5 Common Mistakes while filling

Here are the five common mistakes in Schedule BP (Business Profit) committed by online filer of return identified by CPC, Bangalore responsible for erroneous processing of return

Profit before tax to be entered

For Sl no 1, it is very much recommended to put in the value of Profit Before Tax (PBT) rather than Profit After Tax (PAT), in order to allow the calculations to occur correctly. In case there are multiple businesses and some do not have books then enter the sum of PBT (Sl 43) and Net profit (Sl 51d) of P&L Account.

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Categories: CA's Corner

Scrutiny on the basis of AIR

Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based upon AIR(Annual Information Return) transactions or through CASS. It is sometimes seen that when a case is selected for scrutiny assessment on the basis of AIR transactions, assessing officer also sometime tend to make additions on grounds other than AIR transactions like on the basis of inadequate withdrawals etc or on the basis of estimated additions.

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Categories: CA's Corner

STT and Income Tax

Securities Transaction Tax (STT) is the tax payable on the value of taxable securities transaction. STT was introduced in India by the 2004 budget and is applicable with effect from 1st October 2004.

What all is covered by Securities?
Securities definition is as per section 2(h) of the Securities Contracts (Regulation) Act, 1956, but for our purpose, let’s just simply say Securities mean Equity Shares and Equity Derivatives (i.e. Futures and Options). Full definition of Securities is given in Appendix, for information.

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Categories: CA's Corner

E-filing? Get I-T refund in a month

If you are paying your taxes on time and filing your returns online, there is good news from the Income-Tax Department. You can get your tax refund within a month of filing returns – if you file it electronically.

In a bid to ensure faster delivery of refunds, the Central Board of Direct Taxes (CBDT) chairman Sudhir Chandra has appealed to taxpayers to adopt to e-filing of returns.

“Filing returns electronically will expedite the refund process further and taxpayers won’t have to wait longer to get their refunds from the department,” Chandra said.

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Categories: News & Events

Pay your taxes in Simple Steps Online

Newly launched www.taxorigin.com enables you to file your tax return online all by yourself in mere simple steps
Taxorigin is a unique solution for salaried individuals to prepare and file income tax returns. Alongwith facility to file multiple returns at a time, of their clients, the solution also provides document management system for tax consultants including chartered accountants, accountants and income tax practioners.

  • File your return online from anywhere anytime in few minutes.
  • No use of Tax Jargon – iTaxBook is specifically designed to cater a layman.
  • Easy to use Interface and Screen Navigation.
  • Online professional Support and Tax Planning Tools.
  • Direct Linkage to Government server – Authorised E-return Intermediary through.
Categories: News & Events