As per the present tax laws of India, a tax payer filing income tax return without using digital signature certificate or DSC is required to send acknowledgement form or ITR V generated after uploading the return of income to the tax department’s CPC Bangalore office. If such acknowledgement or ITR V has not been received by tax department within 120 days then the ITR filed … [Read more...] about How to link Aadhar number to your PAN for filing return of income
Income tax
ITR V form password, check list and how to send it to tax department
Tax department has laid down certain guidelines for taxpayers to follow while filing their return of income. If it’s not followed then your return of income may get rejected. Tax payers in India have option to use digital signature while filing their return of income with the tax department. If it’s used then you are not required to send the signed acknowledgement form or … [Read more...] about ITR V form password, check list and how to send it to tax department
Section 234B and 234C – Interest on defaults and deferment in payment of advance tax
As per section 208 of income tax act 1961, if advance tax payable as calculated in accordance to the provisions of the Income Tax Act is 10,000 rupees or more, then it shall be paid during the same financial year in installments before the due date as specified under section 211. Section 234B and 234C deals with provisions related to interest payable for defaults in payment … [Read more...] about Section 234B and 234C – Interest on defaults and deferment in payment of advance tax
Interest to be charged for failure to deduct and pay TDS – Section 201(1A)
As per the provisions of income tax act 1961, an assesse is required to deduct tax at source for certain specific payments under section 192 to 196C if conditions as laid down in those relevant sections are satisfied. For example as per section 194C of Income Tax Act 1961, TDS has to be deducted from payments to contractor if such payment is more than Rs 75000 for a year … [Read more...] about Interest to be charged for failure to deduct and pay TDS – Section 201(1A)
How interest for default in furnishing return of income is calculated – Section 234A
In income tax, we have certain cases where the assessee is required to pay interest compulsorily either for default in furnishing return of income or payment of tax or failure to pay or deduct TDS. Today, through this write up, we are going to discuss how to calculate interest in case of default in furnishing return of income or is not furnished. This provision is specified … [Read more...] about How interest for default in furnishing return of income is calculated – Section 234A
Now you can claim your tax refund for six years and carry forward losses
As per the present tax laws, assessee is required to file return of income with IT department if his gross total income exceeds the amount of the basic exemption limit. It does not mean than those having income less that the gross total income cannot file their tax return. If you want to claim refund for the excess TDS deductions then it can be done by filing a tax return … [Read more...] about Now you can claim your tax refund for six years and carry forward losses
ITR Forms 1, 2 and 4S Simplified and new form ITR2A Proposed
A New Form ITR 2A Proposed by tax department which can be filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the Main Form will not Contain more than 3 Pages, and other Information will be Captured in the Schedules which will be Required to be filled only if … [Read more...] about ITR Forms 1, 2 and 4S Simplified and new form ITR2A Proposed
TDS on Employee Provident Fund or EPF withdrawals – Section 192A
In order to discourage premature withdrawals from employee provident fund, government has introduced section 192A in finance act 2015. As per this section, TDS amount has to be deducted out of the withdrawals from employee provident fund or EPF if certain conditions are satisfied. Employee provident fund withdrawals are taxable in India if the employee doesn't render … [Read more...] about TDS on Employee Provident Fund or EPF withdrawals – Section 192A
Wealth tax in India abolished, 2% extra surcharge for super rich persons
In order to widen the tax net and help government to raise tax collection significantly, India’s finance minister Arun Jaitley while presenting budget 2015 in parliament has announced to abolish the wealth tax and levied additional surcharge at the rate of 2% on super rich persons with taxable income of Rs 1 crore or above in a financial year. Due to this the earlier … [Read more...] about Wealth tax in India abolished, 2% extra surcharge for super rich persons
Tax rates applicable To Company for financial year 2015-2016 – AY 2016-2017
In our last article we have talked about tax rates applicable to an individual, HUF, AOP, BOI, Partnership firm, Cooperative society and local authority for the financial year starting from 1st April 2015. Today, in this article we will talk about the tax rates that is applicable to company for financial year 2015-2016. For this purpose company includes private limited and … [Read more...] about Tax rates applicable To Company for financial year 2015-2016 – AY 2016-2017