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 deve...
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Category : Income Tax |
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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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Category : Income Tax |
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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 115QA...
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Category : Income Tax |
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Transition Phase: Indian GAAP to Indian Accounting Standards (Ind AS) and related practical issues
Posted Date : 07-Oct-2016 , 07:03:20 pm | Posted By
Sourabh Mittal
Transition Phase: Indian GAAP to Indian Accounting Standards (Ind AS) and related practical issues
As the title itself suggests our point of discussion will be revolving around the first time adoption of Indian Accounting Standards, practical aspects, major impact areas, and approach for im...
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Category : Income Tax |
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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 prescrib...
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Category : Income Tax |
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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 correspon...
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Category : Income Tax |
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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 |
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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 |
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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.
&n...
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Category : Income Tax |
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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 |
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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 (ot...
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Category : Income Tax |
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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 |
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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 |
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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 ...
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Category : Income Tax |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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