TDS returns are to be filed after deducting tax from eligible payments and depositing it with the government. TDS return, which is referred as return for tax deducted at source, has to be filed quarterly based on the type of tax deduction. In this article, we will be discussing various TDS return filing forms and the due dates for filing quarterly TDS statements. Different TDS … [Read more...] about TDS return filing forms and due dates – For quarterly filing
Income tax
Why political parties are not paying tax in India
Political parties like BJP, Congress, DMK, AIDMK, AAP, SP and BSP are tax exempted in India. Section 13A of income tax act specifies that on satisfying certain conditions these political parties will be allowed tax exemption. Here are those conditions that each political party is required to satisfy to get tax exemption; Political party must be registered or deemed to be … [Read more...] about Why political parties are not paying tax in India
Due dates for filing section 44AB tax audit report and penalty for late filing
Due date for filling income tax audit report as required under section 44AB is 30th September of the assessment year for which books of accounts are prepared and getting audited. This means for financial year 2013-2014, tax audit report filing due date is 30th September 2014. However, for financial year 2013-2014 (i.e. AY 2014-2015), CBDT has extended the due date of filing … [Read more...] about Due dates for filing section 44AB tax audit report and penalty for late filing
Step by step procedure for e-filing of tax audit report – Section 44AB
As we all know, from assessment year 2013-2014 onwards, tax audit report as required under section 44AB is required to be filled electronically. Here in this article we will be discussing how to electronically file these tax audit reports. Section 44AB tax audit report filling steps Before we start the process or procedure of e-filing tax audit report, please remember that … [Read more...] about Step by step procedure for e-filing of tax audit report – Section 44AB
Forms used for e-filing of section 44AB tax audit report – 3CA, 3CB and 3CD
In our last article, we have discussed when section 44AB tax audit is required to be done by tax payers. Today in this article we will be discussing different forms that are required to be submitted for section 44AB tax audit report. Forms used for section 44AB tax audit report As per rule 6G, two types of forms are required to be submitted for section 44AB tax audit report. … [Read more...] about Forms used for e-filing of section 44AB tax audit report – 3CA, 3CB and 3CD
Can a belated or late filled income tax return be revised
Belated return means a late return which is filled as per section 139(4) of income tax act. Before discussing the provisions related to revised return in case of late filling or filling of belated return, let us first look into the provisions of section 139(4) of income tax act. As per section 139(4) of income tax act, an income tax return or ITR will be treated as belated … [Read more...] about Can a belated or late filled income tax return be revised
Difference between self assessment tax and advance tax
Both self assessment and advance tax are paid to government of India based on the Income Tax Act provisions applicable to the assessee. Even though both relates to tax liability paid to the government, there is a difference and provisions are mentioned under different sections of the Income Tax Act, 1961. Today, in this article we will be discussing the difference between … [Read more...] about Difference between self assessment tax and advance tax
Under which head rent on vacant plot is chargeable to tax in India
Rent on vacant plot is taxable in India if it’s generated or accrued in India. But the question is under which head and how it’s taxable. We have five major heads under which income generated or earned in India is taxable. Many taxpayers think that rent on vacant plot is taxable under the head income from house property. But in reality, it’s not correct. Chargeability … [Read more...] about Under which head rent on vacant plot is chargeable to tax in India
Is PAN card a mandatory requirement for company registration in India
In case of Indian residents, Income tax's Permanent Account Number or PAN details are a mandatory requirement for company incorporation. While applying for DIN in form DIR-3, you are required to provide your income tax's permanent account number or PAN details and get it verified online. However, this field is not a mandatory field in DIR-3. But it does not mean that PAN … [Read more...] about Is PAN card a mandatory requirement for company registration in India
Individuals need not pay tax on income up to Rs. 620000 – Impact of budget 2014
We have seen many changes in budget 2014, out of which some benefits are extended to individual tax payers like hike in section 80C, section 24 deductions etc. Today, in this article we will show you how one can avoid tax by taking advantage of various new amendments in IT act as passed in budget 2014. Let us first discuss these changes. Hike in Section 80C deduction … [Read more...] about Individuals need not pay tax on income up to Rs. 620000 – Impact of budget 2014