Statewise Status of Ratification of GST Bill

GST - The GST Bill was passed in accordance with the provisions of Article 368 of the Constitution, and must be ratified by more than half of the State Legislatures, as required under Clause (2) of the said article. On 12 August 2016, Assam became the first state to ratify the bill, when the Assam Leglisative Assembly unanimously ratified it. ...

Read More

India-Mauritius Tax Treaty- Amendment in Protocol and Its Impact

Income Tax - Recently Government of India has notified the revised tax treaty with Mauritius which was signed by both countries on 10 May 2016 under which India will impose capital gains tax on investments routed through the island nation from 1 April 2017 to curb tax evasion....

Read More

Constitutional Amendments on GST

GST - The Bill has since been ratified by the Legislative Assemblies of Assam (12.08.2016), Bihar (16.08.2016), Jharkhand (18.08.2016), Himachal Pradesh ( 22.08.2016) and Chhattisgarh (22.08.2016) and as likely to be taken up for ratification by Delhi, Madhya Pradesh and Gujarat. ...

Read More

Impact of Model GST on e-commerce Industry

GST - As per Clause (ix) and (x) of Schedule III of Model GST Law, every e commerce operator and every aggregator who supplies services under his brand name or his trade name irrespective of the threshold limit of turnover specified (9 lakh and 4 lakh in case of north eastern states including Sikkim) will be required to get registered....

Read More

Impact of GST on Telecommunication Industry

GST - With the introduction of GST, it is evident that the telecom industry is due for a momentous overhaul given the mammoth volume of subscriber connections, value added services offered and the revenue generated from this sector. Let us decipher the repercussions of GST on telecom industry:...

Read More

Report on Development of Corporate Bond Market in India

RBI / FEMA - It has been well recognized that a well-developed corporate bond market complements a sound banking system in providing an alternative source of finance to the real sector for its long-term investment needs. An active corporate bond market also helps in the diversification of risks in the financial system...

Read More

Dr. Urjit R Patel appointed as New RBI Governor

RBI / FEMA - Dr. Urjit R Patel has been appointed as the New Governor of Reserve Bank of India (RBI) for a period of three years with effect from 4th September, 2016. He will replace the present RBI Governor Dr. Raghuram Rajan. Dr Patel is presently the Deputy Governor of RBI and is holding this assignment since 2013....

Read More

Deduction U/s 35AC available only up to previous year ending 31-03-2017

Income Tax - Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (...

Read More

Release of Version 2.0 of Income Tax Return Statistics for A.Y. 2012-13

Income Tax - A new version of the income distribution data for AY 2012-13 has now been placed in public domain and is available at www.incometaxindia.gov.in. Version 2.0 of the tax return data includes additional tables containing distribution of gross total income in respect of different types of taxpayers e.g. individuals, HUF, firms, companies, ass...

Read More

ICAI empanels exam observers for Nov/Dec 2016 Exams

CA CS ICWA - Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations November/ December 2016...

Read More

Rent Income as main Business: Chargeable as Business Income?

M/s. Rayala Corporation Pvt. Ltd. Vs. Assistant Commissioner of Income Tax (Supreme Court) -  The business of the company was to lease its property and to earn rent and therefore, the income so earned should be treated as its business income. The High court was not correct while deciding that the income of the appellant should be treated as Income from House Property....

Read More

Non Completion / Registration of Property & Deduction U/s. 54/54F

Rajeev B. Shah v. ITO (ITAT Mumbai) -  Claiming Of Deduction Under Section 54F Of The Income Tax Act, 1961 When Property Builder Could Not Complete The Flat While Assessee Fulfilled Condition Under Above-Mentioned Section....

Read More

Consistent treatment made by assessee of share transactions cannot be disturbed by revenue

The DCIT Circle-2 Vs Shri Mahender Kumar Bader (ITAT Jaipur) -  The ITAT Bench Jaipur in the above cited case held that as per CBDT circular 6/2016 dated 29.02.2016 , if the assessee has treated the securities as investment and not as stock in trade earlier years,the revenue is not permitted to take a contrary view in the present year to claim that the securit...

Read More

Date of allotment or date of possession- To Compute Capital Gain?

Richa Bagrodia Vs. DCIT (ITAT Mumbai) -  The only issue that is to be decided is whether the date of allotment of the flat or the date of possession of the flat by the assessee should be considered as the date for computing the holding period of 36 months....

Read More

Higher frequency & volume of share transactions with short holding period to be treated as trading activity

Pine Tree Finserve Pvt. Ltd. vs. CIT (Bombay HC): IT Appeal No.- 2242 OF 2013 -  Bombay HC in the above cited case held that when the assessee’s volume of purchasing and selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless assessee provide a sound reaso...

Read More

TDS on provident fund withdrawal – Instructions

Instruction No. WSU/6(1)2016/Finance Bill 2016/IT/12859 - (23/08/2016) -  In para 5 of Head Office circular dated 05.2015 cited at (1) above, it was instructed that in the cases of provident, fund withdrawal (Form-19) wherever TDS has to be deducted @10%, the same may be approved on Form-19 by the APFC (Accounts) and wherever TDS @34.608%, it shall be approved on Form-19...

Read More

E-filed exemption forms 10A and 10G time barring on 31.08.2016

F. No. System/ITBA/Exemption Module/e-filing/2016-17/7535 - (19/08/2016) -  The e-filed forms 10A and 10G filed during the period 01.02.2016 to 29.02.2016, the orders in respect of which will get barred by limitation on 31.08.2016, have been e­ mailed to the concerned Principal Commissioner of Income Tax (Exemption)/ CIT (Exemption) on their official designation b...

Read More

Request for suggestions for legislative changes in direct tax laws -reg.

Instruction F.No.134/56/2015-TPL - (23/08/2016) -  n the past, suggestions for legislative changes were invited from field formation during the budget exercise. In this connection I am directed to intimate you that it has been decided to create an exclusive Email Id (i.e suggestion.tpl@gov.in) for receiving suggestions thought the year for legislati...

Read More

Govt invites suggestion on Manual for Procurement of Good

Notice No.F.17/6/2014-PPD - (22/08/2016) -  The Manuals on Policies and Procedures for Purchase of Goods. Works and Consultancy were issued by this Department in 2006. These Manuals were prepared in conformity with the General Financial Rules, 2005 and contained broad generic Guidelines. To suit their local/specialized needs, Ministries / Dep...

Read More

Provisional Assessment U/s. 18 of Customs Act, 1962-Guidelines

Circular No. 38/2016-Customs - (22/08/2016) -  The Customs (Provisional Duty Assessment) Regulations 2011 issued under notification no. 81/2011 – Customs (NT) dated 25.11.2011 were reviewed in view of references from the field formations regarding guidelines on the implementation of Regulation 2(2) and Regulation 4....

Read More

FAQs

Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors....
Read More
Does a DFS operator need to apply for a warehouse licence? Yes. Any person who is running a Duty free Shop should apply for a licence under Section 58A.The licensed premises is to be used for storage of the bonded goods, before they are removed to a Duty Free Shop....
Read More
Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....
Read More
This is a detailed assessment and is referred to as scrutiny assessment. At this stage a detailed scrutiny of the return of income will be carried out. At this stage a scrutiny is carried out to confirm the correctness and genuineness of various claims, deductions, etc., made by the taxpayer in the ...
Read More
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section ...
Read More

Browse All Categories

CA CS ICWA (3,060)
Company Law (2,937)
Custom Duty (6,139)
DGFT (3,226)
Excise Duty (3,835)
Finance (3,037)
GST (1,921)
Income Tax (20,753)
RBI / FEMA (2,670)
SEBI (1,290)
Service Tax (3,150)

Income Tax Planning

Advance Tax Provisions, Payment Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. In this part...

Read More

Dummies / Employees – 4 Amazing tax planning you can’t afford to miss!

Introduction Getting into the day to day work, we never thought what we missed yesterday or what we can plan for tomorrow. We at Hubco.in, always receives queries from budding...

Read More

5 Mistakes You Should Avoid in Selecting Tax Saving Investments

The word 'tax’ troubles every salaried individual and business person, equally. Nobody likes when a portion of their income gets deducted in the form of tax. Therefore, ind...

Read More

Income Tax Deductions

Deduction U/s 35AC available only up to previous year ending 31-03-2017

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year comme...

Read More

Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to o...

Read More

Buy Health insurance for you and your family to save tax

Section 80D provides a deduction for contribution towards the health insurance premium to the extent of Rs 15,000 paid for self and family. If the policyholder is a senior cit...

Read More

Calculators

Depreciation cum Asset Management Utility/Calculator

Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreciation, as per Companies Act 2013, Calculatio...

Read More

Can you trust the online financial calculators?

Yes, it is true that financial / retirement calculators are simple to use. Based on a few assumptions that you input on your computer about the future, it instantly provides y...

Read More

Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

Read More

Rate Charts

Income Tax Rates for Financial Year 2016-17

In this Article we updates about the normal tax rates applicable to different types of taxpayers. The tax rates discussed in this part are applicable for assessment year 2017-...

Read More

Rates of Depreciation as Per Income Tax Act,1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

Read More

Income Tax Rates / Slab / Chart for A.Y. 2016-17 & 2017-18

This article contains Income Tax Rates/Slab/ Chart for Assessment Year 2016-17 & 2017-18 payable by Individual (resident or non-resident) or HUF or Association of Person o...

Read More

Search Posts by Date

August 2016
M T W T F S S
« Jul    
1234567
891011121314
15161718192021
22232425262728
293031