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Articles Category : Income Tax
MY TAKE ON DEMONETISATION
Posted Date : 23-Nov-2016 , 06:16:05 pm | Posted By Rohit Kapoor

In a special broadcast on 8 November, Prime Minister Narendra Modi announced a positive exogenous shock to the country. He declared that in less than four hours, Rs500 and Rs1,000 bills would be demonetized, thereby withdrawing their status as legal tender   These were the highest and most popu...

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Category : Income Tax | Comments : 0 | Hits : 275

Transfer Pricing
Posted Date : 01-Nov-2016 , 03:35:53 pm | Posted By Pankaj Rohra

Introduction  In order to derive synergies and reduction of costs, the Multinationals companies started the practice of common shared center or one affiliate provides services on a central basis to several other affiliates. The agreements may be formulated amount group entities to jointly de...

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Category : Income Tax | Comments : 0 | Hits : 365

The Direct Tax Dispute Resolution Scheme, 2016 with Rules
Posted Date : 23-Oct-2016 , 01:39:06 pm | Posted By Prabhash Choudhary

The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance Act, 2016 (hereinafter referred to as ‘the Act’) which has been come into the force from 1st day of June’16 and will be into force on or bef...

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Category : Income Tax | Comments : 0 | Hits : 313

Final Rules on Buy Back of Shares of Unlisted Companies
Posted Date : 20-Oct-2016 , 05:28:03 pm | Posted By Prabhash Choudhary

Finance Minister Shri Arun Jately has amended clause (ii) of sub-section (1) section 115QA by clause 56 of the Finance Act, 2016 to prescribe the rule for, “the amount, which was received by the company for issues of shares to be buy back.” Section before amendment: As per Section 11...

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Category : Income Tax | Comments : 0 | Hits : 446

Filling of Income Tax Return. Is it important!
Posted Date : 03-Oct-2016 , 02:24:18 pm | Posted By Nitin Hargude

Filling of Income Tax Return. Is it important! - CA Nitin Hargude   A. Under the Law and regulations   1. It is mandatory to file Income Tax Return if you have PAN and Income which is earned is more than maximum Income which is not chargeable to tax i.e. basic exemption limit as prescr...

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Category : Income Tax | Comments : 0 | Hits : 531

Transactions that are required to be reported under section 285BA (1) (AIR Reporting)
Posted Date : 11-Sep-2016 , 05:01:17 pm | Posted By RAHUL MODI

Transactions that are required to be reported under section 285BA (1) (AIR Reporting)   The statement of financial transaction shall be furnished by every person mentioned in column (3) of the Table below in respect of all the transactions of the nature and value specified in the correspo...

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Category : Income Tax | Comments : 0 | Hits : 942

Due dates for the Month of July 2016
Posted Date : 13-Jul-2016 , 02:36:04 pm | Posted By RAHUL MODI

15 July 2016 ​Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2016 15 July 2016 ​​​Quarterly statement of TCS deposited for the quarter ending 30 June, 2016 22 July 2016 ​​​​Due date...

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Category : Income Tax | Comments : 0 | Hits : 582

No Change in TCS Return Filing Dates
Posted Date : 12-Jul-2016 , 09:04:09 pm | Posted By Ankit Jain

In recent years, CBDT has made efforts to rationalize the provisions and procedures of Tax Deduction at source (TDS) and Tax collected at source (TCS). The recent amendments of extending the date for filing of TDS returns has been extended to 30th of next month after the quarter end is another step ...

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Category : Income Tax | Comments : 0 | Hits : 831

Amendment In section 206C Vide circular No.22/2016
Posted Date : 27-Jun-2016 , 01:45:28 pm | Posted By SHASHI RANJAN

Circular No-22/2016.......F.No.370142/17/2016-TPL   Brief:- Finance Act 2016 has amended the section 206C of the said Act. It provide that seller shall collect tax @ 1% from buyer on sale in cash of certain goods or provision of services exceeding Rs. 2 Lacs.      ...

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Category : Income Tax | Comments : 0 | Hits : 499

Rebate U/s 87A for A.Y. 2017-18
Posted Date : 26-Jun-2016 , 12:30:45 pm | Posted By Durgesh Vashisth

REBATE U/S 87A FOR A.Y. 2017-18 (F.Y. 2016-17) Rebate of up to Rs. 5,000 for resident individuals having total income of up to Rs. 5,00,000 as per Sec-87A of Income Tax Act, 1961 for A.Y. 2017-18 i.e. F.Y. 2016-17. The rebate shall be equal to the amount of income tax payable on the total inco...

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Category : Income Tax | Comments : 1 | Hits : 795

TCS on cash sale of goods or services
Posted Date : 03-Jun-2016 , 11:18:15 am | Posted By Soniya

Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016.   New Sub Section (1D) of Section 206C is as follow:   Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other goods...

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Category : Income Tax | Comments : 0 | Hits : 1819

SALARIED EMPLOYEES TO SUBMIT PROOF FOR LTA, HRA CLAIMS
Posted Date : 30-May-2016 , 01:55:02 am | Posted By Aman Kesharwani

The CBDT (Central Board of Direct Taxes) has introduced a new form (Form 12 BB) for claiming tax deduction towards LTA, LTC, HRA & interest paid for home loans. The new form mandates people to furnish proof of travel while claiming LTA, LTC, and details of landlord in case of HRA claims.  ...

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Category : Income Tax | Comments : 1 | Hits : 1943

SME....!!! A New Opportunity for Private Company..!
Posted Date : 26-Apr-2016 , 04:39:26 pm | Posted By Meetesh Shiroya

In the Present era, the market is booming up so every Company want to take opportunity to earn more from the same market and want to get maximum benefits out of that, so what are the ways available for Company to avail such benefits. So for that, Private Company has to change its Mission as well as ...

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Category : Income Tax | Comments : 0 | Hits : 1044

SECTION 115JB OF THE INCOME TAX ACT
Posted Date : 20-Apr-2016 , 02:36:51 pm | Posted By Manshi Baid

SECTION 115JB OF INCOME TAX ACT, 1961   SPECIAL PROVISION FOR PAYMENT OF TAX BY CERTAIN COMPANIES - (AFTER BUDGET 2016) This section is nothing but the Minimum Tax that a company is required to pay. This section provides that in case the tax payable by a company is less than 18.5 % of i...

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Category : Income Tax | Comments : 0 | Hits : 419

Tax Ready Reckoner for Investments - FY: 2015-16:
Posted Date : 26-Mar-2016 , 04:20:31 pm | Posted By CA GOURAV MURARKA

Tax Ready Reckoner for Investments - FY: 2015-16:   EQUITY: Stocks:   1. If you hold on to them for a year, the long-term capital gain is tax free 2. Short-term capital gain is taxed at 15% 3. Dividends are tax free   DEBT FIXED INCOME INSTRUMENTS: Savings a/c:   1. I...

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Category : Income Tax | Comments : 0 | Hits : 952

Detail Analysis of Section 44AD of Income Tax Act, 1961
Posted Date : 11-Feb-2016 , 05:33:40 pm | Posted By Darshan Jain

1. 44AD(1) is reporoduced as under: Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the...

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Category : Income Tax | Comments : 0 | Hits : 1332

Best practices one can follow to protect one’s tax and financial information over internet, suggestions by IRS (USA)
Posted Date : 11-Jan-2016 , 11:59:42 am | Posted By Meetesh Shiroya

Internal Revenue Service’s (IRS); incometax efiling portal of United States (https://www.irs.gov) have suggested some best practices one can follow to protect one’s tax and financial information. The suggestions are very much relevant for all similar incometax online portals including in...

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Category : Income Tax | Comments : 0 | Hits : 441

declaration format to be furnished by the payee under section 194C(6)
Posted Date : 10-Dec-2015 , 01:46:24 pm | Posted By Pardeep Garg

“DECLARATION UNDER SECTION 194C(6) OF THE INCOME-TAX ACT, 1961 No………(To be provided by payee)                              &nb...

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Category : Income Tax | Comments : 0 | Hits : 564

SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS
Posted Date : 07-Dec-2015 , 06:01:43 pm | Posted By Manshi Baid

Section 44AD of the Income Tax Act, 1961 - SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS   This section provides that ELIGIBLE ASSESSEES can in respect of ELIGIBLE BUSINESS can declare 8% or more of the Total turnover or gross receipts on account o...

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Category : Income Tax | Comments : 0 | Hits : 562

Principles and Procedures of Assessment u/s 153C dealt comprehensively by Delhi High Court
Posted Date : 05-Nov-2015 , 01:37:34 am | Posted By VINAMAR GUPTA

Delhi High Court in Judgment delivered in the case of RRJ Securities Ltd. ITA 164/2015 dated 30-10-2015, has dealt comprehensively the principles and procedure of framing assessment u/s 153C. Relevant provisions of Section 153C are as under: Notwithstanding anything contained in section 139...

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Category : Income Tax | Comments : 0 | Hits : 428

All about Capital Market Tax
Posted Date : 02-Nov-2015 , 12:57:29 pm | Posted By Gautam Gupta

Taxation for Capital Market                                                                              ...

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Category : Income Tax | Comments : 0 | Hits : 686

Key Point and Analysis of Final Rules on ‘Range Concept’ and ‘Multiple year data’ in Transfer Pricing provisions
Posted Date : 29-Oct-2015 , 11:34:09 am | Posted By RAGHAV GUPTA

Key Point and Analysis of Final Rules on ‘Range Concept’ and ‘Multiple year data’ in Transfer Pricing provisions   Introduction The Income-tax Act provides for determination of income having regard to Arm’s Length Price (ALP) in case of international transa...

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Category : Income Tax | Comments : 0 | Hits : 662

Law relating to deductibility of expenses in Contractual and Statutory liability disputes dealt at length by the Special Bench of ITAT
Posted Date : 23-Oct-2015 , 04:05:29 pm | Posted By VINAMAR GUPTA

Special Bench presided by ITAT President Mr. DD Sud in the case of National Agriculture Co-operative ITA  1999 & 2000/Del/2008 pronounced on 16-10-2015 has touched and dealt at length the issues of deductibility of expenses in case of Contractual and Statutory liability disputes with the ai...

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Category : Income Tax | Comments : 0 | Hits : 271

All About HUF
Posted Date : 15-Oct-2015 , 05:45:47 pm | Posted By Manan Gupta

All About HUF Meaning;   What is an HUF? As the name suggests, an HUF is a family of Hindus. However, even Buddhists, Jains and Sikhs are regarded as Hindus, and can, therefore, set up HUFs. The concept of an HUF has basically evolved from ancient Hindu law. There are two scho...

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Category : Income Tax | Comments : 0 | Hits : 811

Complete Solutions for 15CA & 15CB form
Posted Date : 05-Oct-2015 , 03:35:08 pm | Posted By Manan Gupta

Firstly to understand the provisions & needs of Form 15CA & 15CB, we have to understand the income Tax  Act & Rules made behind the compliances and transactions required the compliances of Form 15CA & 15CB.  Section 195(6)of Income Tax Act-  The person responsible f...

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Category : Income Tax | Comments : 2 | Hits : 2290

Reporting Financial Institution and their procedure
Posted Date : 25-Sep-2015 , 12:25:39 pm | Posted By Gautam Gupta

Reporting Financial Institution and their registration under income tax Act, 1961 and submission of form 61B Chapter-1   According to the amended provisions of Section 285BA(1)(k)of the Income Tax Act, 1961, some prescribed reporting financial institutions need to furnish a statement of finan...

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Category : Income Tax | Comments : 0 | Hits : 240

MISTAKES TO BE AVOIDED WHILE FILING AN INCOME TAX RETURN
Posted Date : 07-Sep-2015 , 01:24:34 pm | Posted By Ankit Gupta

1. Forget Sending ITR V to Income Tax Department Every Tax Payer is required to send a duly signed copy of ITR V form to Income Tax department within 120 days of e filing an Income Tax Return at “Income Tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Banglore – ...

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Category : Income Tax | Comments : 0 | Hits : 993

Assessment/ Reassessments Time Limitations under Income Tax Act, 1961
Posted Date : 27-Aug-2015 , 12:10:28 am | Posted By GOVIND NARAYAN SHARMA

          TIME LIMITS FOR ISSUANCE OF NOTICES, ORDERS UNDER DIFFERENT SECTIONS OF INCOME TAX ACT, 1961           Income Tax Act, 1961 contains different time limits for i...

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Category : Income Tax | Comments : 0 | Hits : 1094

Advisory from CPC (TDS) regarding spurious emails
Posted Date : 25-Aug-2015 , 03:39:45 pm | Posted By Simran Singh

CPC (TDS) has released an advisory communication to all deductors and taxpayers regarding spurious email. CPC (TDS) has advised them to maintain strong Password for User account at TRACES and must not share the User ID / Password with any unauthorized user. The released communication has been giv...

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Category : Income Tax | Comments : 0 | Hits : 591

INCOME TAX DEPARTMENT ADVISORY FOR RETURNS, REFUNDS
Posted Date : 14-Aug-2015 , 08:04:22 am | Posted By Vimmi

Dear Taxpayer, Greetings from Centralized Processing Center (CPC) - Bangalore. As the due date for filing the Income Tax Return for Assessment year 2015-16 is approaching, please find below certain important points which will be helpful in submitting a correct return and its processing at CPC, Ban...

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Category : Income Tax | Comments : 0 | Hits : 2333

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