File Validation Utility version 3.6 released by NSDL File Validation Utility version 3.6 has been released with the following considerations, FVU Version 3.6 will be in effect from 16th October 2012. Upto October 15, 2012, FVU version 3.5 & FVU [Read More]
Penalty for Late Filing of TDS Statement / Returns Fees & Penalty are likely for instances such as – Non-filing of e-TDS Statement / Returns. Late filing of e-TDS Statement / Returns. Incorrect PAN, TDS Amount and Other Mandatory details. [Read More]
Steps for e-Filing of Income Tax Returns (ITR) The process electronically filing Income Tax Returns (ITR) through the internet is known as e-Filing. It is mandatory for companies and firms requiring statutory audit u/s 44AB to submit the Income Tax [Read More]
TCS Rate Chart F.Y. 2012-2013 Sr.No Nature of Goods Rates in Percentage (%) 01.04.2012 01.07.2012 1 Alcoholic liquor for human consumption 1 1 2 Tendu Leaves 5 5 3 Timber obtained under forest lease 2.5 2.5 4 Timber obtained [Read More]
Beginning FY 2010-2011 onwards, the Ministry of Corporate Affairs (MCA) has mandated certain class of companies to file their Financial Statements of Balance Sheet and Profit & Loss in “eXtensible Business Reporting Language(XBRL) Format only”. As per MCA, the following class of companies [Read More]
The following are the Professional Tax Slabs for all the different states in India :- Salary Slabs Per Month Professional Tax Per Month Andhra Pradesh upto Rs.5,000/- Nil Rs.5,001/- to Rs.6,000/- Rs.60/- Rs.6,001/- to Rs.10,000/- Rs.80/- Rs.10,001/- to Rs.15,000/- Rs.100/- [Read More]
XBRL e-Form 23AC and 23ACA Beginning FY 2010-2011 onwards, the Ministry of Corporate Affairs (MCA) has mandated certain class of companies to file their Financial Statements of Balance Sheet and Profit & Loss in “eXtensible Business Reporting Language(XBRL) Format only”. As per MCA, [Read More]
Income Tax Exemptions under various sections : Assessment Year 2013-14 Sr No Section Details of deductions Limit 1 80C General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc Maximum [Read More]
The Provident Fund (PF) contribution is 12% of PF Wages from both employee and employer. For the calculation, the maximum limit of Basic is Rs 6500/-. It means even if the employee’s PF Wages is above Rs 6500/-, the employer is [Read More]
What is Form 15G and Form 15H ? Form 15G and Form 15H are self declaration forms that need to be submitted to avoid TDS deduction from a person’s income where the total income stands below the taxable limit as [Read More]