Interim Budget 2014 – One Rank One Pension Accepted – No Change in Income Tax – Moratorium on Interest on Educational Loan taken up to 31st March 2009 No Change in Direct Tax. Interim Budget 2014 sought to bring no change in the Direct Tax Structure. Hence Personal Income Tax structure affecting Salaried Class will…
Clarification regarding disallowance of expenses under section 14A of the Income-Tax Act Circular No. 5/2014 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi dated the 11th of February, 2014 Subject: – Clarification regarding disallowance of expenses under section 14A of the Income-Tax Act in cases where corresponding exempt income has not been…
Date for filing ITR-V Form for Assessment Years 2009-10, 2010-11 and 2011-12 Extended till 31.03.2014 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 10th of February, 2014 Subject: – Non-Filing of ITR-V in returns with refund claims-relaxation of time-limit for filing ITR-V and processing of…
Production of Original documents for PAN Allotment kept in abeyance – Earlier circular dated 16.01.2014 put on hold Press Information Bureau Government of India Ministry of Finance 30-January, 2014 18:32 IST Government Decides to Keep in Abeyance the Decision to Change the Procedure for Pan Allotment Till Further Orders The Central Board of Direct Taxes (CBDT) has decided to keep in…
Applicant for PAN will be required to produce original documents at facilitation centers – Income Tax Department made changes in PAN allotment process Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated 24th January, 2013 Press Release The procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014. From this date onwards, every PAN applicant…
RENT – CLARIFICATION REGARDING TDS UNDER CHAPTER XVII-B ON SERVICE TAX SECTION 194-I OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – COMPONENT COMPRISED OF PAYMENTS MADE TO RESIDENTS CIRCULAR NO. 1/2014 [F.NO.275/59/2012-IT(B)], DATED 13-1-2014 The Board had issued a Circular No.4/2008 dated 28-04-2008 wherein it was clarified that tax is to be deducted at source under section 194-I of the…
9 Reasons to get an Income Tax Notice – Times of India Article The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details. This sudden rise in the number of tax notices is not because people have…
PAN of House Owner for HRA Exemption against Rent paid in excess of Rs. 1 lakh – Practical Difficulties faced by the persons claiming HRA Exemption IT Exemption on HRA – As per Circular No.08/2013, a person assessed to income tax has to submit PAN of the house owner, if he/she intends to claim HRA Exemption…
Income Tax 2013-14 for Salaried Employees (Assessment Year 2014-15) – Income Tax Department Circular 08/2013 dated 10.10.2013
Calculation of Income Tax for the year 2013-14 (Assessment year 2014-15) and Computation of income under the head Salaries
Exemption for Interest paid on Housing Loan – Computation of Income from house property
Method of Income Tax Calculation for the year 2013-14 (Assessment Year 2014-15) – Section 192 of the Income Tax Act 1961