Madam Speaker, INTRODUCTION I rise to present the Interim Budget for 2014-15. The Current Economic Situation 2. As I prepared to write this speech, I found that whether it is a regular Budget for the full year or an interim Budget, some things remain the same. For example, our goals are the … [Read more...]
Service Tax on transportation of goods by road
Meaning As per Section 65B (25) of Finance Act,1994; "goods" means every kind of movable property other than actionable claim and money; and includes securities, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the … [Read more...]
Deduction in respect of Health Insurance Premium – Sec 80D of Income Tax Act
Under Section 80D of the Income Tax Act, deduction in respect payment made towards Health Insurance Premium and Preventive health check-up is allowable as deduction from total income. Who can claim the deduction & for what? – Individual or HUF can claim deduction under this section in respect … [Read more...]
Service Tax on Restaurants
All of us visit restaurants, hotels or eating houses. And many of us also notice that recently the bills issued by some restaurants have service tax mentioned in it. Let us try to understand the concept of service tax on restaurants. Prior to 1st July 2012, restaurants serving food & beverages … [Read more...]
Chartered Accountant can do 60 Tax audits in financial year 2014 -15 and onwards
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the "specified number of tax audit assignments" for practicing … [Read more...]
New PAN card application Form and documents required for Individual who is citizen of India
New PAN card application form and documents required for PAN application is notified by Central Board of Direct Taxes as on 23rd December 2013. Now for new PAN application proof of Identity, proof of address and proof of date of birth is required. Any one of following listed documents is … [Read more...]
Certificate to be used by a Member of Parliament/Member of Legislative Assembly/Municipal Councillor or Gazetted Officer as address and identity proof for PAN application
If any individual wants to apply for new PAN card but he has no documents as a proof address and proof of Identity then he can take certificate form Member of Parliament / Member of Legislative Assembly / Municipal Councillor or Gazetted Office. The format of such certificate is given below. Kindly … [Read more...]
Format of Certificate to be used by the Employer as proof of address for PAN application
If any individual wants to apply for new PAN card but he has no documents as proof of address then he can take certificate from his employer. The format of employer certificate is given below. Annexure -B (for form 49A) (Certificate to be used by the Employer on the letter head of the … [Read more...]
Format of Certificate to be used by the bank as proof of identity for PAN application
Bank certificate is acceptable as proof of identity for the PAN application of an individual. Earlier bank statement/pass book was acceptable as proof of identity, but now Bank certificate on the letter of the bank is required for a proof of identity. Format for the same is given below:- … [Read more...]
New form for PAN card application procedure and documents requirements for Individual who is NOT citizen of India
New PAN card application form and documents required for PAN application is notified by Central Board of Direct Taxes as on 23rd December 2013. Any one of following listed documents is acceptable as proof of identity for PAN applications for Individual who is NOT citizen of India:- 1. Copy … [Read more...]