Sep 30, 2015

Form 15G and 15H can be e-filed- New forms and procedure

Tax payers seeking non deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per...

Due date offiling return of income has extended to 31.10.2015 for Punjab and Haryana tapayers

CBDT has extended due date of filing income tax return from 30 September to 31 October 2015 for the resident of Punjab, Haryana, Chandigar...

Transport allowance for deaf and dumb exempted to Rs. 3200 per month

CBDT issued a notification no. 75/2015 dated 23 September 2015 on thirteenth amendment rule 2015 about the transport allowance under rule ...

Quoting PAN is must in form no. MGT-7

In exercise of the powers conferred by sections 88, 89,9I,92, 93,94, 70I, 105, 108, 109, 110, 115, 117, 118, 119, 120 and 121 read with su...

Sep 29, 2015

P&H High Court directs CBDT to extend due date for filing return to 31.10.2015

Honorable Punjab & Haryana High Court directs CBDT to extend due date of filing income tax return to 31 October 2015. Earlier Gujarat ...

Latest FVU version 4.8 e-TDS software free download

Tin.nsdl has launched latest file validation utility version 4.8 on 29.09.2015 for quarterly e-TDS/TCS statements. This FVU version 4.8 is...

Latest return preparation utility RPU version 1.3 in java platform

Tin.nsdl has launched latest return preparation utility RPU version 1.3 in java platform on 29.09.2015 for TDS/TCS regular and corrective ...

RBI reduces repo rate by 50 basis points to 6.75

Reserve bank of India reduces repo rate by 50 basis points on 29 September 2015 from 7.25 percent to 6.75 percent.RBI notification is as f...

Sep 28, 2015

People with 4 lakh income in small cities are on income tax radar

Those earning Rs 400,000 lakh per annum, besides people in tier-II and tier-III cities with taxable income but not paying taxes are on the...

Due date of filing audit report and return unchanged- Fake order circulated

CBDT clarifies on fake order circulated on 26 September  about the extension of audit report and return filing date of income tax. There i...

Sep 27, 2015

How to avoid TDS on fixed deposits

Fixed Deposit(F.D)- Fixed Deposit are the fund on which the interest is paid for the fixed term & the funds can’t be withdrawn before ...

Sep 26, 2015

New online payment gateway for import and export related payments

Processing and settlement of import and export related payments facilitated by Online Payment Gateway Service Providers Attention of A...

Sep 25, 2015

No FEMA processing against persons declaring money in compliance window

In connection with the declarations made by persons resident in India under  the provisions of the Black Money (Undisclosed Foreign Income...

No MAT on foreign companies not having PE in India from 1.4.2001

Issues relating to taxation of foreign companies, having no permanent  establishment in India, have been under consideration of the Govern...

No capital assets transfer on facilities lease out for less than 12 years

No "transfer" of capital asset takes place in the ordinary sense of the word 'transfer' or even within the extended mean...

Sep 24, 2015

New pre-filled income tax return form for easy e-filing

As part of efforts to popularise the electronic mode of filing Income Tax Returns (ITRs), the CBDT is planning to provide “pre-filled” ret...

Compensation received by denial of employment isn't profit in lieu of salary

An amount received by a prospective employee 'as compensation for denial of employment' was not in nature of profits in lieu of sa...

Sep 23, 2015

New 500 and 1000 Rs. note with additional features

The Reserve Bank of India will shortly put into circulation banknotes in the denominations of ₹ 500 and ₹ 1000 incorporating three new/rev...

Private company can take loan from relatives of director

In exercise of the powers conferred by sections 73 and 76 read with sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013)...

Sep 22, 2015

Last date for filing declaration under compliance window of black money act

The Black Money (Undisclosed Foreign Income and Assets) and Imposition  of Tax Act, 2015 (the Act) has been enacted to deal with the menac...

Sep 21, 2015

EXCEL BASED SALARY CALCULATOR FOR FIRMS

Salary calculator:- In a firm or small company where the number of employees are upto 50, there is always a need of a salary calculator w...

Roaming charges paid by telecom company are not FTS

The provision of roaming services do not require any human intervention and accordingly, cannot be construed as technical services. Thus, ...

Sep 18, 2015

Procedure to file new form Sugam 2

Department of Trade and Taxes, Government of National Capital Territory of Delhi has vide notification dated 10-9-2015 notified an online ...