The current four-years block is from January 1, to December 31, An amount of Rs. Professional Tax levied by the State Government is allowable as a deduction from Gross Salary provided it has been paid. Amount received or receivable i. The cash equivalent of unutilised earned leave will not form part of total income if received on retirement in one of the following circumstances.
Entitlement of leave for the purposes of this provision shall be deemed to be limited to 30 days' leave for each year of actual service. Where an employee receives such payments from more than one employer in the same previous year, the aggregate amount exempted will be subject to the limit indicated above. Where he has received such a payment for an earlier previous years also, the amount exempt during the current year will be reduced by the amount which was not included in the total income earlier as cash equivalent of unutilised earned leave.
The history of the Provident Fund legislation in India dates back to the year Later, the Provident Fund Act, was enacted to amend and consolidate the laws relating to both Government and other Provident Funds. A statutory provident fund is set up under the provisions of the Provident Fund Act, This fund is maintained by Government and Semi Government organizations, local authorities, railways, universities and recognized educational institutions.
Retired employees normally will not be concerned with such funds after their retirement. The Finance Act, amended section 10 11 to provide for exemption of payments made from a notified fund also. SO dated 2. Any member of the Public whether a salaried employee, pensioner, a self employed person or businessman can participate in the Public Provident Fund by opening an account at any branch of the State Bank of India or its subsidiaries.
Any amount in multiples of Rs. The accumulated balance is payable after 15 years. Withdrawals can however, be made to the extent indicated after every 5 year. The compound rate of interest on this account is now 9. The Income-tax Law relating to payments received from or made to such statutory provident funds or the Public Provident Fund can be summed up as under:.
For let out property, amount paid by the owner towards taxes levied by any local authority in respect of the property is deductible from Annual value taxes pertaining to any previous years. If loan taken for Repairs, renewal, reconstruction of property, Rs.
The Capital Gain arising out of sale of long term capital asset can be invested in National Highways Authority of India, Rural Electrification Corporation Limited, within six months from the date of sale Lock-in period is 3 years. Family Pension received by the widow or children or nominated heirs, as the case may be, of a member of the armed forces including para-military forces of the union, where the death of such member has occurred in the course of operation is exempt.
Any income by way of Dividends from company, Income received in respect of units from the Unit Trust of India, Income received in respect of the units of a mutual fund are exempt. If a person who is required to furnish a return of income as required under section 1 or by the proviso to sub-section, fails to furnish such return before the end of the relevant assessment year, shall be liable to pay by way of penalty a sum of Rs.
PAN can be obtained by applying in new Form No. PAN is essential for processing the Return of Income and for giving credit for taxes paid. If a person who is required to quote his Permanent Account Number fails to do so or intimates false number, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of Rs.
Advance tax payments and Self-assessment tax payments have to be made in Challan No. For example, universities often begin and end their fiscal years according to the school year. Knowing a company's fiscal year is important to corporations and their investors because it allows them to accurately measure revenue and earnings year-over-year. A fiscal year is a period of time lasting one year but not necessarily starting at the beginning of the calendar year.
Countries, companies, and organizations can start and end their fiscal years differently, depending on their accounting and external audit practices. The U. The fiscal year for most nonprofit organizations runs from July 1 to June Fiscal years that vary from a calendar year are typically chosen due to the specific nature of the business. For example, nonprofit organizations typically align their year with the timing of grant awards.
Fiscal years are referenced by their end date or end year. For example, to reference a nonprofit organization's fiscal year, you may say, "FY " or "fiscal year ending June 30, According to the IRS, a fiscal year consists of 12 consecutive months ending on the last day of any month except December. Alternatively, instead of observing a month fiscal year, U. In this case, the fiscal year would end on the same day of the week each year, whichever happens to be the closest to a certain date—such as the nearest Saturday to Dec.
This system automatically results in some week fiscal years and some week fiscal years. Fiscal years are commonly referred to when discussing budgets and are a convenient time period to reference and review a company's or government's financial performance. The default IRS system is based on the calendar year, so fiscal-year taxpayers have to make some adjustments to the deadlines for filing certain forms and making payments.
While most taxpayers must file by April 15 following the year for which they are filing, fiscal-year taxpayers must file by the 15th day of the fourth month following the end of their fiscal year. For example, a business observing a fiscal year from June 1 to May 31 must submit its tax return by Sept. In the United States, eligible businesses can adopt a fiscal year for tax reporting purposes simply by submitting their first income tax return observing that fiscal tax year.
At any time, these businesses may elect to change to a calendar year. However, companies that want to change from a calendar year to a fiscal year must get special permission from the IRS or meet one of the criteria outlined on Form , Application to Adopt, Change, or Retain a Tax Year. Investors might ask, "What fiscal year is it?
Below are K reports from popular companies with fiscal years that don't follow the calendar. Apple Inc. Macy's Inc. M ends its fiscal year on the fifth Saturday of the new calendar year; in , this date fell on Jan.
Many retailers generate a large chunk of their earnings around the holidays, which could explain why Macy's chooses this end date. Not necessarily. Sometimes, a fiscal year may differ from a calendar year. Fiscal years are an important concern for accounting purposes because they are involved in federal tax filings, budgeting, and financial statements.
Consider the fiscal year for the U. Companies that rely on contracts from the government may also structure their fiscal years to end in late September. This is because often budgeting planning from the government will be disclosed and new projects finalized.
Conversely, many tech companies experience strong sales volumes during the early months of the year, which can explain why in many cases, their fiscal years will end in late June. For companies that operate on a seasonal basis, using a fiscal year may be beneficial. For instance, it is common for retail companies to end their fiscal year on Jan. Walmart and Target are two primary examples of companies that use this fiscal year. Internal Revenue Service.
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