IT department will bring digital signature to common taxpayer

In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides. The Central Board of Direct Taxes (CBDT), the apex office to formulate policies for the Income Tax department, has decided to...

IT department can ask details even after clearing the assessment

Filing your taxation assessments is only one perhaps the Income Tax legislation. It is equally important to have your assessment completed in the returns filed. After filing I- T returns  , most tax payers don’t bother over it unless they have filed to get a tax refund. Beneath tax laws, most returns are usually summarily assessed underneath section...

Interest rates for PPF and SCSS scheme wef 1 April 2014 notified

Reserve bank of India notified interest rates on PPF scheme as well as Senior citizen saving scheme 2004(SCSS). RBI issued a note dated 21 March 2014 regarding notified of interest rates for PPF and SCSS scheme. Full note is as under. Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it...

ITR V due date for ay 2012-13 and 2013-14 has been extended

There are many taxpayers who have uploaded their Income Tax Returns (without digital signature Certificate) for A.Y. 2OI,z-Lg [filed between 1.4.2012 to 31.10.2013 and for A.Y. 2013-14 [filed between 01.4.2013 to 31.10.2013, but have either not filed the corresponding ITR-V or have filed it with the local Income-Tax Office. ITR-V is accepted only at CPC, Bengaluru by ordinary...

New rules of wealth tax for benefiting landonwers

Most people believe paying income tax on income and filing an IT return by the due date signifies 100% compliance with the laws. However, some taxpayers have no idea of another form regarding direct tax, and that is charged on their particular wealth. Wealth tax is usually a direct tax levied on individuals, Hindu Undivided Family (HUFs) and...

Deductor has the right on interest on excess TDS deposited and refunded by govt.

The object behind insertion of section 244A is that an assessee is entitled to payment of interest for money remaining with the Government which would be refunded. There is no reason to restrict the same to an assessee only without extending the similar benefit to a resident/ deductor who has erroneously deducted tax at source /deducted excess TDS...

Advance tax calculator for financial year 2013-14 and 2014-15

Advance tax is the tax what we need to pay in advance. The second installment liability of advance tax is coming on 15 December. So it is high time for calculating the advance tax liability and pay. You need to pay advance tax only if the taxable amount is more than Rs. 10000 in the financial year. Advance...