Jan 30, 2015

New format of form 15G and 15H with auto fill facility in excel

Income tax department changed the format of form 15g and 15h. These forms are the declaration as their income is less than threshold limit...

Dividend and income distribution tax

Section 115-O of the Income-tax Act provides that a domestic company shall be liable for payment of additional income-tax at the rate of 1...

Jan 25, 2015

Income tax authority can't impound any documents, cash,stock or jewellery in survey

The provisions contained in section 133A of the Income-tax Act enable the Income-tax authority to enter any premises in which business or ...

Jan 24, 2015

Capital gain exemption on residential house property

Capital gains exemption in case of investment in a residential houseproperty The provisions contained in sub-section (1) of section 54...

Jan 23, 2015

All about Alternate Minimum Tax AMT

Alternate Minimum Tax 33.1 The provisions of section 115JC of the Income-tax Act, before its amendment by the Act, provide that where th...

You can now carry 500,1000 INR notes with you visiting Nepal and Bhutan

Reserve Bank of India allowed people visiting Nepal and Bhutan to carry 500 and 1000 indian currency notes with them with a maximum of Rs....

Jan 16, 2015

Custom simplifies procedure for shipping

Custom department further simplifies doing import-export by easing the norms for shipping. Earlier Custom department eases the procedure w...

Jan 15, 2015

Some myths about CIBIL report and score

 Maintaining a good CIBIL score is necessary now a days as lenders will not approve a loan without good CIBIL score. Good CIBIL score is 7...

Jan 14, 2015

Processing of return is not necessary where case is selected for scrutiny

CBDT issued a clarification about applicability of section 143(ID) of income tax act where processing of income tax return is not necessar...

Income from installation of mobile antenna on terrace is income from house property

IT: Sum received from cellular companies for renting out of the terrace for installation of mobile antenna was taxable as income from hous...

Jan 13, 2015

Simplification of custom procedure with merging invoice and packing list

Custom department simplifies the doing business with merging commercial invoice and packing list. This will reduce the documents required ...

Jan 10, 2015

TRACES advice of TAN's TDS statements filed for FY 2011,2012 and 2013

As per the records of the Centralized Processing Cell (TDS), discrepancies have been observed with respect to your TAN in the "TDS cla...

Jan 8, 2015

Latest FVU version 4.5 e-TDS software free download

Tin.nsdl has launched latest file validation utility FVU version 4.5 e-TDS software. Income tax department issues FVU and RPU software fre...

Latest RPU version 4.2 for e-TDS statements free download

Tin.nsdl has launched latest return preparation utility RPU version 4.2 for e-TDS statements. Income tax department issue RPU and FVU time...