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Tax
How to Surrender or Cancel Additional PAN cards
An assessee may have been allotted multiple PAN Card. The multiple PAN card may have been allotted to the Assessee for many reasons i.e. He may have applied multiple times for allotment of PAN and every time he has been allotted a PAN card or may have inadvertently allowed multiple PAN card by Income tax Department , NSDL or UTI. Assessee who have more than one PAN should immediately Apply for surrender of additional PAN number(s) allotted to them as having more than one PAN may ma...
PAN Card will be issued after verifying the original documents
Governemnt Notification    DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No: oPAN/1/3/2003/Part     Dated: 24.1.2014   Sub: Change in procedure for PAN allotment.   1.    The fee for processing a PAN application shall be Rs 105/- (inclusive of all taxes).   2. Subsequent to notification S.O.No 3794(E) dt 23.12.2013, the procedure for PAN allotment process will underg...
PAN Application fees revised upward
PAN Application Fees Revised   NSDL vide its circular No.: NSDL/TIN/2014/004 dated 15th January 2014 has informed that the Income Tax Department (ITD) has revised PAN application fees as follows :- o    From Rs. 96 to 105/- (For dispatch of PAN card in India) o    From Rs. 962 to 971/- (For dispatch of PAN card outside India)   Both the above charges are inclusive of service tax
Mediclaim Premium - Tax Deduction Us 80D
Deduction Us 80D for Mediclaim Premium to Individual, HUF and Senior Citizens Deduction in respect of Medical Insurance Premium (Mediclaim) paid to keep in force insurance by individual either on his own health or on the health of spouse, dependent parents and children or HUF on the health of any members of the family. A Mediclaim policy is a must because should you fall sick or meet with an accident, your medical bills could wipe out your savings. Features of Mediclaim policy 1. ...
Tax Planning u/s 80C of Income Tax Act 1961
Tax Planning u/s 80C of Income Tax Act 1961 Sec 80C of the Income Tax Act is the section that deals with providing tax benefits for investing in some notified investments. It states that qualifying investments, up to a maximum of Rs. 100,000.00, are deductible from your income. This means that your income gets reduced by this investment up to a maximum amount of  Rs. 100,000.00 Qualifying Investments Provident Fund (PF) & Voluntary Provident Fund (VPF: PF is automatically deducted from your ...
Non Residents Eligible For Lower Tax Rate On Capital Gain HC
  Non Residents Eligible For Lower Tax Rate On Capital Gain  HC Petitioner, a private limited company registered in Scotland. Petitioner during the period relevant to the assessment year 2010-11 had transferred 4,36,00,000 equity shares of Rs.10/- each of Cairn India Limited to Petronas International Corporation Limited, Malaysia for consideration of US$ 241,426,379. This transaction dated 12th October, 2009, pursuant to an agreement dated 14th October, 2009, was an off market transaction i.e. not through a...
HRA Exemption: Landlord’s PAN mandatory if rent paid over Rs. 100,000.00 per annum
HRA Exemption: Landlord’s PAN mandatory if rent paid over Rs. 100,000.00 per annum Not a good news for salaried person, who are living in rented house and claiming House Rent Allowance exemption under section 10(13A) of Income Tax Act.  Income Tax Dept has recently released Circular NO. 08/2013 F No 275/192/2013-IT(B) dated 10/10/2013 vide which it has been stated that an an employee who is claiming House rent exemption (HRA) and if annual rent paid by the employee exceeds Rs. 100,000 per annum, it is mandat...
Intimation u/s 143(1) of the Income Tax Act
  Intimation u/s 143(1) of the Income Tax Act It is very positive step that income tax department to assess all income tax returns filed online quickly. After successful assessment of tax returns by income tax department, issues Intimation u/s 143(1). Normally these intimations will be received through email to the Email address provided in filing income tax returns online. This Intimation u/s 143(1) should be treated as completion of assessment income tax returns for the year unless there is tax due from the ta...
Service Tax Voluntary Compliance Encouragement Scheme, 2013 (VCES)
  Service Tax   Voluntary Compliance Encouragement Scheme, 2013 (VCES) Service Tax Voluntary Compliance Encouragement Scheme, 2013 provides you with a golden opportunity to pay all your ‘tax dues’ from the period 01.10.2007 to 31.12.2012 without interest, penalty and other legal proceedings including prosecution. Apply on or before 31.12.2013 in the prescribed format. Step 1 If the declarant  is not registered, then he is first required to get himself registered and ...
Salient Features of Service Tax VCES – Voluntary Compliance Encouragement Scheme 2013
  Salient Features of Service Tax VCES – Voluntary Compliance Encouragement Scheme 2013   Finance Act 2013 has announced VCES 2013 to provide an opportunity to a person to pay service tax, which he was required to pay, but was not paid; and the same was not detected by tax department as on 1st March, 2013. Under the scheme, the person will get exemption from payment of Interest and Penalty which he was required to pay under the Service Tax provisions. Based on Notification ...

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