Changes in New ITR Forms For AY 2015-16

CBDT has notified ITR 1, ITR 2 & ITR 4S for the AY 2015-16 and amended rule 12 which is related to condition of Filling of Income Tax Return. Changes notified are as follows: E-filing of ITR Mandatory for individuals & HUFs claiming Income Tax Refund : For AY 2015-16 i.e FY 2014-15 ITR 1,…

Recent Updates In Direct & Indirect Taxes

Recent updates in Direct & Indirect taxes and in other areas of professional interest shared by CA Aman Yadav Notice issued in the name of amalgamated company is void. [Images Credit and Portfolio (P) Ltd. (amalgamated with Sainath Associates Pvt. Ltd.) vs. ACIT (ITAT Delhi)]. Authentication of invoice/ARE 3 by Central Excise authorities for claiming deemed…

Reliance Retirement Fund is eligible fund for purpose of Sec. 80C Deduction

                                                  [To be published in the Gazette of India, Extraordinary,                                                          Part-II, Section 3, Sub-section (ii)]                                                                   Government of India                                                                    Ministry of Finance                                                                Department of Revenue                                                             Central Board of Direct Taxes                                                                 Notification No. 90/2014                                                                                                                       New Delhi, the 23 December, 2014 S.O. 3261(E) – In exercise of the powers conferred by clause…

FAQs on Tax Deducted at Source (TDS)

What is tax deducted at source? ​​For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as Tax Deducted at Source, commonly known as TDS. Under this system tax is deducted at the origin of the…