Clarification regarding deduction under Section 80 CCD(pension scheme)

F.No. 275/192/2009-IT (B) New Delhi Dated the 9th February, 2010. Sub: Clarification regarding deduction in respect of contribution to pension scheme under Section 80 CCD – matter reg.             A number of representations...

Tax info books

Tax Info Booklets   as amended by Finance Act 2008 House Property T.D.S. on Salaries FBT Hindi Compute Capital Gains Trusts and Institutions TDS Other than Salaries...

Downloads e-forms

Download eForm Description e-Form with Instruction kit e-Form Form for filing Balance Sheet and other documents with the Registrar Form 23AC Form 23AC ...

Annual eFiling

As a part of Annual eFiling, Companies incorporated under the Companies Act, 1956 are required to efile the following documents with the Registrar of Companies (RoC): Sr. No. Document e-Form ...

savings a/c will fetch you more interest

                   The absence of TDS will be a big draw for high net worth individuals, who have been parking short-term surpluses in mutual funds. Interest income of over Rs 10,000 earned...

penalty without PAN

                     Any income received if you are unable to provide your permanent account number from 1St Apr, The tax deducted at source, or TDS, on payments could be as high as...

Tax plannings

Target full utilisation of Section 80 C:       Maximum deduction available is to the tune of Rs 100,000. Assess your income to arrive at the amount you need to invest in this section. The investment avenues include; Public Provident Fund (PPF) up to Rs 70,000,...

HRA

How is HRA accounted for in the case of a salaried individual and a self employed professional?         HRA (House Rent Allowance) is accounted for in the case of salaried people under Section 10 (13A) of Income Tax Act, 1961, in accordance...

Home loan repayment reduces tax liability

You can reduce your income tax burden through the interest you pay on a home loan. Under Section 24 of the Income Tax Act, interest paid up to Rs 1.5 lakhs a year on a home loan can be set off against 'loss' from other heads for a self-occupied property. In case the property...

Tax returns in e-form

        Minimum turnover for compulsory registration under VAT system to be increased to Rs five lakh from Rs two lakh.         And the turnover limit for compulsory audit of books of accounts of the assessees proposed to be...

Direct Tax Code, GST from April 2011

The Tax Code, now open to  public debate, will be introduced as a Bill in Parliament’s winter session. If passed, it will become the new Income Tax Act, replacing the existing four decade old IT Act of 1961. The new IT Act will come into force from April 1, 2011.   ...

Income tax forms

Income Tax Forms The following are the Income Tax Forms (ITR Forms) available for download by the various class of Income Tax Assessees in india. ITR Form 1: ITR Form 1 is the Income Tax Form for Individuals having Income from Salary/ Pension/ family pension & Interest. Income...

TDS on fixed deposits in India

       If the total interest earned on all your fixed deposits in a bank is greater than Rs. 10,000 in a financial year, you are liable for TDS and the banks will deduct the income tax at source. The tax liability for the purpose of TDS is determined...

Tax Deduction on HRA (House Rent Allowance)

If you are a salaried person receiving house rent allowance (HRA) from your employer, you are entitled for a tax deduction under the Income Tax Act. The tax implications of the house rent allowance (HRA) seem to be a confusing factor for almost every person. House rent allowance...

Union budget said on service tax 10-11

 10 new services under the service tax net : the Union budget has expanded or altered the scope of 10 existing services. The changes are to come into force from a date to be notified after enactment of Finance Bill, 2010. The 10 services are: 1. Port /airport service: The...

EPFO may set 8.5% rate for depositors

The country's largest retirement fund manager EPFO's trustees are likely to announce next month 8.5 per cent interest rate for over 4.71 crore depositors for 2010-11. The Employees' Provident Fund Organisation's (EPFO) apex body Central Board of Trustees (CBT) headed by Labour...

highest advance tax-payers

State Bank of India (SBI) tops the list of the highest advance tax-payers while three other public sector entities--LIC, IOC and Bank of Baroda, find themselves amongst the top ten advance tax-payers list for this fiscal (FY 10), an Income Tax source said. SBI has shelled out...

Remuneration

Remuneration to Partners – Clause 15 – S. 40According to existing provisions, payment of remuneration to working partner is allowed as deduction; professional firm and other firms are treated separately. Clause 15 of the Finance Bill proposes to make upward revision of existing...

E filing process

Below is the Chart on electronic filing of Income Tax Return. Click on the respective topic for more details...

TDS w.e.f 01.07.2010

Major Tax related updates: Direct Tax Code implementation expected by April 2011 Goods and Services Tax implmentation postponed to April 2011 Saral-II (2 Page Income Tax Return) Form comes for simple I-T return filing of Salaried...

Tally tips

1. Name & Mailing Name Did you know the difference between Name & Mailing Name fields available in the company creation screen? The name provided in the Name field is displayed in the Select Company screen and is used to access the Company in Tally.ERP 9. Where as the Name entered in Mailing Name field will be printed and displayed in all the output reports of a company. Example:...

Tally shortcuts

Here is the list of interesting shortcuts about Tally After reaching to to Tally you can find which command you have to give by looking around on Tally panel. Hot keys are defined in four different ways in Tally. 1. They are in red color in menu items. By pressing them you would...

Online Return filing VAT/CST

Payment of Taxes and Submission of Returns This part deals with procedures for payment of tax and submission of returns. When to Pay Your Taxes You calculate your net tax after subtracting your tax credits from the output tax payable on your turnover of sales. Any positive amount...

Ratio analysis

Ratio Analysis Techniques Ratio Analysis: It is concerned with the calculation of relationships, which after proper identification & interpretation may provide information about the operations and state of affairs of a business enterprise. The analysis is used to provide indicators...

E-TDS

e-TDS :Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches...