1. Availing of deduction twice This is a common error that many salaried taxpayers commit. If you had switched jobs during the previous financial year, you might have got the Form 16 from both employers. While the first company may have deducted the tax correctly, the second might have deducted … [read more]
E-Filing Without Digital Signature
The income-tax department is looking at giving electronic pin (personal identification numbers) to taxpayers, which will make electronic return filing a hassle-free task. The new system, which will benefit over two crore taxpayers in the country, would require a change in the Information … [read more]
Landmark Ruling On Section 271(1)(C) By Karnataka High Court
(2013) TaxCorp(LJ) 1412 (HC-KARNATKATA) S. 271(1)(c) - Merely because the assessee accepted addition or deletion and did not challenge the assessment order by way of appeal, it cannot be concluded that such addition or deletion amounts to concealment of income or furnishing of inaccurate … [read more]
Five Things You Must Know About Tax Audit
1. As per the provisions of section 44AB of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs. 1 Crore or carrying a profession whose receipts exceeds Rs. 25 Lacs in the financial year 2012-13, must get his accounts audited before filing Income Tax Return. 2. … [read more]
How To Save Tax By Forming HUF
HOW TO SAVE TAX BY FORMING HUF: Common question which a taxpayer usually asks at the time of filing his Income Tax Return is – How can I save my Tax? It is our moral duty to educate our fellow Indians about various options available to them by which they can save their tax legally. We know … [read more]
Income-Tax Refund Without Matching Of TDS
CBDT has issued an important instruction to all officers regarding refund of TDS without matching of tds amount with form 26AS.As per new instructions when an assessee approaches the Assessing Officer with requisite details and particulars in the form of TDS certificate as an evidence against any … [read more]