Varun & Associates, Chartered Accountants

29/07/2016

The government has extended the last date for filing income tax returns, Press Trust of India reported.

Revenue Secretary Hasmukh Adhia said the last date for filing income tax returns has been extended to August 5, 2016, the agency said.

29/12/2015

28/07/2015

CBDT notifies 1081 as cost inflation index for financial year 2015-16.[ Notification No.60/2015 Dated 24.07.2015].

29/06/2015

Know your ITR Form AY 2015-2016

ITR - 4

For Individuals and HUFs having income from a proprietory business or profession

ITR - 5

For Firms, Co-operative Banks, Co-operative Societies, Limited Liability Partnerships (LLP), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Judicial Persons

ITR - 6

For Companies other than companies claiming exemption under section 11

ITR - 7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

28/06/2015

Know your ITR Form AY 2015-2016

ITR 4S

This Return Form CAN be used by an individual/ HUF whose total income for the assessment year 2015 -16 includes:-
1. Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
2. Income from Salary/ Pension; or
3. Income from One House Property (excluding cases where loss is brought forward from previous years); or
4. Income from Other Sources (Excluding winning from lottery and Income from Race Horses).

Note: The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income-tax Act. Note:

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

This Return Form CANNOT be used by to file return for the following incomes
1. Income from more than one house property; or
2. Income from winnings from lottery or income from Race horses; or
3. Income under the head 'Capital Gains', e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc. or
4. Agricultural income in excess of Rs. 5,00 i 0; ,
5. Income from Speculative Business and other special incomes; or
6. Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission for brokerage; or
7. Person claiming relief of foreign tax paid under section 90, 90A or91; or
8. Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
9. Any resident having income from any source outside India

28/06/2015

Know your ITR Form AY 2015-2016

ITR - 3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietor-ship

27/06/2015

Know your ITR Form AY 2015-2016

ITR2

This Return Form CAN be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
1. Income from Salary / Pension; or
2. Income from House Property; or
3. Income from Capital Gains; or
4. Income from Other Sources (including Winning from Lottery and Income from Race Horses).

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

This Return Form CANNOT be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes Income from Business or Profession.

27/06/2015

Know your ITR Form AY 2015-2016

ITR 2A

This Return Form CAN be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
1. Income from Salary / Pension; or
2. Income from House Property; or
3. Income from Other Sources (including Winning from Lottery and Income from Race Horses).

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

This form should not be used by an individual or HUF whose income includes income from Business or Profession.

This Return Form CANNOT be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
1. Income from Capital Gains; or
2. Income from Business or Profession; or
3. Any claim of relief/deduction under section 90, 90A or 91; or
4. Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
5. Any resident having income from any source outside India.

26/06/2015

Know your ITR Form AY 2015-2016

ITR1 (Sahaj)

This Return Form CAN be used by an individual whose total income for the assessment year 2015-16 includes:-
1. Income from Salary/ Pension; or
2. Income from One House Property (excluding cases where loss is brought forward from previous years); or
3. Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

NOTE Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

This Return Form CANNOT be used by an individual whose total income for the assessment year 2015-16 includes:-

1. Income from more than one house property; or
2. Income from Winnings from lottery or income from Race horses; or
3. Income under the head "Capital Gains' e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
4. Agricultural income in excess of Rs. 5,000; or
5. Income from Business or Profession; or (Loss under the head 'Income from other sources'; or
6. Person claiming relief under section 90 and/or91; or
7. Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
8. Any resident having income from any source outside India

26/06/2015

RBI extends deadline for exchanging pre-2005 currency notes by six months to December 31.

04/06/2015

W.e.f. 01-06-2015 if any payment is made by any person to a non-resident, (not being a company) or to a foreign company any sum whether or not chargeable to income tax shall furnish form No. 15CA & 15CB. Earlier only income chargeable to income tax in India had to be reported only but now all payments are covered. If such information is not furnished or the information furnished is inaccurate then U/s 271-I penalty of Rs. 1 Lakh may be imposed.

19/05/2015

The new service tax rate of 14 per cent will come into effect from June 1, the Finance Ministry notified on Tuesday, in a move that will make eating out in restaurants, insurance and phone usage expensive, among many other things. The rate has been increased from 12.36 to 14%.