Category Archives: Income Tax

What will be the last date of filing of tax return if last day is Sunday or holiday

Posted on July 30, 2011 by Mukesh Goel

In case last date falls on weekly holiday (Sunday) or gazetted holiday then last date of filing of tax return will be next working day. So this year as 31st July 2011 is Sunday, then last date of filing of … Continue reading →

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FAQ on Income Tax Return filing

Posted on July 25, 2011 by Mukesh Goel

Q:           What is the purpose of Notification No. SO 1439(E), dated 23-6-2011 and who are proposed to be exempted from the requirement of filing of the return? Ans:       The primary objective of this notification is to exempt those … Continue reading →

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Issuance of TDS Certificates in Form No. 16A downloaded from TIN

Posted on May 30, 2011 by Mukesh Goel

As per CBDT circular no. 03/2011 dated May 13, 2011, TDSCertificates in Form No. 16A will be generated from Tax Information Network (TIN).It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for deductions … Continue reading →

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HIGHLIGHTS OF UNION BUDGET – 2011-12

Posted on March 1, 2011 by Mukesh Goel

The basic exemption limit in the case of individuals increased from Rs.1.60 lacs to Rs.1.80 lacs. However, there is no increase in basic exemption limit in the case of Resident Women who is below 60 years at any time during … Continue reading →

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FAQ for Income Tax Refund

Posted on January 3, 2011 by Mukesh Goel

I have received the physical ECS refund advice and status of refund is “paid” on website of refund status track but my account has not been credited. Whom do I contact? In case credit is not effected in the taxpayer … Continue reading →

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Clarification regarding processing of ITR-1 and ITR-2 returns

Posted on December 14, 2010 by Mukesh Goel

Section 143 of the Income-tax Act, 1961 – Assessment – General – Clarification regarding processing of ITR-1 and ITR-2 returns – Credit for tax deducted at source for A.Y. 2009-10 INSTRUCTION NO. 9/2010 [F. NO. 225/25/2010/IT (A-II)], DATED 9-12-2010 1. … Continue reading →

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Announcement of New USA Branch of MRC

Posted on December 13, 2010 by Mukesh Goel

We are delighted to inform you that Mukesh Raj & Co. (MRC) has inagurated its first foreign branch office at New Jersey, United States Of America. The new foreign office address is: MRC (Chartered Accountants) 85, Forest Drive, Apartment C … Continue reading →

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Online Rectification u/s 154 at IT Website

Posted on December 8, 2010 by Mukesh Goel

Income Tax Department introduces new facility for online submission of rectification request in cases where processing was completed by CPC Bangalore. Please review the guide for common errors to first rectify the return submitted and generate the rectification xml using … Continue reading →

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No Objection Certificate for conversion of Investment Company into LLP

Posted on October 22, 2010 by Mukesh Goel

The Limited Liability Partnership Act, 2008 (herein after called “Act”) has brought a new kind of business vehicle in the Country called LLP, allowing small business and entities to carry on business under a flexible business model. The Act is silent … Continue reading →

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MAT on SEZ under DTC – Request to reduce the rate

Posted on October 9, 2010 by Mukesh Goel

The Commerce department is in talk with Ministry of Finance to push for lowring the minimum alternative tax (MAT), proposed in Direct Tax Code (DTC) Bill, on units in Special Economic Zone (SEZ). The department is set to raise this issue before … Continue reading →

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