Complete Tax Solution

The articles explains the provisions related to filing of Income Tax Return for Financial Year 2015-16 , Carry forward of loss from business specified u/s 35AD (i.e. businesses in respect of which certain capital expenditure are deductible), Provisions related to filing of Belated Return and Changes in Provisions related to Filing of Revised Return.

Deduction u/s. 80C for tuition / school fees paid for education of children Who is Eligible : Deduction for tuition fees u/s. 80C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF.

Several Income Tax Deductions are allowed to Salaried Employees for certain types of Investments and Expenses. The employee is required to furnish details and evidence of such investments and expenses to his employer to claim such income tax deductions. Till now, there was no preset format in which such a declaration could be furnished by the employee to his employer for claiming such a deduction. However, the Income Tax Dept has now released Form 12BB which would be required to be furnished for claiming Income Tax Deductions. This new Form 12BB is applicable from 1 st June 2016.

On May 5, 2016, the Lok Sabha passed the Finance Bill. The Bill which was presented originally in the Lok Sabha on February 29, 2016 has not been passed in its original shape. Various changes have been made in the Bill. New amendments have been proposed. Some earlier proposed amendments have been removed, so on and so forth. A snippet of all changes made in the Finance Bill, 2016 as passed by the Lok Sabha viz-a-viz the Finance Bill, 2016 presented originally in the Lok Sabha are presented hereunder.

                                                         New Sub Section (1D) of Section 206C is as follow: Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other goods (other than bullion or jewellery) or providing any service shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to 1% of sale consideration as income-tax, if such consideration, — (i) for bullion, exceeds Rs 2,00,000 or (ii) for jewellery, exceeds Rs 5,00,000 or (iii) for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds Rs 2,00,000 Provided that if any transaction covered under TDS than TCS will not be applicable on it.

If the Income Tax Liability of any taxpayer is more than Rs. 10,000 in a financial year , then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called “ Advance Tax ” or “pay as you earn tax” as tax is liable to be paid at the time the income is earned i.e. during the year rather than paying this tax at the end of the year. Advance Tax receipts help the Govt. to receive a constant flow of tax receipts throughout the year so that expenses can be incurred rather than receiving all tax payments at the end of the year. Advance Tax is liable to be paid by all assesses like Salaried, Self Employed, Businessman etc. before the filing of Income Tax Return For all taxpayers earning income from any source other than salary, Advance Tax is payable in installments as explained below. Payment of Advance Tax With effect from 1st June 2016, Advance Tax is liable to be paid as per

1. Rate of income tax in respect of income liable to tax for the assessment Year 2017-18 The slab rate and rates of taxes are not changed for the Assessment year 2017-18. These are same as for the AY 2016-17, Which are as follows:- A. Individual, HUF, AOP, BOI and Artificial Juridical person.

Form 15CA and Form 15CH has been prescribed by CBDT in respect of Various Foreign remittance to be made by the Assessee/Remitter. Form 15CA is a declaration by person intending to make remittance and Form 15CB is Certificate from a Chartered Accountant is respect of deductibility of Tax on such remittance. Earlier form 15CA was required to be submitted online on TIN-NSDL website, while form 15CB was a Manual Certificate. Later on filing of forms been shifted from TIN-NSDL website to e-filing website of Income Tax Department and recently department has made e-filing of form 15CB also online. In this article we have discussed the procedure for e-filing of form 15CA and Form 15CB by remitter and Chartered Accountant using their digital Signature on e-filing website of Income Tax Department i.e. http://incometaxindiaefiling.gov.in Registration process for Filing Form 15CA To file the “Form 15CA”, user should hold valid PAN/TAN and should be registered in e-Filing. If not already

Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India’s Top 10s income earners, they have need to give more attention to their financial planning and taxation. Here we are providing some necessary documentation and legal requirements for doctors in India as necessary to follow to avoid unnecessary payment of tax, interest & penalty. Income Tax:- Section 44AA read with Rule 6F Section 44AA mandates the maintenance of books of accounts for the medical professionals for Income Tax purpose. Those Doctors whose Gross Receipt/Collection exceed Rs.1.50 Lakhs per annuam. Books required  to maintain • Cash Book, Journal( if mercantile system), Ledger;

Remove Images Undo Close The Statistical data relating to filing of Income Tax Returns for FY 2011-12 is released by Income Tax Department. The numbers will help to analyse and understand more of the Income Tax Return filing trend for the year. I) Income Tax Returns declaring 'Salary Income':

  Case Law Details Case Name :  Mrs. Richa Dubey v. Income-tax Officer (ITAT Mumbai) Appeal Number : IT APPEAL NO. 4887 (MUM.) OF 2014 Date of Judgement/Order : 20/04/2016 Related Assessment Year : Courts :  Mumbai ITAT  (135) Download Judgment/Order We have observed that the assessee is a salaried employee and received salary from M/s. AC Nielson Research Services Pvt. Ltd of Rs. 26,376/- and M/s. Hindustan Unilever Limited of Rs.21,22,182/- totaling Rs. 21,48,558/- during the year. There was an error/mistake in punching salary, while filing return of income , received by thee assessee from Hindustan Lever Limited as ‘Rs.2,09,614/-‘ by mistake instead of correct salary of ‘Rs.20,96,914/-‘ and also not taking into effect any other income of (-) Rs.1,51,726/- reported by the assessee and hence the error in filing the return of income with revenue. The details are placed in paper book filed with the

1. Please use Ink Jet /Laser printer to print the ITR-V Form. Use of Dot Matrix printer should be avoided. 2. The ITR-V Form should be printed only in black ink. Do not use any other ink option to print ITR-V. 3. Ensure that print out is clear and not light print/faded copy. 4. Please do not print any water marks on ITR-V. The only permissible watermark is that of “Income tax Department” which is printed automatically on each ITR V. 5. The document that is mailed to CPC should be signed in Original. 6. Photocopy of signatures will not be accepted. 7. The signatures or any handwritten text should not be written on Bar code. 8. Bar code and numbers below barcode should be clearly visible.

Protect your Income Tax Department e-Filing account!   Dear Taxpayer, In order to ensure that you are able to secure your E-filing account against any fraudulent login attempts, the Income Tax Department has introduced a new facility called the "E-filing Vault". In order to use this facility, you can log in to your E-filing Account and in the profile page select "E-filing Vault – higher security".   Click here to know more .

Form 61-  Statement containing particulars of declaration received in Form No. 60 under rule (1) of rule 114D of Income Tax Rules, 1962 Form 61B – Statement of Reportable Account under sub-section (1) section 285BA of the Income-tax Act, 1961  under   sub-rule (8) of rule 114G of  Income Tax Rules, 1962 Form 15CC –  Quarterly statement to be furnished by an authorised dealer in respect of remittances

Activity Code for Part A – Nature of Business 0101 Manufacturing Industry [Agro-based industries] 0102 Manufacturing Industry [Automobile and Auto parts] 0103 Manufacturing Industry [Cement] 0104 Manufacturing Industry [Diamond cutting] 0105 Manufacturing Industry [Drugs and Pharmaceuticals]

You may kindly note that whenever any document is uploaded to any e-Filing website , the following best practices should be complied. Scan settings ⇒ Scan to PDF ⇒ Scan at 300 dpi ⇒ Scan in Black and White only ⇒ Do not upload  files with Read/Write/Password protection

Revised Compliance Relating To Quoting Of PAN w.e.f 01.01.2016 : Implications on Assessee liable for Audit U/s 44AB of the Act in Synopsis There are few amendments introduced in sections 139A read with Rule 114B-114D of Income Tax Act, 1961 w.e.f 01.01.2016 regarding Rules & Forms related to  quoting of PAN for specified

Back Ground: Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of Tax at source (TDS), the tax has to be calculated according to slab wise rate. The applicable slab wise rate for deduction of tax at source will be notified through the Finance Act. Applicable rate of Tax on income chargeable under the head “Salaries” for the  financial year 2015-16 (i.e., Assessment Year 2016-17 ) is as follows:

DUE DATES FOR FILING TAX RETURNS WHAT ARE THE DUE DATES FOR FILING OF RETURNS? The Due dates for filing Income Tax returns are:- 1.  Where the assessee is a Company  – 30th September of the Assessment Year. 2. Where the assessee is a  person other than a company:- a) where accounts of the assessee are to be Audited or a working partner of a firm whose accounts are required to be audited under the Income Tax Act or any other law  – 30th

Cyber crime has assumed a new avatar, with the first case of phishing in the name of refunding tax dues being registered in the city. A senior analyst at Dell, Rajat Mondal, was in for a surprise when he received an email, supposedly from tax authorities, that he is due for a refund of Rs 18,900 from the IT department. The address from which he got the email looked genuine -customer@ incometaxin.gov .in -with gov.in