by Sailaja | Mar 16, 2015 | Direct Taxes
SECTION 276B/276BB As per the Income Tax Act, the Tax Deducted amount should be paid within the stipulated time to the credit of Central Government. Consequences Prosecution will initiated where the cumulative interest payable u/s 201(1A) for all the years...
by Sailaja | Mar 16, 2015 | Direct Taxes
SECTION 200A: Amendment: The existing provision of Sec.200A does not provide mechanism for determination of late fee under Sec. 234E at the time of processing of TDS statements. It is, therefore, proposed to amend the provisions of Section 200A of the Act so as to...
by Sailaja | Mar 16, 2015 | Direct Taxes
Changes in Income Tax Provisions regarding Unsecured Loans applicable w.e.f 01.04.2015 Amended Provisions of Sec 269SS /269TT: In order to curb generation of black money by way of dealings in cash in immovable property transactions it is proposed to amend...
by Sailaja | Jan 26, 2015 | Direct Taxes
CBDT Circulars and provisions of the Income Tax Act, mandating filing of TDS Statements and Issuance of TDS Certificates downloaded from TRACES. But If you are not required to submit TDS statement for FY 2013-14 and not filed any TDS Statements in FY 2013-14 ,...
by Sailaja | Jan 26, 2015 | Direct Taxes
Vide Finance Act, 2012, section 143(1D) was introduced in income tax act which prohibited processing of income tax returns in case notice u/s 143(2) has been issued (i.e. scrutiny cases). Ambiguity arose as to whether the said sub-section applies to those cases as...
by Sailaja | Jan 26, 2015 | Direct Taxes
House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a...
