, which if bought back to India can convert India into a big power but it is very difficult as there is the involvement of many high profile people. There are various proofs available of the facts, like the discovery of various scams that are coming to the lime light and the major thing is .....

Live in Small Cities No Need to Travel to Pay Taxes

There have been instances where the tax payer has to travel a long distance in order to file the income tax return for the relevant year. This was not a single time that they have to travel a long distance in order to pay taxes of file the return; it was their work for every year. This was mainly due to the fact that the income tax officers have a limit of the income up .....

Taxpayers Can Adjust Loss With Less Liability

Taxpayers are always on the look out for ways so that they could reduce their tax liability. One should bear in mind that while computation of tax liability they should avail the exemption and deduction wherever one is eligible to claim so that the ultimate tax burden falls down and they have to shell out less amount of tax from their pocket. This applies for both, individual or business undertaking. Business undertaking has to go .....

Claim Exemption on Salary Components

An individual today desires for earn a lot of money and desires even more to save that money. For this one should plan how to invest and spend one’s money so that it is economically beneficial to him. Therefore one always tries to save tax by making an efficient and effective plan from his income. A salaried person gets salary on account of his service. In his or her salary is included various components which .....

Provision for Bad and Doubtfull Debt In Case of Not Fully Allowed Earlier A.Y.

PROVISION FOR BAD AND DOUBTFULL DEBT WHICH WAS NOT ALLOWED EARLIER IN FULL IN THE ASSESSMENT YEAR CANNOT BE TAXED AS INCOME IN THE YEAR OF WRITE BACK Each and every business entity working in India is guided by Income Tax Act, 1961. The income which a business entity earns is taxed following the relevant provisions of the Income Tax Act, 1961. There are a lot of section following which tax authority has to decide .....

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