Topic of the week is ‘Vyapam Scam of Madhya Pradesh’. The news is about a scam which took place in 2009 and the unnatural deaths of people who are connected with the scam and its investigation in the recent past. Through this article, I have made an attempt to …

  For the last 15 days, I would have got at least 10 queries about TDS on withdrawal of Provident Fund. Here is how the question goes ‘my employer is asking me to submit by name Form 15G. If I won’t submit, they deduct tax it seems. Can you help …

  Central Board of Direct Taxes (CBDT) has notified new Income Tax Return (ITR) forms for Assessment Year 2015-16 (means Financial Year ending 31st March 2015). Compared to the forms of the previous year, a few changes have been made in new set of form. Here is a small quiz to …

  CBDT has notified Income Tax Return (ITR) forms for AY 2015-16. As usual, there are many forms are released. The taxpayers have to correctly choose the relevant form and file the return. Which form to be used? Here is the simplified version.   I am a salaried employee. Which …

Mr.Ramakanth, a Non Resident Indian (NRI) working at USA is holding Non-Resident Ordinary (NRO) Account in State Bank of India. During the Financial Year 2014-15, he has earned Rs.16000 towards interest on NRO Savings Account. He wants to know the eligibility of claiming deduction u/s 80TTA.   Deduction U/s 80TTA …

‘How come I received an income tax notice this year? I have been filing my returns for the last 10 years. So far, I didn’t get any notices. Has someone has tipped the department to take up my case for scrutiny?” are the questions asked to us by one of …

How many people are required to start a private limited company? There should be at least 2 people to start a private company in India.   Should both of them be Indians? Not necessary. Even foreign nationals or only foreign nationals can also start a company in India.   Whether …

Setting up a business in India: One can set up a business in the form of a proprietary concern, a partnership firm, a limited liability partnership, one person company or a private limited company. Let’s understand the various options available to set up a business in India.   What are …

As per the Order dated 24th June 2015 by Central Provident Fund Commissioner, the payment towards Employee Provident Fund (EPF) contributions has to be made electronically through internet banking facility Summary – Establishments remitting contribution above Rs.100000 per month have to mandatory remit dues through internet banking only with immediate …

Permanent Account Number (PAN) is a ten-digit alphanumeric number by the Income Tax Department, allotted to any “person” who applies for it. PAN enables the department to link all transactions such as Income Tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence, and so on. PAN, thus, acts as …