Posted Date : 22-May-2013 , 02:44:03 pm | Posted By Rohit Gattani

1.The maximum number of members, which a Private Company can have, is increased from 50, as provided in the Companies Act 1956, to 200. 2.The concept of One Person Company has been introduced and the said company will be formed as a private limited company. This concept has been introduced for ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 615

Posted Date : 22-May-2013 , 02:41:53 pm | Posted By Rohit Gattani

Amendments as per Finance Bill 2013 Applicable for Assessment Year 2014-15 ( Financial Year 2013-14 ) Corporate Income Tax Rates for Financial Year 2013-14  :-   Particulars   IT     SC   EC   SHEC   Total ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 452

Posted Date : 22-May-2013 , 11:41:47 am | Posted By CA Pardeep Chanana

TDS Rate Chart for A Y 2013-14 on Payments other than Salary and Wages Section No. For Payment of Criterion Total Payment During the Year Payment to Individual or HUF Others 193 Interest ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1260

Posted Date : 19-May-2013 , 10:50:08 am | Posted By CA Ramesh K Chhajer

It is well known fact that tax payers are now required to file their Income-tax Return for the Financial Year 2012-13 relevant to the Assessment Year 2013-14. These Income-tax Returns in most cases have to be filed by 31st July, 2013. However, for the Corporate Sector as well as for persons who are ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 2180

Posted Date : 16-May-2013 , 05:45:57 pm | Posted By Anjali Arora

Do you know that your tax return may be picked for random scrutiny? It is quite possible that you receive a notice from the Income-Tax Department for old dues or ambiguous income. Sending scrutiny notice under section 143 (3) has become a style for the department to develop seriousness in people reg...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 1133

Posted Date : 10-May-2013 , 10:53:17 am | Posted By ANKIT DESAI

  Possession of knowledge is one thing and presentation is other & sometimes presentation will be able to win the situation even if the knowledge is lacking.   Same concept needs to be in mind while writing your answer sheets. Some points needs to be considered during exam so as to ...

Continue Reading...

Category : Income Tax | Comments : 3 | Hits : 866

Posted Date : 06-May-2013 , 08:08:44 am | Posted By Vimmi

In this article we are discussing which ITR should be filed online with Digital Signature Mandatorily and for which only ITR online Filing   is although mandatory but filing with Digital Signature is not mandatory. A Return can normally be filed / furnished in following modes :- &nbs...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1309

Posted Date : 30-Apr-2013 , 09:13:11 am | Posted By Vimmi

Key features of File Validation Utility(FVU) version 3.7 Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q  Q4. Section code 80CCG is applicable for FY 2012-13 onwards. Section 80CCF: Quoting deductionunder section 80CCF has been restricted ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1926

Posted Date : 26-Apr-2013 , 08:18:11 am | Posted By Vimmi

We are providing below the list of 45Income tax Forms other than ITRs which can filed online on the Income tax E-Filing website namely https://incometaxindiaefiling.gov.in/e-Filing/ . These Forms includes Tax Audit Reports, transfer Pricing Audit Reports, MAT Com...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1415

Posted Date : 23-Apr-2013 , 08:43:02 am | Posted By Vimmi

What is Form 16 / 16A? It is the certificate of deduction of tax at source by any person in accordance with Chapter XVII-B of IT Act. Form 16 is issued on deduction of tax by the employer on behalf of the employee under section 192 of IT Act, 1961. Form 16A is issued if the deduction ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1681

Posted Date : 16-Apr-2013 , 10:35:29 am | Posted By RAVITOSH KUMAR

Under section 201(1), any person who is liable to deduct tax at source fails to deduct whole or any part of such amount or after deducting fails to deposit the tax to the department, he shall be deemed to be assesse in default in respect of the tax liable to interest u/ 220 and penalty u/s 221. U...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1242

Posted Date : 16-Apr-2013 , 10:30:16 am | Posted By RAVITOSH KUMAR

Under income tax act, in case of depreciable assets the selling expenses on account of transfer of such asset is treated differently from the normal accounting rules in the following situations: Normally, on transfer of asset we reduce the sale consideration by the amount of selling expenses (com...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 287

Posted Date : 16-Apr-2013 , 10:29:44 am | Posted By RAVITOSH KUMAR

Under Section 92BA, following are the transactions on which transfer pricing provisions apply whenever the amount of transaction exceeds 5 Cr.          i.            Any expenditure to which section 40A...

Continue Reading...

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

Posted Date : 13-Apr-2013 , 10:23:54 am | Posted By Dhananjay Saraf

Nokia Tax Evasion Case Relating to TDS   This case is related to transaction done between Nokia India Ltd and its Finnish parent Nokia OYJ involving alleged tax evasion of nearly 3000 crores. As per news published in Business standard, Nokia India has been paying royalty payments to its pa...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 453

Posted Date : 08-Apr-2013 , 04:41:07 pm | Posted By Vinay Sharma

Conducting IPL Matches is not a Charitable Activity   IPL is commercial venture to maximize revenues from cricket. Registration of cricket associations conducting IPL matches are liable to be cancelled under section 12AA(3) by invoking the first proviso to section 2(15) In the instant case...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1274

Posted Date : 05-Apr-2013 , 01:47:21 pm | Posted By Nitesh More

Vide letter No. 8/5(1669/65-PR dated 21-1-1963, AGM can be held on Sunday in certain cases: CA Nitesh More   CAN AGM HELD ON SUNDAY? PREPARED BY CA NITESH MORE   CASE 1: YES, ADJOURNED AGM CAN BE HELD ON SUNDAY.   CASE 2: YES,  AGM CAN BE HELD ON SUNDAY IF PROCEDURE TO S...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 994

Posted Date : 24-Mar-2013 , 06:02:45 pm | Posted By Vinay Sharma

Top of Form Few tips to Prevent Income Tax Raids. One should not keep any unaccounted or undisclosed money, property or income popularly known as black money. If such a disclosure is made before its detection by the Income Tax Department, the chances of being trapped in a tax raid are minim...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1764

Posted Date : 20-Mar-2013 , 11:54:40 pm | Posted By Mayank Singla

The Hon’ble Finance Minister (FM) presented the Union Budget 2013amidst major challenges facing the Indian economy. Some of the most important considerations for the FM were reviving growth, increasing savings and investments, reining in inflation and gaining back the confidence of...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 480

Posted Date : 20-Mar-2013 , 06:41:02 pm | Posted By Vinay Sharma

Pre-requisites of Section 91(1) and 192 of I.T. Act, 1961   FACTS OF THE CASE   1. The assessee had paid tax of Rs. 82 Lakhs in Kuwait on income earned by it there during the previous year 1996-97 and accordingly claimed the benefit thereof in India in accordance with pro...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1261

Posted Date : 20-Mar-2013 , 05:40:19 pm | Posted By Mayank Singla

The Financial Budget 2013bringing in many changes that are proposed to be implemented from 1st April, 2013 has bought in serious issues to be looked for and analysed by the tax regulators and experts. Section 195 of the Income Tax Act, 1961 states that: The income earne...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 493