Income Tax Articles

Annual return on FLA

Posted by CA Vivek chaudhary 11 August 2015 52606 Views

Annual Return on FLA Introduction:FLA stands for foreign liabilities and assets. The filing of annual return on foreign liabilities and assets has been notified under Foreign Exchange and Management Act, 1999. It is mandatory for all Indian resident

Leave travel concession / assistance - Taxation issues

Posted by ESHA AGRAWAL 10 August 2015 16747 Views

We go on travel with our families ,if we can get tax benefits, why waste it. Hence the article on Leave Travel allowance or LTA. Have you claimed LTA? Leave Travel Allowance (LTA) is basically defined as the cost of travel granted to e

Gifts received not to be indicated in ITR

Posted by Pulkit Agrawal 08 August 2015 15812 Views

Introduction :-As per Section 56 of Income Tax Act 1961, Gift exceeding Rs. 50,000/- is taxable in the hands of Donee and is to be indicated under the head Income from Other Sources in ITRs. But if gifts recei

Filing of Income Tax Return for AY 2015-16 - New Initiatives

Posted by Rajesh Kumar Gupta 06 August 2015 24972 Views

After the financial year is over as on 31st march, the next job is to obtain Form 16 or so from Employer(s) and others and file Income Tax Return on or before due date i.e. 31.08

Wait for new income tax returns is over

Posted by CA Umesh Sharma 03 August 2015 7899 Views

Karneeti Part 109 ?Tanu weds Manu? returned, ?Bhaubali? returns is awaited, but the wait for New Income Tax ?Returns? is over. Arjuna (Fictional Character): Krishna, Income Tax department has notified all remaining ITR?s for FY 2014-15. As audience w

Interest income on tax refunds

Posted by CA SONIYA AGARWAL 03 August 2015 7239 Views

An Assessee is eligible to claim refund of the excess tax paid by him. Tax could be paid in the form of advance tax or tax deducted/collected at source or self - assessment tax or payment of tax on regular assessment. To claim refund, an assessee nee

Co-operative societies and TDS on interest

Posted by sivadas chettoor 01 August 2015 85618 Views

INTRODUCTION: This brief article seeks to discuss about the liability of cooperative societies to deduct income tax (Tax Deduction at Source or TDS) at the time

Bajrangi and Bahubali, etc. like now Income Tax Department have target of Crores

Posted by CA Umesh Sharma 28 July 2015 17894 Views

Karneeti Part 108Bajrangi and Bahubali, etc. like now Income Tax Department have target of Crores Arjuna(Fictional Character): Krishna, Income tax department on 17th July 2015 has given target to find �New Taxpayers� to the Chief Commiss

Basic components of salary and its taxation

Posted by CA SONIYA AGARWAL 27 July 2015 21432 Views

CTC is cost to company and the components areBasic+HRA+CONVEYANCE+MOBILE REIMBURSHMENT+MEDICAL reimbursement+All allowances+LTA+employer contribution of PF+Employer Contribution towards ESI+Total variable incentives+Perks & benefits+ Insurance Pr

All about IT Form 16 for salaried employee

Posted by CA SONIYA AGARWAL 24 July 2015 18475 Views

What is Form 16:- If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. Therefore Form 16 is a certificate issued to you by your employer stating the Personal details of the Employee includ