Na Mo / Jaitley 2014 Budget
BL
Buying more than one home? Fork out capital gains tax
TG
Union Budget 2014-2015, Indian Budget
BS
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax....
With the same zeal and exemplary alacrity,, but with a different stroke, can the FM/ his coterie be expected to care and mindfully look at the off side of the hedge, to the end of putting the lid off the seemingly confused reasoning / rationale behind THIS:
TOI
Sec 54F
TG (new)
Cost Inflation Index – Meaning and Index from 1981-82
‘Aggregated TDS Compliance’ at PAN level for all TANs associated with referenced PAN
Form 26AS with respect to Tax Deducted at Source (TDS): Knowhow
I can help you with getting your refund order processed. Please contact me at ca.malkeetpadam@gmail.com
CA Malkeet Singh
9915933593
- See more at: http://taxguru.in/income-tax/aggregated-tds-compliance-pan-level-tans-referenced-pan.html#sthash.yADvwoLd.dpuf
BL
Buying more than one home? Fork out capital gains tax
Looking
to sell your ramshackle ancestral home to buy a couple of apartments?
Be prepared to shell out a hefty sum in capital gains tax, as the Budget
has capped tax breaks available to such property buyers.
This has been done through a seemingly innocuous tweak in the language of Sections 54 and 54F of the Income-Tax Act.
Until this Budget, anyone selling buildings, land or other long-term assets and using the money to purchase a residential house within three years of the sale was not required to pay capital gains tax (20 per cent) on the sale proceeds.
But the Finance Minister has now tweaked this section to specify that only “one residential house in India” would be eligible for the tax break, instead of “a residential house”.
This has been done through a seemingly innocuous tweak in the language of Sections 54 and 54F of the Income-Tax Act.
Until this Budget, anyone selling buildings, land or other long-term assets and using the money to purchase a residential house within three years of the sale was not required to pay capital gains tax (20 per cent) on the sale proceeds.
But the Finance Minister has now tweaked this section to specify that only “one residential house in India” would be eligible for the tax break, instead of “a residential house”.
TG
- Download Income Tax Calculator FY 2014-15 / AY 2015-16
- Income Tax Calculator For FY 2014-15 and Effect of Tax Proposals on Individuals
Union Budget 2014-2015, Indian Budget
- timesofindia.indiatimes.com/
budgetspecial.cms
Budget 2014. In depth coverage of Union Budget 2014 from basics to business. Latest Budget 2014 News and Headlines on Railway and Union Budget 2014-2015 at Times of ...
BS
Govt clears confusion on date of debt MF tax hike
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax....
With the same zeal and exemplary alacrity,, but with a different stroke, can the FM/ his coterie be expected to care and mindfully look at the off side of the hedge, to the end of putting the lid off the seemingly confused reasoning / rationale behind THIS:
<> The
publicity in the media , and varied comments, on the current Budget
proposals, may have left anyone with a nagging and mind teasing doubt:-
Why the largely welcomed Janata-friendly changes, e.g. in Sec. 24 and
Sec. 80C could not, rather ought not, to have been made effective from
April 1 2014, instead of 2015. Would not that have been the case , had
the annual fiscal Budget, as is the normal practice, been presented
before that date, which had to be deferred for known extraordinary
reasons. Going by the larger wishful thinking, perhaps, even now it is
not late for the FM to reapply his mind, to a rightful Janata-friendly
outcome, to be fittingly called a reform, radical one at that. For,
after all, the rationale behind (being the run-away, uncontrolled
'INFLATION') very much obtained for long even earlier; not to be
prudently pinned down to a prospective date (such as, April 1 2015).
TOI
http://timesofindia.indiatimes.com/budget-2014/union-budget-2014/Union-Budget-Long-on-words...
18 hours ago ... Finance minister Arun Jaitley started his maiden Budget speech noting that the "
people of India have decisively voted for a change" and that the ...
The publicity in the media , and varied comments, on the current Budget proposals, may have left anyone with a nagging and mind teasing doubt:- Why the largely welcomed Janata-friendly changes, e.g. in Sec. 24 and Sec. 80C could not, rather ought not, to have been made effective from April 1 2014, instead of 2015. Would not that have been the case , had the annual fiscal Budget, as is the normal practice, been presented before that date, which had to be deferred for known extraordinary reasons. Going by the larger wishful thinking, perhaps, even now it is not late for the FM to reapply his mind, to a rightful Janata-friendly outcome, to be fittingly called a reform, radical one at that. For, after all, the rationale behind (being the run-away, uncontrolled 'INFLATION') very much obtained for long even earlier; not to be prudently pinned down to a prospective date (such as, April 1 2015).
Itatonline
- Download Report of Standing Committee on Direct Tax Code Bill 2010
- Speech of the Finance Minister whilst moving the amendments to the Finance Bill 2012
- Assessment of banks – Checklist for Deductions – regarding
- Section 80-IB(10) deduction on percentage completion method
- Frequently Asked Tax Questions by Qualified Foreign Investors (QFIs)
Sec 54F
TG (new)
Section
54F – Allotment date not relevant if Assessee made substantial payment
for acquisition of new Flat - See more at:
http://taxguru.in/income-tax/issue-pan-free-fix-time-limit-issue-give-reason-rejection-icai.html#sthash.s0vO1Kqg.dpuf
Section
54F – Allotment date not relevant if Assessee made substantial payment
for acquisition of new Flat - See more at:
http://taxguru.in/income-tax/issue-pan-free-fix-time-limit-issue-give-reason-rejection-icai.html#sthash.s0vO1Kqg.dpuf
Cost Inflation Index – Meaning and Index from 1981-82
‘Aggregated TDS Compliance’ at PAN level for all TANs associated with referenced PAN
Form 26AS with respect to Tax Deducted at Source (TDS): Knowhow
Please remember that irrespective of TDS certificates you have, credit
of Tax shall be given on the basis of Form 26AS only. However, these days TDS
certificates are being downloaded from TRACES portal, thus, chances of mismatch
between TDS certfificates and Form 26AS are minimal.
Please take care that you claim TDS credit in your Income Tax Return
after tallying TDS certificates received by you with Form 26AS so that you get
100% benefit of TDS deducted from your income. As, at times, it so happens that
the amount of TDS credit appearing in Form 26AS is more than the amount in TDS
certificates and this happens because one or some of the deductors who have
deducted TDS on your behalf have not issued TDS certificate(s), for the same,
to you.
I can help you with getting your refund order processed. Please contact me at ca.malkeetpadam@gmail.com
CA Malkeet Singh
9915933593
Please remember that irrespective of TDS
certificates you have, credit of Tax shall be given on the basis of
Form 26AS only. However, these days TDS certificates are being
downloaded from TRACES portal, thus, chances of mismatch between TDS
certfificates and Form 26AS are minimal.
Please take care that you claim TDS
credit in your Income Tax Return after tallying TDS certificates
received by you with Form 26AS so that you get 100% benefit of TDS
deducted from your income. As, at times, it so happens that the amount
of TDS credit appearing in Form 26AS is more than the amount in TDS
certificates and this happens because one or some of the deductors who
have deducted TDS on your behalf have not issued TDS certificate(s), for
the same, to you.
- See more at: http://taxguru.in/income-tax/form-26as-respect-tax-deducted-source-tds-knowhow.html#sthash.et403ijT.dpuf
Please remember that irrespective of TDS
certificates you have, credit of Tax shall be given on the basis of
Form 26AS only. However, these days TDS certificates are being
downloaded from TRACES portal, thus, chances of mismatch between TDS
certfificates and Form 26AS are minimal.
Please take care that you claim TDS
credit in your Income Tax Return after tallying TDS certificates
received by you with Form 26AS so that you get 100% benefit of TDS
deducted from your income. As, at times, it so happens that the amount
of TDS credit appearing in Form 26AS is more than the amount in TDS
certificates and this happens because one or some of the deductors who
have deducted TDS on your behalf have not issued TDS certificate(s), for
the same, to you.
- See more at: http://taxguru.in/income-tax/form-26as-respect-tax-deducted-source-tds-knowhow.html#sthash.et403ijT.dpuf- May
- 11
- 2014
‘Aggregated TDS Compliance’ at PAN level for all TANs associated with referenced PAN
To facilitate improved TDS
administration, CPC(TDS) starts the feature of “Aggregated TDS
Compliance” at PAN level for all TANs associated with the referenced
PAN. Following are additional details related to the new feature.
What is meant by Organization’s PAN:
The
above indicates the PAN of an entity, having more than one TANs of its
branches, associated with the referenced PAN. This will be the PAN of
the Central Office, Headquarter etc., as may be appropriate. The said
PAN must review the “Aggregated TDS Compliance” report on a regular
basis to improve TDS compliance at Organization level.
What does the new feature offer:
-The above stated PAN can view TDS performance for all of its respective TANs by logging into TRACES as a Taxpayer.
-The
Defaults generated for all the TANs can be viewed by using the feature.
The following type of Defaults for the branches can be viewed:
- Total Default
- Short Payment Default
- Interest on Payment Default u/s 201
- Interest on Deduction Default u/s 201
- Late Filing Fee u/s 234E
- Interest u/s 220(2)
- PAN Errors
-The respective TANs with Defaults in their TDS Statements can be pursued to get the above resolved by taking following actions:
- Carrying out necessary corrections in the records reported in the TDS statements,
- Paying the outstanding demand and
- Submitting the Correction Statements at the earliest.
-The
feature thus provides for a summary of Defaults, which assists in
effective TDS administration, monitoring, control and compliance at
Organization level.
The
feature will be extremely useful for the purpose of complying with the
provisions of Section 40(a)(ia) of the Income Tax Act, 1961 by the
concerned entity, to ensure that correct information is disclosed in
paragraph 27A/B of the Tax Audit Report (Form 3CD) u/s 44AB of the Act.
How to use the feature:
- You are requested to Log in to TRACES as a Taxpayer, using your credentials.
- Navigate to Aggregated TDS Compliance menu on the webpage.
- Choose the views according to Financial Year (Download Option 1) or Default Type (Download Option 2) from the drop down lists.
- Submit the Request to generate a Request Number.
- The submitted request will be made “Available” in MS Excel format, under “Requested Downloads” in the “Download” menu. The reports will usually be made available within four hours of submission.
- The report will be “Not Available” if there are No Defaults or there are statements yet to be processed. If you believe that either of the two is not true, the same can be reported to CPC (TDS).
- The feature provides for the above information for Financial Year 2007-08 onwards.
The
steps to use the functionality are easy and convenient, however,
e-Tutorials for the above release will shortly be made available on the
TRACES portal.
Form
26AS with respect to Tax Deducted at Source (TDS): Knowhow - See more
at:
http://taxguru.in/income-tax/aggregated-tds-compliance-pan-level-tans-referenced-pan.html#sthash.yADvwoLd.dpuf
Form
26AS with respect to Tax Deducted at Source (TDS): Knowhow - See more
at:
http://taxguru.in/income-tax/aggregated-tds-compliance-pan-level-tans-referenced-pan.html#sthash.yADvwoLd.dpuf
Form
26AS with respect to Tax Deducted at Source (TDS): Knowhow - See more
at:
http://taxguru.in/income-tax/aggregated-tds-compliance-pan-level-tans-referenced-pan.html#sthash.yADvwoLd.dpuf
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