Showing posts with label Income Tax. Show all posts
Showing posts with label Income Tax. Show all posts

Sunday, 6 November 2016

How to know pan card holder name and address from pan number

Know the pan card holder’s name and address details or verify pan details through the PAN card number. income tax India efiling have a facility for knowing the Jurisdictional Assessing officer.

Enter the PAN number, captcha image security code then click on submit button.

PAN* :ImageReload captchaEnter the above image code

How to Know the address of the PAN

step 1.

Go to www.incometaxefiling.gov.in -> Click on  Register Yourself

step 2.

Select the user type -> click on Continue

step 3.

Enter your basic details which were you filled in pan application.  then click on -> Continue

step 4.

Now. fill the Registration Form.

step 5:

A activation link will send to your email address. open your email account and click on that link.

step 6.

Then Login here https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html

after login click on My Account -> Profile Setting -> PAN Details

here you will see your Address 1, and Address 2

Verify any pan card details like pan number, name, AO, Jurisdictional Assessing officer, building name from our new website
https://cajobworld.blogspot.in

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Wednesday, 4 May 2016

Income Tax Provision for Doctors

Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India’s Top 10s income earners, they have need to give more attention to their financial planning and taxation.
Here we are providing some necessary documentation and legal requirements for doctors in India as necessary to follow to avoid unnecessary payment of tax, interest & penalty.
Income Tax:-
Section 44AA read with Rule 6F
Section 44AA mandates the maintenance of books of accounts for the medical professionals for Income Tax purpose.
Those Doctors whose Gross Receipt/Collection exceed Rs.1.50 Lakhs per annuam.
Books required to maintain
• Cash Book, Journal( if mercantile system), Ledger;

• Carbon copies of bills exceeding Rs. 25 whether machine numbered or otherwise serially numbered,
• Original bills wherever issued to the person and receipts in respect of expenditure incurred by
the person or, where such bills and receipts are not issued and the expenditure incurred does not exceed fifty rupees, payment vouchers prepared and signed by the person.
A person carrying on medical profession shall, in addition to the books of account and other documents specified in sub-rule (2), keep and maintain the following, namely:
• a daily case register in Form No. 3C;
• an inventory as on the first and the last day of the previous year, of the stock of drugs, medicines and other consumable accessories used for the purpose of his profession.
The books of account and other documents specified in sub-rule (2) and sub-rule (3) shall be kept and maintained for period of [Eight] years from the end of the relevant assessment year: Penalty for non-maintenance of books of accounts is Rs.25, 000. (As Per Section-271A of Income Tax Act)
Audit: 44AB
If practicing doctor is having gross fee collection of Rs. 25, 00,000 (twenty five lakhs)* or more during the previous year (April to March), then books of accounts should be audited by a Chartered Accountant in Practice.
Penalty for non-complying with tax audit is Rs.1, 50,000 or ½ % of gross receipt whichever is lower. (As Per Section-271B of Income Tax Act)
-* Rs. 25,00,000 has been substitute as Rs. 50,00,000 from AY 2017-18.(As proposed)
Due Date:-
a) Non Audit Case: 31st July of the year
b) Audit Case: 30th September of the Year
Presumptive Tax Scheme for Professionals
Section -44ADA-(Extract of Section 44ADA from Proposed Finance Bill 2016)
This section is to be proposed only for Individual, HUF & Partnership firm to
- Reduce compliance burden for small professional (Like non maintenance of books under section 44AA & no tax audit required if gross receipt not exceed Rs. 50,00,000/-)
- To bring parity between small professional & businessmen.
AND to tax income on presumptive basis as HIGHER of 50 % of gross receipt or Total Income assessed.
As doctor’s always says
“Self-Medicine is dangerous to health which doctor discourages to every patient. Just like that Self –Tax planning is also not advisable.

Income Tax Returns Statistics for FY 2011-12 released by Department

Undo
The Statistical data relating to filing of Income Tax Returns for FY 2011-12 is released by Income Tax Department. The numbers will help to analyse and understand more of the Income Tax Return filing trend for the year.

I) Income Tax Returns declaring 'Salary Income':


The Highest number of Returns are filed by Persons having Salary Income between Rs.5.5 lacs to 9.5 lacs.


II) Income for Business or Profession:


Around 3.11 crore Taxpayers have reported Income from Business or Profession. The highest number of taxpayers in this Head ranges again between Rs.5.5 lacs to Rs.9.5 lacs.  There are only 45,570 taxpayers in FY 2011-12 who have reported Income more than Rs.1 crore from Business/Profession.
Lets discuss about Corporates i.e. Companies now. 
III) Companies having Income from House Property:

IV) Companies having Business Income:

 There are 6.35 lacs Companies who have reported Income from Business of which 3.24 lacs have reported either Nil Income or lacs i.e. almost 50% of the total companies!
26,299 Companies have filed Return stating Income more than Rs.1 crore during FY 2011-12.

V) Let us have a look at types of Industries in which Business is reported by Corporate and non-corporate taxpayers:
 
 
 
 The highest category of business where maximum numbers of business is done in India is Trading (Others) followed by Service Sector (Others) and then Trading (Retailers)
 



(Author can be reached at By- Sonu Mehla Mobile- 8285910007 E-Mail- sonuandfirm@gmail.com)

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