Monthly Archives: June 2014

Disallowance under section 14A should not exceed tax on Exempt Income – ICAI

ICAI Suggestion on Disallowance of expenditure incurred in relation to income not includible in total income under section 14A of the Act: As per the existing provisions of section 14A of the Act, no deduction shall be allowed in respect of expenditure incurred by a taxpayer in relation to income which does not form part […]

Contact Details must be updated by assessee in Income Tax E-Filing Portal

Important announcement regarding updation of contact details in e-Filing Portal must be updated by an assessee – PINs Validation extended up to 24 hours – (Updated on 27.06.2014) Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have […]

How to fight with problem of restricted use of email ID on IT E-filing Website

Assessee is compulsorily required to get its email ID and password registered at Further, maximum permissible usage of each of them is 4 times only. We know that most of the assessees in India do not have email ID. So, nowadays consultants have started to create additional email IDs. This takes substantial time and […]

Save taxes while applying for an education loan

The admission fee for higher studies is usually not a small amount and many parents and students find it difficult to arrange for it. Thankfully education loans are available in such situations that enable students to pursue their higher studies smoothly. Additionally, one can also save on taxes while incurring this expense. Before we move […]

Who are required to file & mode of filing of ITR-5 for AY 2014-15

1. Who can use this Return Form? This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall […]

Implement Passbook scheme for TDS, Timley Income Tax Refund

The insistence on manual filing of TDS certificates before AO for verification of refunds claim should be done away with. The tax deductor’s duties and obligations in terms of making information compliance and also depositing the deducted amount is onerous and they are not compensated for that. Therefore, some compensation for them should be considered. […]

I-T returns should also include wealth tax returns

I-T returns should also include wealth tax return so that the taxpayer need not separately file wealth tax returns. These returns should also be processed together in the CPC at Bengaluru. The disclosures in the return should include a brief mention of the issues on which there has been an on-going litigation between the tax […]

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