Income Tax

  31st March is the last day of financial year. This date is significant from tax compliance perspective. Most important deadlines as on 31st March are  listed below. Hope this helps   Service Tax Payment The due date for payment of Service Tax is the 6th of the month immediately …

  Section 14A of the Income Tax Act, 1961 provides for disallowance of expenditure incurred in relation to exempt income. The Section empowers the Assessing Officer if, having regard to the accounts of the Company, he is not satisfied with correctness of amount disallowed by the Company under this Section. …

  Wherever possible, avoid cash transactions. There are draconian provisions under Income Tax Act which may hurt your peace of mind! Read this article to know more about it.   Firstly – Are you an income taxpayer? If yes, you are not allowed to accept Loan, Deposit, Repay loan/deposit by …

  Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 Where is Black money stashed abroad? When will it hit Indian shores? Will it ever come to India? Is it just hype, a myth? These are the questions lingering in the minds of millions of Indians. No one is …

  Post sale of the property, the seller will have to take certain precautions to save on capital gain tax. Some of them are discussed in this article.    Deposit the sale consideration in SB Account: After the sale takes place, the seller can deposit the demand draft/cash/cheque in his …

  e-filing Team for Compliance Management Cell, Income Tax Department has started sending email reminder for those who have not filed income tax return (ITR) for the Assessment Year 2013-14 (Financial Year 2012-13)   Email notice is read like this, “as per our records, it is observed that you have …

  We have posted a series of QUIZ for the benefit of accountants. This one is about Income Tax. Hope this helps.   [mtouchquiz id=14 startscreen=’off’ showanswers=’end’ multiplechances=’off’]

  The quantum of deduction under Section 80D in respect of health insurance premium paid is proposed to be enhanced. You can refer a detailed article about Health Insurance posted in our blog Deduction U/S 80D for payment of medical insurance premium In this article, we will focus on the amendments done …

  Pursuant to the Budget announcement in July 2014, a special small savings instrument for the welfare of the girl child has been introduced under the Sukanya Samriddhi Account Rules, 2014.   The following tax benefits have been envisaged in the Sukanya Samriddhi Account scheme:-   (i)            The investments made …

The Finance Minister Mr. Arun Jaiteley on February, 2015 presented his second Union Budget in the Parliament.   All substantial proposal made in Finance Bill 2015 have  been legally analysed in this “Guide to Finance Bill 2015”. From TAXMANN Download Guide to Finance Bill 2015 : Budget 2015