Author: CA Tarannum Khatri

Empanelment of CA firm with C&AG for the financial year 2015-16

Empanelment of CA firm and LLP with C&AG for year 2015-16 C&AG has invited online application for year 2015-16 from chartered accountants firm and LLP to em panel their offices with controller and audit general of India. The online application will be available from 1/1/2015 to 15/2/2015 on www.saiindia.gov.in. The firm can update the data on website and generate online acknowledgement. The ca firms are also required to send hard copies of relevant documents with online acknowledgement generated with online application to register with C&AG....

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Revised return of income tax under section 139 (5)

If you make any mistake in filling income tax return u/s 139 (1), no worry. You can file revised return u/s 139 (5). Income tax department has tried to increase tax compliance by giving facility of return u/s 139 (5). Procedure to file revised return: Procedure for filling  return is same as filling original income tax return. You have to only enter 15 digits acknowledgement number of original return. You can file acknowledgement number from ITR V receipt. Also select section 139 (5) to file return. Correct the mistake and file the return. Time limit for filling return u/s...

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How to calculate interest on advance tax

Interest on advance tax late payment or non payment is calculated as per section 234B and 234C. Let’s see these provisions separately. Interest on advance tax non payment u/s 234B: Liability to pay interest u/s 234B is arisen when assessee does not pay advance tax or pay advance tax but in short amount. Situations for interest payable Amount on which tax is payable Rate of interest Period for interest calculation When assessee does not pay advance tax completely On assessed tax 1% p.m. or part of the month From 1st April of assessment year to the date of determination...

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3 simple steps of advance tax payment

Advance tax is required to pay if income tax liability of any taxpayer is more than Rs. 10,000. Following easy steps can help you in advance tax payment. Know the due date of advance tax payment and minimum installment. Calculate the advance tax. Pay the advance tax online or offline. Due date of advance tax payment: There are different due dates for advance tax payment for different assessee. Advance tax is required to pay in installment. Due date for non company assessee: Due date Installment On or before 15 September 30% of advance tax liability On or before 15...

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TDS on rent income under section 194I

TDS on rent income is applicable in day to day transactions. TDS under section 194I is applicable on payment of rent which is more than Rs. 180000 p.a. But it is not applicable in all cases. Let’s see the provision.   Rate of TDS on rent u/s 194I: There are different rates applicable for tax deduction under section 194I for rent income from different assets. TDS rate for payment to use of plant and machinery / equipment: 2% TDS rate for any other assets like building, house, vehicle, furniture, fitting etc. : 10%   Who is liable to deduct...

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