After a huge shortfall in tax deducted at source (TDS) collections, CBDT has asked the income tax department (IT) to initiate special measures to achieve the collection target for this financial year. The board asked officials to bolster their efforts and give special emphasis…
Category: Direct Tax
Direct tax receipts grow 12.9% in April-December 2014
The income tax department collected R5.5 lakh crore from corporate, personal and wealth taxes in the April-December period of this fiscal, 12.9% more than what it had collected in the same period a year ago. Due to tax refunds, net…
Delay in Tax Audit/ tax audit not done & Penalties Leviable
Tax audit is made compulsory u/s.44AB of the Income tax Act, 1961 for those a) carrying on business having sales, turnover or gross receipts, as the case may be, exceed or exceeds Rs. 100.00 lacs in the previous year from the…
Online EPF Code Number through OLRE Portal
To apply EPF code no online, check the following OLRE Portal. www.epfindia.com/OLRE_portal.htm Following are the documents and information required to complete the application for Provident Fund coverage : Share on: whatsapp
Frequency Norms of Audit for Service Tax Assessees
Director General of Audit, New Delhi has prepared Service Tax Audit Manual, 2010. As per the guidelines, tax payers whose annual service tax payment (including cash and CENVAT) was Rs.3 crore or more in the preceding financial year may be subjected to mandatory…
Taxpayers can approach Advance ruling on Tax liabilities on deals above Rs 100 cr
The Central Board of Direct Taxes (CBDT) has notified that resident taxpayers who plan transactions valuing Rs 100 crore or above can approach the Authority for Advance Rulings (AAR) for determination of their tax liabilities under such transaction. This step will help reduce litigation on mergers and…
Ethical Hacking-An emerging concept
Ethical Hacking Concept: Ethical hacking is the term used to describe hacking performed by a company or individual to help in identifying potential threats on a computer system or network. An ethical hacker attempts to bypass way past the system security and search…
Concept of Consolidation and re-issuance in the Corporate Bond Mark
Consolidation in Corporate Bond Market The report of High Level Expert Committee on Corporate Bonds and Securitization (Dr. R.H. Patil Committee) had recommended for consolidation of privately placed bonds so as to avoid fragmentation of debt market with multiple issues and…
West Bengal Professional Tax Schedule w.e.f 01/04/2014
Find here the Professional Tax Schedule for West Bengal Ptax-Schedule-New_(w.e.f._1‑4–2014) Share on: whatsapp
List of benefits available to Salaried Persons for A.Y. 2015–2016
List of benefits available to Salaried Persons SL No Section Particulars Benefits A. ALLOWANCES 1 10(13A) House Rent Allowance (Sec. Share on: whatsapp