How to check whether Income Tax Return Acknowledgement (ITR-V) is genuine or fabricated?

 Most of income tax returns are filed online and taxpayers are giving the computerized printed copy as an acknowledgement of Income Tax Return, called as ITR-V. Therefore it is difficult for bankers to check the genuineness of ITR as it is just computerized printed pdf copy. Following are the two options for verification of ITR acknowledgement. Option 1 – Download … Read more

Taxation system in India – FAQ

What are the types of taxes in India? There are two types of taxation in India – Direct tax and indirect tax. Direct tax Direct tax is the tax where tax is directly collected from taxpayers; it means it is tax on income. Income tax and wealth tax are the two direct taxes in India. … Read more

Income Tax due date calendar for the first quarter (January to March) of the calender 2015

January, 2015 Wednesday, January 7, 2015 Due date for deposit of Tax deducted/collected for the month of December, 2014 Wednesday, January 7, 2015 Due date for deposit of TDS for the period October 2014 to December 2014 when Assessing Officer has permitted quarterly deposit of TDS under sections 192, 194A, 194D or 194H. Thursday, January 15, 2015 Quarterly statement of … Read more

Reliance Retirement Fund is notified for section 80C of the Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 23rd  December, 2014 (INCOME TAX) Notified Pension Fund under Section 80C(2)(xiv) S.O. 3261(E).—In exercise of the powers conferred by clause (xiv) of sub- section (2) of Section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby … Read more

CBDT has signed a bilateral Advance Pricing Agreement (APA) with a Japanese Company

Government of India  Department of Revenue  PRESS RELEASE     On 19.12.2014, Central Board of Direct Taxes has signed a bilateral Advance Pricing Agreement (APA) with a Japanese Company. This is India’s first bilateral APA. The APA is for a period of five years. The APA has been finalized in a period of about one … Read more

Undue influence/coercion in the recording of the statement during Search/Survey/Other proceeding will be viewed by the Board adversely

F. No. 286/98/2013-IT (Inv.I1) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Room No. 265A, North Block New Delhi, the 18th December, 2014 To 1. All Principal Chief Commissioners of Income Tax 2. All Chief Commissioners of Income Tax 3. All Directors General of Income Tax (Inv.) 4. Director … Read more

Meaning of “Substantially financed by the Government” for the purposes of clause (23C) of section 10 – CBDT Notification

MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES)    NOTIFICATION  INCOME-TAX  New Delhi, the 12th December, 2014   S.O. 3168 (E). – In exercise of the powers conferred by section 295 read with sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10of the Income-tax Act, 1961 (43 of 1961), the Central Board … Read more

Income Tax rate for individual for assessment year 2014-2015 (Part-1 of Circular 17/2014)

CIRCULAR NO : 17/2014  F.No. 275/192/2014-IT(B) Ministry of Finance Central Board of Direct Taxes   Dated    10th December, 2014         2. RATES OF INCOME-TAX AS PER FINANCE (No. 2) ACT, 2014: As per the Finance (No. 2) Act, 2014, income-tax is required to be deducted under Section 192 of the Act from income … Read more

Method of calculation of salary and computation of average income tax (Part – 2 of Circular 17/2014)

3. SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:     3.2  Payment of Tax on Perquisites by Employer: An option has been given to the employer to pay the tax on non-monetary perquisites given to an employee. The employer may, at its option, make payment of … Read more