Category: Ministry of Finance
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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…
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ITR-V-what,when,how?
ITR-V stands for ‘Income Tax Return – Verification’ form. This is issued as an acknowledgement to your returns filed online without a digital signature. It is meant to verify the authenticity of e-return filed.Upon receipt of ITR-V, income tax department will send an email informing the receipt of ITR-V (acknowledgement). In order to complete the…
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Income tax forms
1 ITR-1 (SAHAJ) Indian Individual Income tax Return 2 ITR-2 For Individuals and HUFs not having Income from Business or Profession 3 ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship 4 ITR-4S (SUGAM) Sugam – Presumptive Business Income tax Return 5 ITR-4 For individuals and HUFs…
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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…
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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…
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Maruti SX4 and Corolla Altis to attract lower excise duty
Central Board of Excise and Customs (CBEC) recently, by a circular clarified that Maruti SX4 and Corolla Altis are called and traded as sedans and they will not come under the category of SUVs(at 30 %) even, these comes under the prescribed specifications. Thus, Maruti SX4 and Corolla Altis will now attract 27 % excise…
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Due date extented for the assessees of Uttarakhand
In an order issued under section 119 of Income Tax Act, 1961 by CBDT which states that, considering the large-scale devastation due to recent natural calamity in the State of Uttarakhand, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due-date’ for…
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ITR-6 released
Companies not claiming exemption under section 11 (charitable or religious purpose) of Income Tax Act, 1961 has to file their return using ITR 6. All companies are mandatorily required to file their return on or before 30th September in order to free from penalty and other consequences. Companies should submit their return electronically using digital…
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Tax to be charged on payments in excess of Rs 10,000
Payments made in respect of donations to specified funds and institutions as specified in section 80G and donations made for the purpose of scientific research or rural development to research associations, universities, colleges or other associations or institutions subject to specified conditions (80GGA), any payment made in excess of Rs 10,000 in cash will not…
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Deduction can be calimed on interest from savings account
Any interest income derived from deposits in a savings account (not time deposits) will be allowed as deduction. Interest income up to Rs 10,000 in aggregate shall be allowed as deduction while computing Total Income. Only individuals and HUF are entitled to claim deduction