Tax India

New PAN Application Form – Form 49A & Form 49AA

Saroj Singla — Sat, 14 Apr 2012 04:46:04 +0000

Form No. 49A – Application for Allotment of Permanent Account Number [In the case of Indian Citizens/Indian Companies/Entities incorporated in India/ Unincorporated entities formed in India] Under section 139A of the Income Tax act. GENERAL INFORMATION FOR PAN APPLICANTS (a) Applicants may obtain the application form for PAN (Form 49A) from any IT PAN Service Centres(managed by UTIITSL) or TIN-Facilitation Centres(TIN-FCs)/PAN Centres (managed by NSDL), or any other stationery vendor providing such forms or download [...]

New Online Procedure to Apply PAN, Reprint of PAN, Changes in PAN

Saroj Singla — Sat, 14 Apr 2012 04:39:10 +0000

With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their ‘Application for allotment of new PAN’ in revised Form 49A only. Foreign citizens will have to submit their ‘Application for allotment of new PAN’ in newly notified Form 49AA only. With effect from April 1, 2012, fees for PAN application has changed to Rs. 96. (For dispatch outside [...]

Agricultural Income – Exemption and Calculation

Saroj Singla — Mon, 09 Apr 2012 05:44:49 +0000

Meaning of agricultural income: According to section 2 (1A), “agricultural income” means – (a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes; (b) any income derived from such land by agricultural operations including processing of the agricultural produce raised or received as rent in kind so as to render if fit for the market, or sale of such produce; (c) Income attributable to a farm [...]

Incomes Exempt From Income Tax (Sec.10)

Saroj Singla — Sun, 08 Apr 2012 05:43:29 +0000

The following incomes are exempt from tax: Section 1. Agricultural income 10(1) 2. payments received from family income by a member of a HUF 10(2) 3. Share of profit from a firm 10(2A) 4. Interest received by a non-resident from prescribed securities 10(4) 5. Interest received by a person who is resident outside India on amounts credited in the “Non-resident (External) Account” 10(4) 6. In the case of an Indian citizen or a [...]

Income Tax Calculator for A.Y. 2013-14 F.Y. 2012-13

Saroj Singla — Sun, 01 Apr 2012 16:40:24 +0000

Income Tax Calculator for A.Y. 2013-14 F.Y. 2012-13 “This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government. The author is not responsible for any inaccuracies in the tax computed by this calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest. E-mail-bennythadathil@gmail.com” P [...]

Highlights of Union Budget 2012-13

Saroj Singla — Mon, 19 Mar 2012 04:36:27 +0000

There are many high points of budget which has been proposed for the year 2012-2013. All the points of the Union Budget made for upcoming accounting year has been presented by Finance Minister of India, Pranav Mukherjee, on 16th March 2012. Highlights of the proposed budget have been mentioned here. Now more people will be relieved from the burden of paying tax on their income. This is because limit of tax exemption has been increased [...]

Trivedi to hold his seat till Weekend – Railway Budget 2012

Saroj Singla — Sun, 18 Mar 2012 15:00:07 +0000

Although Mamta Banerjee and her party, Trinamool, is willing to replace present Railway Minister Dinesh Trivedi by any other member of Trinamool yet Government has made it quite clear that he will hold his chair at least till the date when union budget will be presented and passed. Government is not showing any interest to get involved in the resignation of Dinesh Trivedi. A senior official of government told media that it is the internal [...]

Highlights of Indirect Taxes in Budget 2012-13

Saroj Singla — Sun, 18 Mar 2012 04:07:05 +0000

Union budget 2012-13 has been presented on 16th March by Finance Minister of India, Pranab Mukherjee. As usual, it has lots and lots of changes in almost all matters that are to be included in the budget. Indirect tax is one of the most important topics of union budget and it also contains some changes and some modifications or replacements. First we have listed direct tax highlights of Union budget 2012-13. Now here we’ll discuss [...]

Direct Tax Highlights of Budget 2012-13

Saroj Singla — Sun, 18 Mar 2012 03:56:59 +0000

As union budget of upcoming year i.e. 2012-2013 has been announced and direct tax is one of the matters which gather major attention of experts as well as general public. Highlights of direct tax of budget 2012-2013 are discussed here. This year a new tax will be implemented i.e. Goods and Service Tax (GST) which will replace all indirect taxes which is being levied by the Government of India presently. Good and Service Tax (GST) [...]

Dinesh Trivedi Speaks on Reconstructing Railway System – Railway Budget 2012

Saroj Singla — Sat, 17 Mar 2012 14:59:09 +0000

According to Dinesh Trivedi, Railway Minister of India, Railway Board has been suffering huge loss from some years due to which it is becoming very tough for the board to manage the smooth run of railways. He stated some measures which will, according to him, will provide more professional outlook to the Railway Board. Dinesh Trivedi said that Railway Board needs to adopt some measures which can bring some betterment in Railway system. He said [...]