SIMPLE TAX INDIA

Criteria for selection of cases under scrutiny F.Y. 2011-12

noreply@blogger.com (Rajan Gupta) — Tue, 28 Feb 2012 15:27:00 +0000

Criteria for selection of cases under scrutiny is as under For Financial Year 2011-12 Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore. Cases where there was addition of Rs.10 Lacs or more in earlier assessment year and question of law or fact is confirmed in appeal or pending before appellate authority. Cases in which addition of Rs.10 Crore or more was...

AUDIT 44AB BUSINESS PROFESSION MEANING

noreply@blogger.com (Rajan Gupta) — Tue, 28 Feb 2012 14:34:00 +0000

Section 44AB defines separate Limit for Business(60lakh) and Profession(15Lakhs) ,so it is essential to understand what is business and what is profession . Few point to resolve this issue has been given here under for your ready reference. `Profession' and `business' explained The term "business" is defined in section 2(13) of the Act, as under :-"Business" includes any trade,...

No Deemed Let Out House Under Direct Tax Code

noreply@blogger.com (Rajan Gupta) — Tue, 28 Feb 2012 01:58:00 +0000

It is proposed that the Direct Taxes Code, 2010 (‘DTC') will be introduced from April 1, 2012. It is an attempt to simplify the overall tax structure and lay-out of the tax provisions in a manner that these are better understood by the common tax payer. In this context, significant changes have been proposed in respect of taxability of house property income, which are worth noting. LET-OUT...

AUDIT 44AB TURNOVER SALES GROSS RECEIPT MEANING

noreply@blogger.com (Rajan Gupta) — Mon, 27 Feb 2012 18:13:00 +0000

Sales, turnover, gross receipts It will be noted that the provision relating to tax audit applies to every person carrying on business, if his total sales, turnover or gross receipts in business exceed Rs.60 lakhs and to a person carrying on a profession, if his gross receipts from profession exceed Rs.15 lakhs in any previous year. However, the term "sales", "turnover" or...

Paid holiday on election day even you are not posted in constituency

noreply@blogger.com (Rajan Gupta) — Mon, 27 Feb 2012 17:49:00 +0000

The Election Commission of India, vide its letter no. 78/2011/EPS, dated 10thJanuary, 2012, had issued instructions to the Chief Secretaries of the States of Goa, Manipur, Punjab, Uttar Pradesh and Uttarakhand and the Secretary to Government of India, Ministry of Personnel, Public Grievances & Pensions, Department of Personnel & Training, inviting their attention to the provisions of...

FORM 16 FORM 16A 12BA EXCEL PDF DUE DATES 2011

noreply@blogger.com (Rajan Gupta) — Sun, 26 Feb 2012 08:58:00 +0000

(A) Tax Deduction Certificate For Salaried Employees(form 16) In respect of Tax deducted at source in Financial year 2011-12 ,every employer must issue a certificate of deduction of tax at source to every employee from whom tax has been deducted.(section 203). Form No 16(in pdf):To All employee from whom tax has been deducted in Fy 2011-12 No Form 16 required if NIL tax deducted :The...

COST INFLATION INDEX 2011-12 FINANCIAL YEAR 1981-2012

noreply@blogger.com (Rajan Gupta) — Sun, 26 Feb 2012 08:43:00 +0000

Cost Inflation Index for Financial year 2011-12 has been notified by CBDT vide his circular 35/2011 dated 23.06.2010. This New index figure is to be used to calculate Long term capital gain on the sale of capital assets during Financial Year 2011-12.Further Cost inflation index from 1981-2012 in sheet shown below ,which can also be downloaded in pdf format from the link given in the sheet.Cost...

ALLOWANCES INCLUDED/ EXCLUDED FOR ESI CONTRIBUTION

noreply@blogger.com (Rajan Gupta) — Sat, 25 Feb 2012 03:43:00 +0000

There are always some doubts that whether a particular allowance/emolument is to be included for calculating the ESI contribution by the employer.So we have summerised a list of major allowance/ wages /break up which is to be excluded/included while calculating the ESI contribution . WASHING ALLOWANCE: It is a sum paid to defray special expenses entailed by the nature of...

WHAT INTERNET BANKING ALLOWS YOU TO DO

noreply@blogger.com (Rajan Gupta) — Sat, 25 Feb 2012 01:58:00 +0000

It's more than just money transfer.Here goes. See Net banking allows you to see a summary and status of all your accounts with the bank, including savings, deposits and credit card accounts. You also get to see monthly statements and past transactions. Request: When you activate your net banking facility, you pretty much o away with the need to visit a bank branch or an ATM, to request...

MERGE LEDGER DELETE LEDGER TALLY 7.2 TALLY 9 TALLY 9 (3 BETA)

noreply@blogger.com (Rajan Gupta) — Thu, 23 Feb 2012 16:40:00 +0000

Merge Two account ledger in tally Features of the Utility:Allows you to merge vouchers of two Ledgers. Here's an illustration of a situation wherein this feature can be useful. Mr X had been posting his routine expenses into various ledgers a/c as show below:- a) Newspaper Expenses b) Tea Expenses c) Office Expenses. However, when his Chartered Accountant saw the entries in...

Wrong accounting Code for payment of Service Tax clarification- Regarding.

noreply@blogger.com (Rajan Gupta) — Thu, 23 Feb 2012 16:38:00 +0000

Many readers has asked us what to do when service tax has been deposited in wrong accounting head .We have sent then CBEC circular 58/2003 which clearly mentioned that service tax is not required to be deposited again in such case.Only request to concerned officer for correction. Relevant circular is reproduced hereunder for your refrence. Subject:- Using a wrong accounting Code for payment...

SBI lending rate for perk valuation ,Gold Silver rates for capital gain

noreply@blogger.com (Rajan Gupta) — Thu, 23 Feb 2012 16:36:00 +0000

IT: Gold and Silver rates as on April 1, 2011 (Mumbai) : Standard Gold Rs. 20,775; Pure Gold Rs. 20,875; Silver Spot Rs. 56,900 : (Indian Express April 1, 2011) IT : SBI LENDING RATES(for valuation of loan from employer at concessional rate in income tax act. SBI lending rates are as follows— As on April1, 2005for theassessmentyear 2006-07 As on April1, 2006† forthe...

LEVY OF SERVICE TAX ON TOLL FEE: CLARIFICATION

noreply@blogger.com (Rajan Gupta) — Thu, 23 Feb 2012 16:08:00 +0000

CIRCULAR NO. 152/3/2012-ST, DATED 22-2-2012 A representation has been received by the Board, seeking clarification regarding leviability of service tax on toll fee (hereinafter referred as 'toll') paid by users, for using the roads. The representation has been examined. 2. Service tax is not leviable on toll paid by the users of roads, including those roads constructed by a Special Purpose...

INTEREST ON PRE CONSTRUCTION -HOUSE LOAN-INCOME TAX

noreply@blogger.com (Rajan Gupta) — Wed, 22 Feb 2012 16:53:00 +0000

read basics of House Loan Interest & deduction under Section 24(b) Money may be borrowed prior to the acquisition or construction of the property. In such a case, interest paid/ payable before the final completion of construction or acquisition of the property will be aggregated and allowed for five successive financial years starting with the year in which the...

HOUSE PROPERTY INCOME AT A GLANCE INCOME TAX ACT

noreply@blogger.com (Rajan Gupta) — Wed, 22 Feb 2012 16:52:00 +0000

Today ,I have written series of Blog posts about the "Income From House property".This will be helpful for many salaried Employee and many doubts and queries will be cleared about House Property Income.The all related Post I have given here below For your ready reference.The Journey is not complete ,remaining issue I will settle in my coming posts. Interest On house Loan and Income...

INCOME TAX RETURN EXEMPTION UP TO 5 LAKH FOR SALARIED EMPLOYEES

noreply@blogger.com (Rajan Gupta) — Wed, 22 Feb 2012 16:32:00 +0000

CBDT has issued a notification 9/2012 by which Income tax return for salaried class persons has been exempted if total income is less than 5,00,000 ,subject to some conditions .The conditions and wording of the notification is identical with last year notification and same is the timing late,so that no body can avail this exemption in correct sense. As per new notification Income...

INTEREST ON HOUSE LOAN- INCOME TAX ACT

noreply@blogger.com (Rajan Gupta) — Wed, 22 Feb 2012 02:24:00 +0000

Interest on borrowed capital is allowable as deduction on accrual basis (even if account books are kept on cash basis) if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property. Compare Home Loan Rates ,Apply online The following aspects concerning claim for deduction of interest are to be kept in view: The interest is...

Low-cover policies should be eligible for tax deductions: IRDA

noreply@blogger.com (Rajan Gupta) — Tue, 21 Feb 2012 18:21:00 +0000

Insurance sector regulator Insurance Regulatory and Development Authority (IRDA) has written to the government to make changes in the provisions of Direct Taxes Code (DTC) to allow insurance policies, which offer low insurance cover, eligible for tax deductions. One of the key insurance related provisions of the DTC is that a policy will not be eligible for tax deduction if it offers a life...

HOW TO CREATE FACE BOOK USERNAME OF YOUR CHOICE

noreply@blogger.com (Rajan Gupta) — Tue, 21 Feb 2012 17:37:00 +0000

I've found it's almost impossible to find clear information on how to create/change/update an existing Facebook Profile or Page URL into a "pretty" URL. Suppose your name is kshitij and your face book url is http://www.facebook.com/profile.php?id=100000947922903 and you want to change it as http://www.facebook.com/kshitij then go through video given below and take...

KNOW YOUR EPF ESTABLISHMENT CODE

noreply@blogger.com (Rajan Gupta) — Mon, 20 Feb 2012 13:23:00 +0000

To check EPF balance code of employer/ code of establishment is required . Most of the employees does not have the same or not have noted down the same .So while checking epf balance online they have problems .But EPF establishment code can be check easily. Just enter the pin code of your area you will get list of all establishment of your area , or alternatively you can enter Pin code...

RECYCLE BIN FOR TALLY 7.2 -TALLY 9- TALLY ERP 9

noreply@blogger.com (Rajan Gupta) — Mon, 20 Feb 2012 12:26:00 +0000

Computer do The work very fast but create bug/error very fast too.Some time we want to create a shortcut for a file and clicks "delete button'but that Bill Gates ,there is recycle bin in windows, from where we can easily restore file deleted by accident. The same Thing can now be done in Tally also ,Yes you an retrieve your voucher deleted by accident any time...

I-T EXEMPTION LIMIT SHOULD HIKED TO RS 5 LAKH

noreply@blogger.com (Rajan Gupta) — Mon, 20 Feb 2012 12:13:00 +0000

Ahead of the Budget, some members of a Parliamentary panel scrutinising the Direct Taxes Code (DTC) Bill today pressed for raising the income-tax exemption limit to Rs 5 lakh per annum. The Standing Committee on Finance, which met under the chairmanship of senior BJP leader Mr Yashwant Sinha, has decided to finalise its report by March 2, enabling Parliament to consider the ambitious reforms in...

TAX BENEFIT ON HRA AND HOME LOAN -AVAILABLE OR NOT?

noreply@blogger.com (Rajan Gupta) — Sun, 19 Feb 2012 13:42:00 +0000

HRA – allowance is one of the components of salary package, which is normally offered to employees by their employers to meet the higher cost of renting a home. Tax exemption under Income Tax Act for HRA is allowed to salaried persons who are occupying a rented accommodation. It is being regulated by 2A of Income Tax Rules, 1962 and Section 10(13A) of the Income Tax Act, 1961. Accordingly, least...

5 things you ought to know about HRA

noreply@blogger.com (Rajan Gupta) — Sun, 19 Feb 2012 13:40:00 +0000

The seasonal mad frenzy surfaces from time to time. Most often towards the end of every financial year or in the beginning of the year, when we think of tax planning, certain doubts and queries about the various tax components play havoc on our minds. To put some of those queries to rest, here, we take up for discussion the tax exemption you can claim from your house rent allowance, which is part...

TAX REBATE ON 3-YR BANK FDS LIKELY

noreply@blogger.com (Rajan Gupta) — Fri, 17 Feb 2012 15:27:00 +0000

Following concerted pressure from banks, the finance ministry has agreed to consider a proposal to reduce the lock-in period for bank deposit eligible for tax rebate to three years from five years, even though it goes against the spirit of the Direct Tax Code. If this proposal finds it way into next months budget, it will make bank fixed deposits, which currently fetch an annual return more than...