12 June 2014

Changes in tax returns

Now in the Income tax return form it will be necessary to show Property's

guideline value and transaction value separately U/s 50C

Now builders and colonizers will also have to show amount of difference in
property sold by them at less than guideline value U/s 43CA

Earlier State Govt. Undertakings used to save tax by making payment of
royalty, fees, charges, licence fee to its own State Government, now U/s
40(a) (iib) they are not allowed any deduction of such expenses, thereofre

in the ITR FORMS such payments will have to be sepaprately shown for
disallowance.
Now credit of unused TDS can be carried forward and brought forward if
the corresponding income is not taxable in the current year.

Now charitable and religious trust will have to give break up of corpus and
non corpus donation from local and foreign nations.
In case of bad debts exceeding 1 Lakh PAN No. will have to be given.

Payments to Non Residents will have to be shown separately by way of Royalty, Commission, Interest, Fees etc. So that it will be checked that Withholding tax U/s 195 has been deducted or not ?

No comments:

Post a Comment

What do you think about this? Please write your comment.