Rent payment more than 1 lakh per year to landlord

1. If the annual rent amount exceeds 1,00,000 INR per Annum then employees should mandatorily report the PAN (Permanent Account Number) of Landlord by mentioning the same in Part-A  of  the “HRA declaration Form”.   If PAN not provided, it is mandatory to get the Part-B of  the “HRA declaration Form” duly filled and signed by …

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Value added tax (VAT)

Value added tax (VAT) Introduction : The value added tax was introduced as an indirect tax into the Indian taxation system from 1 April 2005. The existing general sales tax laws were replaced with new Value Added Tax Acts and the VAT rules for proper  administration. Haryana became the fi rst state in the country …

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Assets as per the wealth tax act

Assets Assets for wealth tax purpose are defined in Section 2(ea) as follows. Guest house, residential house or commercial building – The following are treated as “assets” – (a) Any building or land appurtenant thereto whether used for commercial or residential purposes or for the purpose of guest house (b) A farm house situated within …

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Assets exempt from wealth tax

The following assets are exempt from wealth-tax, as per section 5. Property held under a trust – Any property held by an assessee under a trust or other legal obligation for any public purpose of charitable or religious nature in India is totally exempt from tax. [Section 5(i)]. Business assets held in trust, which are …

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Valuation of Assets as per the Wealth Tax Act

The value of an asset as per the Wealth Tax Act, other than cash, shall be its value as on the valuation date determined in the manner laid down in Schedule III. Valuation of a building – Value of any building or land appurtenant thereto, or part thereof, is to be made in accordance with …

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Return of wealth under the wealth tax act

Every person is required to file with the Wealth-tax Officer a return of net wealth in Form BA, if his net wealth or net wealth of any other person in respect of which he is assessable under the Act on the valuation date is of such an amount as to render him liable to wealth-tax. …

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Wealth Tax Act, 1957

Government of India framed the Wealth tax act in 1957 which was mandatory for every individual/HUF/company to disclose all the assets which they own in their name and are required to pay a tax of 1% of the amount by which their wealth exceeds ₹30 lakhs.  Due to involvement of complexities Wealth Tax Act 1957 …

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Income tax, service tax, Excise, VAT, PF, ESI due dates in March 2014

March is most important month of the financial year in Financial world.In India Income tax,service tax ,Vat and all other taxes are assessed on the Financial year basic so in Tax system March month has a Major landmark month .Not only due to closing of the Financial year but also due to various due date …

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Income from services carried outside India

Where assessee, a Korea based company, received certain amount in pursuance of agreement entered into with an Indian company for carrying out certain activities within India and outside India, in absence of any material on record showing that amount received for performing activities outside India was attributable to business carried out by assessee’s PE in …

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Income Tax Rates Slabs : Assessment Year 2014-15/Financial Year 2013-14

Income Tax Rates I. For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals Total Income Tax Rate Upto Rs. 200,000*           Nil 200,001 to 500,000        10% 500,001 to 10,00,000        20% Above Rs. 10,00,000        30% *In the case of a resident individual of sixty years or more but less than eighty …

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