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Gross Direct Tax collection up by 13.27 per cent

Gross direct tax collections during April-July of the Financial Year 2013-2014 is up by 13.27 percent at Rs. 1,57,169 crore as against Rs. 1,38,751crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.75 percent and stands at Rs. 92,115 crore during April-July in F.Y. 2013-2014 as […]

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Overwhelming response to e-filing of ITR

The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes(CBDT)from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country. 123.03 lakh returns have been e-filed till 5th […]

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number of e-filings declined

Even there is a mandatory requirement to e-filing of individuals whose total income exceeds Rs 5,00,000, total number of e-filings lags behind as compared with the financial year 2012-2013(21486807) with financial year 2013-2014(till 31st July) 10321775. When it comes to e-filing through ITR-1(salaried individuals), there is also a drop down of 628629 and it stands […]

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ITR e-filing exceeds 1 crore

Number of e-filing made exceeds 1 crore (10321775 as on 31st July, 2013),even there is a mandatory requirement to e-filing of individuals whose total income exceeds Rs 5,00,000, total number of e-filings lags behind as compared with the financial year 2012-2013(21486807). When it comes to e-filing through ITR-1(salaried individuals), there is also a drop down […]

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Overwhelming response for e-filing

The new rule making assesses having a total income of more than Rs 5,00,000 to file their return electronically(e-filing) results in an overwhelming increase of 40 % than the number of returns during the last year. More than 82 lakh returns have been e-filed till 29th July, 2013 out of which 6.23 lakh returns were e-filed on 30th July, 2013 till 6:00 P.M, as disclosed by income tax department.

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Due date extented for filing returns of income to 5th july,2013

Central board of direct tax has extended due date for filing returns of income from 31st July,2013 to 5th August, 2013. All assesses having a total income of more than Rs 5, 00,000 are compulsory required to file their return electronically.

There has been tremendous increase in number of e-returns till 31st July. It is assumed that extension of last date (due date) for filing return is meant to provide

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Weighted deduction allowed on in-house research and development extended

In order to mobilize funds for in-house research and development, weighted deduction allowed under section 35 (2AB) has been extended to 31st march, 2017 which was previously limited to 31st march, 2012.

Expenditure (not being in the nature of cost of any land or building)incurred by companies on in-house research and development approved by prescribed authority is allowed as weighted deduction at the rate of 200 %. Previously, expenditure incurred after 31st March, 2012 was not allowed as deduction.

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Tax audit limits enhanced to 1 crore from 60 lakhs and to 25 lakhs from 15 lakhs

Section 44AB has amending from time to time (by increasing the audit limits) with a view to reduce the compliance burden of small business and professionals.From assessment year 2013-2014 onwards, any person carrying business having gross receipts, total turnover, total sales in the previous year exceeding Rs 1 crore (earlier 60 lakhs) has to get his accounts audited under section 44AB.

In the case of persons carrying on profession will also have to get his accounts audited under section 44AB before the specified date, if the gross receipts in the previous year exceeds Rs 25 lakhs( earlier 15 lakhs).

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