Compulsory manual selection of cases for scrutiny during the Financial Year 2014-15-regd:- 1. In supersession of earlier Instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the financial-year … [read more]
Direct Tax Highlights Of Union Budget 2014-15
Personal Taxation Basic exemption limit to be increased from Rs. 2 lakhs to Rs. 2.5 lakhs for taxpayer below the age of 60 years and from Rs. 2.5 lakhs to Rs. 3 lakhs, in case of senior citizens. The existing limit of deduction under section 80C to be increased from Rs. 1 lakh to Rs. 1.5 … [read more]
Heavy Penalties For Late Filing Of FCRA Return
The Ministry of Home Affairs has issued a notification (Notification No: 939, 29/04/2013) to the organisations registered under the Foreign Contribution Regulation Act to submit their FCRA Returns on time. Accordingly any delay in filing of Annual Return will attract penalty ranging from two to … [read more]
Government Approved Valuer — Concept
No one in India can claim that he or she is a "Government Approved Valuer" for all kinds of valuation work. Everyone who is enlisted or empanelled with various Government Departments, claims that, he or she is a "Government Approved Valuer". Since the institutions, organisations or individual are … [read more]
Tax Amendments To File Income-Tax Return For AY 2013-14
The Central Board of Direct Taxes has amended certain provisions of the Income-tax Rules concerning filing of the Income-tax Return. The Income-tax (3rd Amendment) Rules, 2013 which have been issued vide Notification No. 34/2013 dated 1.5.2013 provides for amendments in Rule 12 of Income-tax Rules, … [read more]
Return Of Income — By Whom To Be Signed
Different persons are responsible for signing and verifying the Income-tax Return depending on the status of the Assessee. The Return of Income shall be signed and verified as under: (a) INDIVIDUAL -- by the individual himself/herself; Provided that where he/she is absent from India, by the … [read more]
Section 80G — Amendments
REMOVAL OF VALIDITY PERIOD The limitation imposed on the validity of approvals 80G(5) of the Income-tax Act, 1961 was always an unwanted thing by any institution registered under this Act. The approved institutions had to bear the hardship of getting their approvals renewed from time to time. … [read more]
Maintenance Of Proper Proof While Filing Income-Tax Return
Important Proofs While Filing IT Return : Following are some important list of the “Proofs” used for taking advantages of deductions under sec 80C of the Income-tax Act, 1961 :- Life Insurance Premium :- Proof – Premium payment receipt having name of the insured, sum assured and … [read more]
Section 194-IA : TDS On Sale Of Immovable Property : Compliance Procedure
The recent amendment to TDS on transfer of immovable property has become effective from June 1, 2013 with a view to improve reporting of immovable property transaction and taxation of capital gains. The new amendment under section 194-IA of the Income Tax Act, 1961 is applicable to all transactions … [read more]
Time Limit Within Which The Commissioner Has To Pass An Order U/S 12AA
That as per Board’s Circular No. 762, dated 18-2-1998 and as decided in Bhagwad Swarup Shri Shri Devraha Baba Memorial Shri Hari Parmarth Dham Trust v Commissioner of Income-tax, Dehradun it was held that “The statutory authorities have no option but to obey the mandate of the law. Unless the … [read more]