Certain Tax Benefits Awarded to Notified Backward Areas in Bihar

The provisions of the Income-tax Act 1961 have been amended through Finance Act 2015 to provide certain tax benefits to notified backward areas in specified States including State of Bihar to give these areas an opportunity to grow faster.  To give effect to the amendment, the following 21 districts of Bihar have been notified as… Read More »

e-Verification of Income Tax Returns

CBDT vide Notification No. 2/2015 prescribes  Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification. EVC would verify the identity of the person furnishing the return of income. The Manual Covers   e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances. e-Verification… Read More »

EPFO launches online PF transfer facility for PF trusts

Provident fund accounts with privately held PF trusts can now be transferred online to accounts maintained by the retirement fund body EPFO. At present, workers are required to file PF transfer claims on changing jobs to consolidate their PF accounts and benefits under the Employees’ Pension Scheme 1995 run by the Employees’ Provident Fund Organization… Read More »

Tax Implications on Vacant or Second House Property

Second House or Vacant House also comes under Income Tax as well as Wealth Tax Purview. Indian People tends to invest mostly in two assets, first is gold and second in house property. The rising prices of gold as well as property makes it more lucrative but one must consider the tax implications before buying or investing… Read More »