Author: CA Tarannum Khatri

6 Changes in income tax return form ( ITR form) for FY 2015-16

Income tax return filling for FY 2015-16 has been started. Some major changes in income tax return form for FY 2015-16  have been introduced by government of India. It increases burden on Taxpayers on some extent but will increase transparency We will cover all these changes in this post.   Changes in income tax return form for FY 2015-16:   Introduction of NEW  ITR 2A form : New form ITR 2A is introduced for individual / HUF to report income other than capital gains, business income, foreign income or foreign asset or who is not claiming relief under section...

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Form 10E: claim relief in tax for salary arrears u/s 89(1)

Form 10E submission is required to claim relief in tax for salary arrears under section 89(1) from financial year 2014-15. In this post, you can get insight about how to submit form 10E online. Form 10E submission and Relief under section 89(1): Before learning procedure to submit form 10E online, Lets understand concept of relief under section 89(1). What is relief under section 89 (1)? Tax is calculated on salary received during the year. Some times employee receives salary in advance or in arrears. When salary is received in arrears, tax rate is higher and you need to pay...

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25 Service tax changes applicable from 1st April 2016

Service tax changes applicable from 1st April 2016 due to budget 2016 are summarized in this article.The article provides knowledge about change in exemptions, abatement, reverse charge mechanism and service tax rules from 1/4/2016. 25 Service tax changes applicable from 1st April 2016: Change in Exemptions from 1st april, 2016: Exemption to senior advocate in respect of service to advocate or to partnership of advocates and a person represented on an arbitral tribunal to an arbitral tribunal is being withdrawn from 1st April, 2016. Service tax should be charged in bill under forward charges and paid to government. Exemption...

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Union Budget 2016-17: Service tax Highlights

Union Budget 2016-17 has been declared and brought changes in service tax regime. Here  is the service tax highlights of union budget 2016 speech. Read and understand major changes in service tax brought by Budget 2016-17. Union Budget 2016-17 : Service tax highlights Service tax rate hike from 14.5% to 15%  due to “Krishi Kalyan Cess-0.5%” Levy: There is no direct change in service tax rate but With effect from 1st June, 2016, Krishi Kalyan Cess will be levied on any or all the taxable services at the rate of 0.5% on the value of such taxable services. Input...

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TDS on Professional Fees u/s 194J : 7 IMP points you should know

TDS u/s 194J is applicable while making payment for professional or technical fees. In this article, we will understand who should deduct TDS u/s 194J, threshold limit for  deduction  TDS u/s 194J, rate of TDS u/s 194J, effects of non deduction of TDS.   TDS on professional fees/ technical fees u/s 194J:   Professional fees/technical fees meaning: Professional service means legal service, medical service, engineering, architectural service, accounting service, technical consultancy, interior decoration service, advertising service or such other profession notified by the Board for the purposes of section 44AA. Royalty is also covered under section 194J. Royalty means...

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