: For Finance Professionals & Students

Monthly Archives: January 2014

Your attention is hereby drawn towards the provisions of section 234E of the Act, which reads as follows:
Levy for Late filing of TDS Statement (Section 234E of Income Tax Act)
1) Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.

New ITR utilities has been developed by income tax department by using the latest JAVA technology and effort has been made to make it user friendly, simpler and faster preparation/submission of tax returns. It is recommended to stay connected to internet to experience the refreshinglynew utility. Please check for new updates before starting to enter the data. This utility can run on operating system like Windows 7.0 and above and latest Linux, where Java Runtime Environment Version 7 Update 6 (jre 1.7 is also known as jre version 7) or above is installed

 Now, the applicant will have to visit PAN Processing Center with application, self attested copies of proof of identity, proof of address and proof of DOB and will also need to produce original documents for verification which would be verified instantly and returned back. We have already been experiencing similar process once in “Aadhar

Fiscal deficit means the government’s total expenditure (excluding the money it’s borrowed) exceeds its revenue. Expenditure on money’s borrowed by government does not considered in fiscal deficit rather it forms part of budget deficit. Budget deficit is normally known as national debt. A country’s fiscal deficit is usually calculated as a percentage of its gross domestic product. Gross domestic product (GDP) means the market value of all the finished goods produced or services rendered within the domestic boundary of the country excluding imports occur within a defined territory.

Constitution and Taxation of India

By replacing the Government of India Act (1935) The Constitution of India came into force on 26 January 1950. Constitution is the soul of every country. Indian Constitution is the Constitution of the people, by the people, for the people and hence every Indian feels proud to follow it and celebrate Republic Day. Parliament as well as State Legislatures gets the power to legislate various laws from the Constitution only and therefore every law has to be within the vires of the Constitution. Otherwise citizens may make appeal in the court against unconstitutional laws and provisions. Further Honorable Supreme Court and other courts of India take The Constitution of India as the base for giving decisions and thereby law and order prevails in the country.Keshav Nanda Bharti Case is one of the remarkable case of Honurable Supreme Court on this issue.

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