Daily Archives: May 2, 2016

Form 12BB : Tax Saving Proof required from Employee in New Format

By | May 2, 2016

New Form 12BB for Tax Saving Proof required from Employee Presently, employees who wanted to claim tax deductions are required to file self-declarations of tax savings/deductions to employer along with the evidences of such tax savings for every financial year. Employer was liable to deduct tax at sources on the estimated income of employees after considering such… Read More »

EPF withdrawal allowed in 6 cases

By | May 2, 2016

Restriction on EPF withdrawal As per extant rules governing the withdrawal of Employer’s contribution from the Employees Provident Fund Scheme, a member can withdraw both the employer’s share of contribution and his own share under the following circumstances: – (i) On retirement from service after attaining the age of 55 years. (ii) On retirement on… Read More »

Unnat Bharat Abhiyan

By | May 2, 2016

Unnat Bharat Abhiyan The Ministry of Human Resource Development (MHRD) has launched Unnat Bharat Abhiyan (UBA) on 11th November, 2014 to enable higher educational institutions to work with the people of rural India in identifying development challenges and evolving appropriate solutions for accelerating sustainable growth. The Ministry of HRD has advised all the higher educational… Read More »

Aadhaar card download online

By | May 2, 2016

Aadhaar card download     “Anyone who has misplaced his/her Aadhaar or is yet to receive Aadhaar card through post, can easily download an Aadhaar after providing certain details online. In case, a person does not remember the details, the Aadhaar can be downloaded and printed from the nearest authorized Aadhaar Kendra for a nominal… Read More »

Loan waived by Bank is Taxable

By | May 2, 2016

Issue: Whether the principal amount waived by the bank under the one time settlement is a taxable receipt covered within the definition of the term ‘income’ and taxable under Section 28(iv) of the Income Tax Act, 1961? Held_Yes Brief Facts: The assessee filed the Return of Income for the Assessment Year 2006-07 declaring the loss… Read More »

Form 27C Download

By | May 2, 2016

Form 27C [See rule 37C] Declaration under sub‐section (1A) of section 206C of the Income‐tax Act, 1961 to be made by a buyer for obtaining goods without collection of tax Click for Form 27C Download   Note for Form 27C The declaration should be furnished in duplicate.

TDS Statement Upload Online -Procedure on incometaxIndiaefiling.gov.in

By | May 2, 2016

TDS Statement Upload Following is the TDS Statement Upload procedure www.incometaxindiaefiling.gov.in The facility to upload online quarterly TDS/TCS statements in the E-Filling portal shall be available with effect from 1st May 2016. Pre-Requisites for Uploading TDS Statement  To upload TDS, user should hold valid TAN and should be registered in e-Filing.  Statement should be… Read More »

Service Tax Registration not required for availment of CENVAT : High Court

By | May 2, 2016

Service Tax Registration required for availment of CENVAT ? Issue : Whether, the provisions contained in Rule 3 and 4 of the Service Tax Rules 1994 are mandatory or procedural in nature and the service provider can avail the benefit of availment of cenvat credit and refund of unutilized cenvat credit without registration?” Held Insofar… Read More »