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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 .....

Direct Tax Code (Changes in the Deduction and Exemption)

As we know that the present tax structure will go for a complete revamp with the introduction of the Direct Tax Code bill which is waiting in the parliament to be presented for its approval. From individual taxpayers to companies, everybody is skeptical about what are the proposed changes and how will this propose change effect the tax liability of the assessee. One of the foremost things that an individual taxpayer wants to know how .....

Importance of Sec 35 AC of the Income Tax Act

All Non Governmental Organizations are eligible for claiming exemptions under the income tax act but for this the Non Governmental Organization has to get itself registered. Here the Organization is getting the benefits but the donors are not getting any benefits here comes the section 35AC in the limes light which provide all the benefits to the donors giving donations to the Organizations. If there is an approval to any organization from the Central Government .....

Delay in Filing of Return should not be Reason to Deny the Assessee’s Claim of Exemption u/s 10B(1)

This judgment is from the Bangalore bench of Income tax appellate tribunal. The judgment that came in is that in order to claim any kind of exemption under section 10B return has to be filed within the due date as it has been mentioned in the section 139(1). The provision has been proved as non mandatory like the requirement of filing of the return is not compulsory for claiming the deduction under section 10B. There .....

Preferential Treatment to Services Relating to Preferential Location

All the provisions and the section should be made in a proper language for each and every one to understand as use of any word that can be used interchangeably is going to provide a misconception in the mind of the reader and every person has a tendency of taking things along their own way. Such is in the case of the insertion of the new section in the service tax wherein a new section .....

Section 14A Income Tax Act – Minda Investments – An Analysis

Section 14A law laid down in Minda Investments cannot be followed as in the later decisions similar matters have been restored to the file of the AO Section 14A of the income tax act generally talks about that expenditure which is not forming the part of the total income such as exempt income, they generally don’t form part of the total income. This section was being inserted vide “The Finance Act 2001”. There have been .....

Impact of DTC on Taxation and on Salaried Individuals

The long awaited DTC has finally been put into it’s much talked about structure and framework. The expected Direct Tax Code, or otherwise known as DTC is the replacement version of Income Tax Act that charges the taxability of the individuals and corporate. The DTC is expected to come into the picture of taxation from April 1, 2012. An attempt has been made to analyze the impact which it is likely to have on the .....

Approach Your the Commissioner to Reduce or Waive Your Penalty in Respect of Concealment of Income

There may occur a situation in your professional and corporate life where you might have not complied with all your legal obligations like filing your returns or any other return that was required by the Authorities, in such respect, what shall you do? Where do you go? Whom to approach? What shall be the consequences? Will there be an additional penalty? What are the contraventions which the assessee shall have faulted at? In such an .....

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