ITRToday

25/11/2016

Replies to Some Common Questions as to What if TDS Deducted but not deposited by deductor, or if TDS Certificate misplaced or if TDS Certificate not issued by Deductor
http://www.itrtoday.com/faqs-on-tds-certificates-issued-by-employers/

25/11/2016

Section 271(1)(c) of Income Tax Act has been amended to levy penalty with retrospective effect if consequent to filing of Return, concealment is detected

The union Budget presented in the year 2009 amended the explanation given in 5A of the 271 (1) (c) of the finance act making concealment of assets liable for penalty with a retroactive effect from 01.06.2007.

23/10/2016

We have started online chat facility on our site www.itrtoday.com readers can ask any questions on real time basis and in case, of non working hours, they can leave query to get answered next day

08/09/2016

Do you know having a well structured tax efficient salary package can reduce your tax outgo significantly and can increase your carry home salary by upto 10%?

Have a reading here in the link given below

We have also attached an calculator in excel which would help you structure your salary in tax efficient manner

Feel free to contact us for any help you may need to get your salary restructured

http://www.itrtoday.com/restructuring-salary-tax-efficient-manner-can-increase-carry-home-salary-upto-10/

Importance of getting salary rationalized cannot be over emphasized. With times, as salary levels have risen and the Income tax exemption limits still at ridiculously low levels of Rs 2.50 lacs unless one is a senior citizen, the focus on getting salary designed on Tax-efficient manner Though over...

09/08/2016

Why you should never miss filing Income Tax Return with in Due Date

As a Chartered Accountant, I come across many clients who need to get their Return of Income Tax filed after due date

Many of you are aware that even if the deadline of filing the return has been missed, they still can file the return within two years

However, few would be aware of the consequences if the deadline is missed. Sometimes these consequences can prove to be very costly mistake

In this respect, Few Points which every assessee should keep in mind-

1. As against earlier when the return of Income Tax could be filed within two years. In other words, Return for the financial year ending could be filed before 31st March 2018. With recent amendment, the said return is to be filed with in one year. That is, return for the Financial year ending 31st March 2017 can be filed only be 31st March 2018 (with penal consequences of course; as due date remains 31st July 2017 Only)

2. Any delay in filing of the return beyond due date, attracts penal interest on Income Tax Payable, if any

3. The assessee loses right to the interest on the refund due for the period delayed

4. Assessee loses right to revise return where the return is filed beyond due date

5. Assessee cannot carry forward the loss to set off against future gains

Read here consequences of delayed filing of TDS Returns
http://www.itrtoday.com/consequences-late-filing-tds-returns-statements/

17/04/2015

Indexed Cost of gifts has to be determined with reference to previous owner
Read More: http://goo.gl/u08nMT

Another common question that arises in the minds of the tax payers is the year regarding which the Indexed Cost of acquisition should be considered. There are views stating that the Indexed Cost of acquisition of the previous owner should be with reference to the year in which the Gift was made. Whi…

15/04/2015

Statutory reserve created under section 45IC of Reserve Bank of India Act should be included in the book profits
Read More: http://goo.gl/RfxIgX

It was held by the Delhi High Court in the case of Srei Infrastructure Finance Ltd. vs. ACIT that according to Explanation (1) (c) to Section 115JB of the Act, any amount set in connection with the provisions made towards liabilities except ascertained liabilities, should be added at the time of com…

13/04/2015

It is not necessary that books of account should compulsorily be rejected when a survey is conducted
Read More: http://goo.gl/GrhnRx

The ITAT, Chandigarh in the case of M/s Venus Woolen Mills vs. The CIT-III, [2014] 36 ITR (Trib.) 388 Ludhiana, has held that it is not necessary that books of account should compulsorily be rejected when a survey is conducted.

10/04/2015

Penalty Under Various Section of Income Tax As Per Union Budget 2015-16
Read More: http://goo.gl/VbP4Lc

Changes in Income Tax Act proposed by Finance Minister Arun Jaitley in Union budget 2015-16 for Penalty that can be levied for IT mishaps worth considering

08/04/2015

Glimpses of taxation amendments in budget 2015
Read More:http://goo.gl/nGghJ9

Regarding income of all kinds of assessees liable to pay income tax for the assessment year 2015-2016, the rates of income tax have been stated in Part 1 of the First Schedule to the new budget.

06/04/2015

Reopening cannot be allowed on the ground of inadvertent mistake
Read More:http://goo.gl/B57ofG

It has been held recently by the Bombay High Court in the case of Commissioner of Income Tax -11 vs. M/s. Jet Speed Audio Pvt. Ltd. that reopening cannot be allowed on the ground of inadvertent mistake or oversight on behalf of the Assessing officer.

03/04/2015

No concealment penalty can be levied on the basis of disallowance of claim for expenditure
Read More: http://goo.gl/Exqhbs

The Apex Court in the case of CIT v. Reliance Petro products Pvt. Ltd., 322 ITR 158, reiterated that disallowance of claim for expenditure does not amount to furnishing incorrect particulars of income as such, no concealment penalty can be levied based on that.