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Articles Category : Income Tax
Concept of Composite Supply and Mixed Supply under GST
Posted Date : 02-Jul-2017 , 06:28:40 pm | Posted By ANKIT BHUTANI

Concept of Composite Supply and Mixed Supply under GST Taxability of “Composite Supply “and “Mixed Supply” shall be dealt with as per section 8 of CGST Act, 2017. In order to understand the statutory provisions, first we have to understand the meaning of following terms alon...

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Category : Income Tax | Comments : 0 | Hits : 526

GST - How to claim taxes paid on Goods in Stock
Posted Date : 22-Jun-2017 , 07:26:05 am | Posted By May I Help You.

The CBEC, under the revenue department, has mentioned various points as part of transition provisions to address three key issues: registration, credit of taxes on goods and transition without double taxation. While clarifying on transition of credit of central taxes paid on goods in stock, the C...

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Category : Income Tax | Comments : 0 | Hits : 3154

10 things to know about new TDS deduction by Individual & HUF tenants (194IB)
Posted Date : 13-Jun-2017 , 09:46:36 am | Posted By PRADEEP KUMAR RAJPUT

Tax is required to be deducted by Individual and Hindu undivided, for other assesse this provision is not applicable. Tax is required to be deducted at the rate of 5% or lower rate subject to permission under section 197 of the Act, Tax can be deducted on: Monthly basis. In the last ...

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Category : Income Tax | Comments : 0 | Hits : 1193

Filing of Statement of Financial Transaction SFT u/s 285BA-Form-61A
Posted Date : 21-May-2017 , 08:32:39 am | Posted By May I Help You.

New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of cash payment exceeding of Rs. 2,00,000/- for sale of goods/services of any nature. Many professional s...

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Category : Income Tax | Comments : 0 | Hits : 26372

Income-tax Return - Schedule AL
Posted Date : 25-Mar-2017 , 07:17:51 pm | Posted By CA Gaurav Kumar Agarwal

Dear All, The CBDT has introduced an additional schedule (Schedule AL) in the Income tax returns forms requiring disclosure of cost of specified Assets and the related liabilities. This schedule is mandatory for individuals whose total income exceeds INR 50 Lacs. Further, please note that the ...

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Category : Income Tax | Comments : 0 | Hits : 868

Step by Step explanation to link your PAN card with Aadhaar card
Posted Date : 25-Mar-2017 , 09:43:03 am | Posted By May I Help You.

The government has decided to make Aadhaar number mandatory for filing of Income Tax returns as well as linking it with Permanent Account Number (PAN) card.   In order to link PAN and Aadhaar cards, tax payers have to first register on the Income tax e-Filing portal. Once they have done so, t...

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Category : Income Tax | Comments : 1 | Hits : 1631

Exim Bank's Government of India supported Line of Credit
Posted Date : 21-Mar-2017 , 12:25:50 pm | Posted By CA PREITY NAGI

Exim Bank's Government of India supported Line of Credit of USD 50 million to the Government of Co-operative Republic of Guyana Export-Import Bank of India (Exim Bank) has entered into an agreement dated March 16, 2016 with the Government of Co-operative Republic of Guyana for making availabl...

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Category : Income Tax | Comments : 0 | Hits : 282

New Income Tax Rules On Home Loan Benefits
Posted Date : 16-Mar-2017 , 02:14:44 pm | Posted By CA PREITY NAGI

The government has cut down tax benefits borrowers enjoyed on properties let out on rent. “In order to address the existing anomaly of interest deduction in respect of let out property vis-a-vis self-occupied property, it is proposed to restrict set off of loss from house property against inco...

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Category : Income Tax | Comments : 0 | Hits : 1243

RESTRICTIONS ON CASH TRANSACTIONS IMPOSED IN BUDGET 2017
Posted Date : 21-Feb-2017 , 05:50:22 pm | Posted By AJIT H. YADKIKAR

Restrictions on Cash Receipts imposed in Union Budget 2017-18 – New Section 269ST The Finance Bill 2017 introduced a new section 269ST in the Income Tax Act. The new section will impose restriction on receipt of any amount exceeding Rs. 3 lakhs through modes other than the modes prescribed...

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Category : Income Tax | Comments : 0 | Hits : 300

SOME IMPORTANT FAQ ON BENAMI TRANSATION
Posted Date : 18-Feb-2017 , 04:02:52 pm | Posted By Md Irsad Alam

1.What is Benami? Benami essentially means property without a name. In this kind of transaction the person who pays for the property does not buys it under his/her own name. The person on whose name the property has been purchased is called the benamdar and the property so purchased is calle...

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Category : Income Tax | Comments : 1 | Hits : 704

Penalty on undisclosed income
Posted Date : 14-Feb-2017 , 01:54:10 pm | Posted By CA PREITY NAGI

Introduction:- What is Penalty? A punitive measure that the law imposes for the performance of the act that is prescribed or for the failure to perform a required act. Penalty is a comprehensive term with many different meanings. It entrails the concept of punishment- either corporal or pecuni...

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Category : Income Tax | Comments : 0 | Hits : 295

Pradhan Mantri Garib Kalyan Yojana, 2016 : Silent Features and Procedure under Scheme
Posted Date : 05-Jan-2017 , 10:58:06 pm | Posted By Prabhash Choudhary

Pradhan Mantri Garib Kalyan Yojana, 2016 comes into force w.e.f. the 17th day December, 2016 and a person may make declaration under this scheme the 31st day of March, 2017.   The salient features of the Scheme are as under: (i)         &nbs...

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Unbiased critical analysis of Demonetization
Posted Date : 30-Dec-2016 , 06:51:01 pm | Posted By Sourabh Mittal

Unbiased critical analysis of Demonetization “Jab Irada Bana liya, Unchi Uddan ka, Fir Dekhna Fizul hain, kad aasman ka”    As one of the biggest decision in the history of Independent India, Prime Minister Mr.Narendra Modi marks the evening of 8th November 2016 with his sur...

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Category : Income Tax | Comments : 0 | Hits : 517

Withdrawal from Provident Fund (PF) Account before Completion of Five years taxable
Posted Date : 17-Dec-2016 , 06:59:46 pm | Posted By Ankur Kumar Gupta

Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of subscription. Tax officials have cited a rule in the 19...

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Category : Income Tax | Comments : 0 | Hits : 537

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 : 522

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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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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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 : 867

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 : 602

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 : 992

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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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 : 1023

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 : 547

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 : 1349

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 : 1903

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 : 2054

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 : 1073

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 : 474

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 : 975

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 : 1946

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