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2014
  • This year, there is change in Forms 15G / 15H.
  • Hence, please check and use latest form.
  • Format of the same is enclosed.

2014

It is important to know everything about Permanent Account No., i.e., PAN.
Following are some FAQs on PAN which serves useful guidance. Just go through it. Its very interesting.

2013
  • The procedure for PAN allotment process will undergo a change w.e.f.03.02.2014. From this date onwards, every PAN applicant has to submit self attested copies of
    • Proof of Identity (POI),
    • Proof of Address (POA) and
    • Date of Birth (DOB) documents

2013

Medical treatment of specified ailments under section 80DDB

  • Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB.
  • The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that no medical reimbursement is received from any insurance company or employer for this amount.

2013

The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details.

This sudden rise in the number of tax notices is not because people have stopped paying tax or filing their returns. It’s just that the tax authorities now have an integrated database on taxpayers and can track almost all financial transactions of an individual.

The 10-digit alphanumeric PAN, which has been made mandatory for most money transactions, allows the tax department to peek into your financial life.

2013

Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and calculate his Tax Due and Pay the same. Few things are listed below which Assessee needs to do before the end of the year, i.e., on or before 31st March, :-

    1. Submit to your employer the proof of investments/expenses that you have incurred to claim deduction under Section 80C. These includes receipt for insurance premium paid, deposits made in your public provident fund account, investment made in equity-linked savings schemes, National Savings Certificates purchased, children’s tuition fees paid, PPF, Tax Saving Bank Fixed Deposit, ULIP etc. Your employer would require the details and the documentary proof to provide you the deduction under Section 80C.

Financial Management