Friday, July 31, 2015

INCOME TAX: AUDIT REQUIREMENTS, INTEREST RATES, PENALTY, APPEL FEES, DEDUCTIONS, CAPITAL GAIN RATES AND EXEMPTION ETC



INDEX
  • COMPULSORY E-FILING OF RETURNS
  • TAX AUDIT REQUIREMENTS
  • INCOME TAX INTEREST RATES
  • PENALTY & APPEAL FEES
  • INCOME TAX DEDUCTIONS
  • TRANSFER PRICING REGULATIONS
  • CAPITAL GAIN RATES AND EXEMPTION
  • PROVISIONS RELATING TO GIFT

COMPULSORY E-FILING OF RETURNS


TAX AUDIT REQUIREMENTS

Tax Audit Required in Business If
  • Turnover INR. 1 Crore or more OR
  • Net Profit is less than 8% of turnover OR
  • More than 10 vehicles
Tax Audit Required in Profession If
  • Gross Receipt INR. 25 lacs or more 

CONTINUE READING......



INCOME TAX INTEREST RATES

You may pay Interest If
  • Delay in Income Tax Return Submission U/S.234A
  • Income Tax Return Non-submission U/S.234A
  • Failure to pay Advance Tax U/S.234B
  • Deferring Advance tax U/S.234C
  • Failure to Deduct TDS U/S.201(1A)
  • Failure to Deposit TDS In time U/S.201(1A)
CONTINUE READING......


PENALTY & APPEAL FEES


INCOME TAX DEDUCTIONS

Deductions U/s.80
  • U/s.80CP: LIC/NSC/PPF/ULIP/ ELSS MF/ Bank FDR (5 yrs)/ Home Loan Repayment/EPF/ School Fees/Sukanya Samriddhi Scheme,
  • U/s.80CCC: Pension Fund,
  • U/s.80CCD: Contribution to Pension Scheme
  • U/s.80D: Mediclaim, Preventive Health Check-up
  • U/s.80E: Interest on Loan for Higher Education
  • U/s.80EE: Deduction of Interest of Housing Loan
  • U/s.80G: Donation
  • U/s.80GGB/80GGC: Political Parties Contribution
  • U/s.80TTA: Interest on Deposits in Savings Account

Conditions to be satisfied by the Assessee for Sec 80EE
Carry forward and Set off of Losses

CONTINUE READING......


TRANSFER PRICING REGULATIONS
  • Transfer Pricing Provisions are intended to introduce a uniform and internationally accepted mechanism of determining reasonable, fair and equitable profits and tax in India in the case of such multinational enterprises.
  • Regulations relating to Transfer Pricing are applicable to the all enterprises that enter into an 'International Transaction' with an 'Associated Enterprise'.
  • As per Transfer Pricing Regulations, any income arising from International Transaction between Associated Enterprises has to be computed having regard to Arm's Length Price.
There are 5 methods specified to calculate Arms Length Price:


Note:
The threshold limit for specified domestic transactions of Rs.5 crore u/s 92BA has been extended to Rs.20 crore from the A.Y. 2016-17.


CAPITAL GAIN RATES AND EXEMPTION

Short-Term Long-term Capital Gain Tax Rates

  • Individuals (Resident & Non Resident)
  • Firms, Domestic Companies
  • Foreign Companies
  • Local Authority
  • Co-Operative Society

Capital Gain Rates and Exemption



PROVISIONS RELATING TO GIFT

Where any sum of money is received without consideration, by an individual or a Hindu undivided family, the aggregate value of which exceeds fifty thousand rupees in previous year from any person or persons, the whole of the aggregate value of such sum is taxable.



* Excluding gifts received under any of the above 7 circumstances.
** Excluding companies in which public is substantially interested.

3 comments:

  1. Appreciate ur efforts.....grt wrk sir

    ReplyDelete
    Replies
    1. Thank u for ur valuable comment Mr/Ms.Dheeraj Manuramani

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  2. This comment has been removed by a blog administrator.

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