Guide for students looking for higher education abroad

Finance - There has been a recent trend towards students opting for studying in foreign countries. Generally, it’s because it improve the student’s employment prospects. But like all things in foreign, even the cost of education is also very high. But that doesn’t meant that you cannot have access to these courses abroad. Most lenders look at...

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Queries related to Selling/buying of goods & services in excess of Rs. 200,000/-

Income Tax - Vide Finance Act 2016, tax at source is required to be collected by a seller at the rate of 1%, if consideration for goods/services in cash exceeds INR 2,00,000/-. The said provisions have raised a lot of flak considering the ambiguity involved in the drafting and forced CBDT to issue time to time clarification on various issues involved....

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Deduction for Hypothetical Tax – Is it Fair??

Income Tax - An individual is usually accustomed to the tax rates and tax structure of his/her home country. Tax rates are different in different countries. If an employee is deputed from his home country to another country certainly his net income will be impacted because of difference in tax rates. e. g. If an Indian employee (effective tax rate is ...

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Services by Government to Business Entity- effect of changes

Service Tax - As per section 68(2) person liable to pay service tax shall be the person notified under rule 2(1)(d) of Service Tax Rules 1994. Rule 2(1)(d) specifies the cases where the service tax is required to be paid by service receiver under the reverse charge mechanism(either under full reverse charge or under partial reverse charge)....

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Brexit- All you want to know

Finance - Brexit was the United Kingdom’s decision to discontinue with the EU Regime. The Brexit is an abbreviation of British exit which mirrors the term Grexit, refers to Britain's withdrawal from European Union....

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New TDS/TCS RPU 1.6, FVU 5.1 & FUV 2.147 wef 28.06.2016

Income Tax - Due date for filing Quarterly TDS/TCS statement for Q1 (April to June) of FY 2016-17 is July 31, 2016 for all the categories of Deductors/Collectors. Do submit quarterly TDS/TCS statement on or before due date to avoid late filing fee under section 234E of Income Tax Act. In order to locate the nearest TIN Facilitation […]...

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CBI court convicts DSP, CBI for evasion of customs duty

Custom Duty - The Special Judge for CBI cases, Chennai has convicted Sh. G. Vinod Kumar Gollapudi & Sh. Natha Venkata Vathsa Vardhan, both private persons and Sh. K.A.A. Salaam, DSP, CBI for evasion of customs duty. Sh. K.A.A. Salaam has been sentenced to undergo two years Rigorous Imprisonment with fine of Rs.20,000/- and Sh. G. Vinod Kumar Gollapudi ...

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Vacancy For CA having Experience in Financial Due Diligence

CA CS ICWA - Full time Job Opportunity for Chartered Accountants with one of leading Company in the field of Broking,Financial Services and  Investment banking at Mumbai, for those who are having post qualification  experience of 3 to 4 Years in Financial Due Diligence. Role of candidate will be of  Assistant Manager and company is willing to offer...

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PM warns Tax Evaders to disclose income before 30.09.2016

Income Tax - For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden. ...

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India prepared to deal with consequences of Brexit

Finance - We are well prepared to deal with the short and medium term consequences of Brexit;. Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position....

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Auditor’s opinion on Section 80P Interpretation, cannot be a Information for Reopening U/s 147

Jaipur Sahakari Kraya Vikraya Samiti Ltd. Vs. ITO (ITAT Jaipur) -  The  case of assessee was reopened and the assessment under section 144 read with section 147 of the IT Act, 1961. While framing the assessment, the AO restricted the deduction claimed u/s 80P(2)(c)(i) of the Act  and also confirmed the disallowance u/s 40(a)(ia)  consequent to  deposit of TDS a...

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CIT cannot revise assessment for issues already examined by AO

M/s. Rachana Finance & Investments Pvt. Ltd. vs. CIT (ITAT Mumbai) I.T.A. No. 2795/Mum/2014 -  ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised. ...

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Can Non Resident Assessee avail 10% Tax rate on LTCG?

DDIT Vs. Mitsubishi Motors Corporation (ITAT Delhi) -  The assessee had applied tax rate of 10% in the terms of the proviso to section 112(1) of the Income Tax Act. However, the AO has applied tax rate of 20% as the proviso below section 112(1)(c) was not applicable in the case of non-residents. Does as per ITAT - the long-term capital gain earned by th...

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No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT vs. M/s Sess Resources Ltd. (ITAT Panaji) -  The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agen...

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Reopening invalid if AO records satisfaction in mechanical manner & without application of mind

M/S Banke Bihari Properties Pvt. Ltd Vs ITO (ITAT New Delhi) -  While the CIT may have proceeded on the basis that the reopening of the assessment was valid, this does not satisfy the requirement of law that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Asses...

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A person registered as FSD not required to take registration as an importer, and vice versa

Notification No. 30/2016 - Central Excise (N.T.) - (28/06/2016) -  In pursuance of sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby specifies that‑ (i) a person who is registered as a first stage dealer shall not be required to take registration as an importer; or (ii) a person who is registered as an impor...

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Common registration & return for First Stage Dealer & Importer

Circular No. 1032/20/2016-CX - (28/06/2016) -  An assessee who conducts business both as an importer and a First Stage Dealer may take only one registration as he has been exempted from the requirement of taking a second registration. It may be noted that the facility is optional and any assessee needing separate registration for his own busines...

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Revised Procedure for online submission of TDS/TCS statement

Notification No. 11/2016-Income Tax (DIT Systems) - (22/06/2016) -  Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively...

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11 New FAQs on Income Declaration Scheme, 2016

Circular No. 24/2016-Income Tax - (27/06/2016) -  If only part payment of the tax, surcharge and penalty payable on undisclosed income declared under the Scheme is made before 30.11.2016, then whether the entire declaration fails as per section 187(3) of the Finance Act, 2016 or pro-rata declaration on which tax, surcharge and penalty has been paid...

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Relaxation from deduction of tax at higher rate U/s. 206AA

Notification No. 53/2016-Income Tax - (24/06/2016) -  37BC. Relaxation from deduction of tax at higher rate under section 206AA.– (1) In the case of a non-resident, not being a company, or a foreign company and not having PAN the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical ...

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FAQs

This FAQ explains about Income Tax, administrative framework of Income-tax, Return Filing Period, who is suppose to pay Tax, how to pay tax, precaution in Tax Payment , when to pay Tax, Advance Tax Calculation, Income Tax Challans, Form 26AS, Exempt Income Taxable, Income, Assessing Officer, Revenue receipt, Capital receipt, Agricultural ...
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The Central Government has decided to levy Krishi Kalyan Cess @ 0.5% on the value of taxable services from 01/06/2016. As a result, there are bound to be questions as to how this levy will get integrated into the existing dynamic structure of the Service Tax provisions....
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How do I apply for a name for a company? You can use the services of check name availability for first-hand information on whether the proposed name is available and then apply for it in form INC-1 with six alternative names with deferent prefix word or INC-29 (composite Incorporation Form)....
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In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of money for sale of goods or provision of services exceeding Rs.2 lakh. In such cases, besides the sale price, the seller is required to collect an additional 1% from the purchaser, and pay it to the government....
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Whether a member of the Institute in practice can accept such assignment where advertisement of tender was issued prior to 7th April, 2016? The notification is effective for all tenders issued/hosted on or after 7th April, 2016. Therefore, a member of the Institute in practice can accept such assignment where advertisement of tender was i...
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Income Tax Planning

Child worried about Education, Parents worried about its taxation

Krishna, as it is the time of schools and colleges reopening, admission of students are going on everywhere. All parents want that their children should be educated from the ...

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Tax benefits you can avail by investing in an apartment

Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied ...

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Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is ...

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Income Tax Deductions

Tax Benefits of Health Insurance – Invest in Your Heath to Save More

Every financial year, taxpayers look for legal ways to protect their savings and minimise tax liability. The pressure to keep up with the costs of living, the skyrocketing pro...

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An Overview on Different Types of Income Tax Deductions in India

Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of t...

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Guide to meet TDS / TCS Obligations for deductor/Collector

WHAT IS TDS/TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However, in certain...

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Calculators

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...

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Calculate Tax for AY 2016-17 & Get Ready to file your Tax Returns

In this article Author has Provided three Income Tax Calculator in Excel Format for Calculation of Tax by Individuals below the Age of 60 Years, 60 or above but less than 80...

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Income tax Calculator for F.Y. 2015-16 A.Y. 2016-17

Income tax Calculator for Financial Year 2015-16 Assessment Year 2016-17 in Excel Format Attached is the Income tax calculator with flexi allocation kit for the FY 2015-2016. ...

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Rate Charts

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...

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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...

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Service Tax Rates as applicable from 1st June 2016

In this article we have compiled Generic Service Tax Rate Applicable on all Taxable Services, Service Tax on Non Taxable Services , Wholly Exempted Services, Rate of Service T...

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