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2015
  • CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15.
  • The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.
  • A brief summary of Changes is as follows :-

2015
    • As a thumb rule you must file an IT Return in India for AY 2015-16 if your Gross Income is more than
      • Rs 2,50,000 if you are less than 60 yrs old.
      • Rs 3,00,000 if you are 60-80 yrs old and
      • Rs 5,00,000 if you are more than 80 years old.

2015
  • With its massive drubbing in the Delhi Assembly Elections, the BJP government is likely to attempt to keep the euphoria of the Modi wave alive with a please all Budget for the financial year 2015-16.
  • The budget will attempt to be mindful of retaining BJPs charm in its recent assembly electoral gains in states other than Delhi.
  • This budget will be largely focused on the Make in India campaign, but what the common man can expect from the Budget this year, let’s take a look –

2014
  • The existing provisions contained in sub-section (9) of section 139 provide that where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days. If the defect is not rectified within the time allowed by the Assessing Officer, the return is treated as an invalid return. The conditions, the non-fulfillment of which renders the return defective, have been provided in the Explanation to the aforesaid sub-section.
  • Section 140A provides that where any tax is payable on the basis of any return, after taking into account the prepaid taxes, the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return.

2014
  • Though every body is interested in this question and this question has been asked by many and generally not have any answer in text book also ,why it so ?
  • The answer is very Interesting that the above question is wrong the correct question is

    How we can create capital for HUF?

    We can not create HUF but can arrange capital for it.

2014
  • Vide Notification No. 32/2014 dated 23-06-2014, CBDT has made mandatory filing of Wealth Tax Return only by electronic means for certain persons including Company and an assessee being individual or HUF who is liable to audit u/s 44AB.
  • From Assessment Year 2014-2015 onwards, Company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature. Some of the important points are :
    • New wealth tax return form BB (E-Filing) shall be applicable from assessment year 2014-15 for Years Prior to this Form BA will continue to remain applicable.
    • E filing of wealth tax return is mandatory for all type of persons for assessment year 2014-15 onwards except for Individual / HUF to whom provision of section 44AB (tax audit) is not applicable in assessment year 2014-15.

Financial Management