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Monthly Archives: July 2015

Points to be in mind while Filing Income Tax Return

1. Due date of Filing of Income Tax Return has been extended till 31 August 2015 for the Assessment Year 2015-2016.
2. Maximum amount of deduction available under Chapter VI A has been extended from Rs.1,00,000 to Rs.1,50,000 includes payment for LIP,PF, PPF, NSC,New Pension Scheme etc.)
3. If filing Income Tax Return manually and Total income (Gross Total Income (less) Deduction does not exceed Rs.5, 00,000 then don’t forget to claim relief under section 87A).
4. Deduction available u/s 24 in respect of Interest paid on Self Occupied house Property has been extended from Rs.1,50,000 to Rs.2, 00,000.

e-Verification of Income Tax Returns

CBDT vide Notification No. 2/2015 prescribes Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification. EVC would verify the identity of the person furnishing the return of income.The Manual Covers e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances.

Best  Judgment Assessment In Service Tax

The provisions of best judgment assessment was omitted w.e.f. 10th September 2004 by the Finance Act, 2004 and again reinserted w.e.f. 10.5.2008 by the Finance Act, 2008 vide Section 72.

Section 72 provides for best judgment assessment as follows –

If any person, liable to pay service tax –

(a) fails to furnish the return under section 70;

(b) having made a return, fails to assess the tax in accordance with the provisions of this Chapter or rules made thereunder;

New Reverse Charge Mechanism (w.e.f. 1.7.2012)

The service receiver is liable to pay tax, without any benefit of threshold exemption alongwith service provider also liable for certain percentage on case to case basis (w.e.f. 1.7.2012 as per Notification No. 30/2012-ST dated 20.6.2012 as amended by Notifications No. 45/2012-ST dated 7.8.2012 and 10/2014-ST dated 11.7.2014 and Notification No. 7/2015-ST dated 1.3.2015).

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