Lakshay Tax Solution P Ltd.

04/06/2023

02/05/2016

No more ‘self-declaration’ - Employees now required to give declaration in a new form

Presently, employees who wanted to claim tax deductions are required to file self-declarations of tax savings/deductions to employer along with the evidences of such tax savings for every financial year. Employer was liable to deduct tax at sources on the estimated income of employees after considering such self-declarations of tax savings.

Now the CBDT has notified new form no. 12BB for such purposes. Employees are now required to submit evidences/particulars of tax savings to employer in Form no. 12BB.

The CBDT has also notified revised due dates for filing of quarterly TDS returns by persons (other than government). Due dates for filing TDS return for the quarter ended 30th June, 30th September, 31st December and 31st March has been extended to 31st July, 31st October, 31st January and 31st May respectively (old dates were 15th July, 15th October, 15th January and 15th May respectively).

28/04/2016

DVAT Alert: Delhi VAT extended online return filing due date till 16/05/2016 for Q4 15-16 vide circular no.02 dated 28th April

Regards CA Rakesh Gupta

27/04/2016

How to Maintain Safe Distance from Income Tax Department

Do you want to keep an Arm’s Length Distance from the Income Tax Department?

Obviously the Answer is YES!!! But the question here is HOW???

Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel.

1) Depositing Cash aggregating to Rs.10 Lacs p.a. in your Savings Bank Account.

2) Making Credit Card Payments of more than Rs.2 Lacs p.a.

3) Investment in Mutual Fund Units worth more than Rs. 2 Lacs.

4) Investment in Debentures/ Bonds, amounting more than Rs. 5 Lacs

5) Investment in Shares worth more than Rs. 1 Lakh.

6) Investment in Gold ETF worth more than Rs. 1 Lakh.

7) Investment in RBI Bonds worth more than Rs. 5 Lacs.

8) Purchase / Sale of any Immovable Property exceeding Rs.30 Lacs.

9) Receipt of Cash Payment exceeding Rs.2 Lacs for sale of any goods/ services.

10) Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account.

The Next question which may strike us, is how does the Income tax Personnel get to know about all these activities.

To keep an eye on such high value transactions of the tax payers, the IT Department has developed a statement of financial transactions called Annual Information Report (AIR).
On the basis of this AIR, the department shortlists their targets and further sends them a notice.

What do you mean by a Annual Information Report.

Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285 BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year.

Who provides the high value transaction information to prepare the AIR.

☆ Banks
☆ Mutual Fund Companies
☆ Companies Issuing Bonds/ Debentures
☆ Companies issuing shares
☆ Credit Card Companies
☆ Sub- registrar offices on real estate deals.

How can I trace my High Value Transactions reported under AIR.

The assesse can trace his/ her high value transactions reported under AIR, in their 26AS Report under AIR section. Any transaction of the assesse which has been categorized as a High Value Transaction, will be reflected therein.

In the end, one last question which everyone might have. How to avoid receiving a notice from the IT department.

The most important step is to file your Income Tax returns on time and file them correctly.

Always re-check your Tax Credit with the 26AS statement.

Disclose all your Taxable as well as Exempt income under the right head.

14/01/2014

Bhagavad-gita , Chapter - 6: Sankhya-yoga (6.2)
August 9, 2013 at 10:37am
Verse of the Day : Bhagavad-gita As It Is--6.2
Chapter - 6: Sankhya-yoga



यं सन्न्यासमिति प्राहुर्योगं तं विद्धि पाण्डव |

न ह्यसन्न्यस्तसङ्कल्पो योगी भवति कश्र्चन || २ ||



yaṁ sannyāsam iti prāhur

yogaṁ taṁ viddhi pāṇḍava

na hy asannyasta-saṅkalpo

yogī bhavati kaścana




SYNONYMS


yam—what; sannyāsam—renunciation; iti—thus; prāhuḥ—they say; yogam—linking with the Supreme; tam—that; viddhi—you must know; pāṇḍava—O son of Pāṇḍu; na—never; hi—certainly; asannyasta—without giving up; saṅkalpaḥ—self-satisfaction; yogī—a mystic transcendentalist; bhavati—becomes; kaścana—anyone.




TRANSLATION


What is called renunciation is the same as yoga, or linking oneself with the Supreme, for no one can become a yogī unless he renounces the desire for sense gratification.




PURPORT


Real sannyāsa-yoga or bhakti means that one should know his constitutional position as the living entity, and act accordingly. The living entity has no separate independant identity. He is the marginal energy of the Supreme. When he is entrapped by material energy, he is conditioned, and when he is Kṛṣṇa conscious, or aware of the spiritual energy, then he is in his real and natural state of life. Therefore, when one is in complete knowledge, one ceases all material sense gratification, or renounces all kinds of sense gratificatory activities. This is practiced by the yogīs who restrain the senses from material attachment. But a person in Kṛṣṇa consciousness has no opportunity to engage his senses in anything which is not for the purpose of Kṛṣṇa. Therefore, a Kṛṣṇa conscious person is simultaneously a sannyāsī and a yogī. The purpose of knowledge and of restraining the senses, as prescribed in the jñāna and yoga processes, is automatically served in Kṛṣṇa consciousness. If one is unable to give up the activities of his selfish nature, then jñāna and yoga are of no avail. The real aim is for a living entity to give up all selfish satisfaction and to be prepared to satisfy the Supreme. A Kṛṣṇa conscious person has no desire for any kind of self-enjoyment. He is always engaged for the enjoyment of the Supreme. One who has no information of the Supreme must therefore be engaged in self-satisfaction because no one can stand on the platform of inactivity. All these purposes are perfectly served by the practice of Kṛṣṇa consciousness.

28/01/2012

http://www.paisaboltahai.rbi.org.in/

Ye Paisa Bolta Hai......

The contents of this Web Site are provided on an "as is" basis without warranties of any kind. The RBI cannot be held responsible or liable –

28/08/2011

27/08/2011

Clarification regarding non-inclusion of audits conducted under sections 44AD, 44AE and 44AF in the.
www.icai.org
Clarification regarding non-inclusion of audits conducted under sections 44AD, 44AE and 44AF in the “specified number of tax audit assignments” - (23-08-2011)

27/08/2011

To know the companies in which person is director, login to MCA Portal,Enter DIN to get name of co. CIN, Status, Default status, designation of person, date of joining and leaving. Most full history of director.

24/08/2011

दर्द कैसा भी हो आंख नम न करो
रात काली सही कोई गम न करो
एक सितारा बनो जगमगाते रहो
ज़िन्दगी में सदा मुस्कुराते रहो
बांटनी है अगर बाँट लो हर ख़ुशी..गम न ज़ाहिर करो तुम किसी पर कभी
दिल कि गहराई में गम छुपाते रहो
ज़िन्दगी में सदा मुस्कुराते रहो
अश्क अनमोल है खो न देना कहीं
इनकी हर बूँद है मोतियों से हसीं
इनको हर आंख से तुम चुराते रहो
ज़िन्दगी में सदा मुस्कुराते रहो
फासले कम करो दिल मिलाते रहो
ज़िन्दगी में सदा मुस्कुराते रहो !