How to e-File Form 15CA and 15CB

Income Tax - In this article we have discussed the procedure for e-filing of form 15CA and Form 15CB by remitter and Chartered Accountant using their digital Signature on e-filing website of Income Tax Department i.e. http://incometaxindiaefiling.gov.in...

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Whether ‘Google Adsense’ Liable to be Taxed under Service Tax?

Service Tax - Prior to 2014, Digital Ads were specifically exempted from the levy of service tax in India and were specifically mentioned in the Negative List of Services. However, this exemption has now been withdrawn and Digital Ads are no longer part of the Negative List of Services. As this exemption has now been withdrawn, Service Tax on digital a...

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Checklist on Companies (Auditor’s Report) Order, 2016

Company Law - CA Rahul Modi Applicability :- Companies (Auditor’s Report) Order, 2016 is Applicable to all companies except the following type of Companies :- Banking companies Insurance Companies Section 8 Companies One person Companies It also exempts private companies (not being subsidiary or holding company of a public company ) upon fulfillment ...

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Hey Examinee! “Do thy duty, Result is not thy concern!!”

CA CS ICWA - What happened, if your exams on head? What has been prepared, peacefully go with that. Reach to exam center, with full enthusiasm & zeal. Nothing will debar you, to take/handle & settle big deal....

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Appeal to Commissioner (Appeal) under Service Tax

Service Tax - Service tax has become a major source of revenue to the government. Service tax being complicated on many issues and interpretation often lead to litigation. Government has also expanded the service tax department considerably to stop and find out tax evasion. Knowingly or unknowingly, if one remains fail to comply with the service tax pr...

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Empanelment with Dena Bank of CA Firms for Concurrent Audit

CA CS ICWA - Dena Bank invites Applications for selection of CA Firms as Concurrent Auditors for the period July 2016 to June 2017. Members should submit their applications online on Bank website as per the format attached. The recipient/ respondent need not send the print out / hard copy of application....

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Income Tax Return Statistics Assessment Year 2012-13

Income Tax - The objective of publishing this statistics is to encourage wider use and analysis of Income-tax data by Departmental personnel and academicians. The statistics relating to sources of income have been prepared on the basis of values mentioned in e-filed returns and values captured from paper returns and the same may contain data entry err...

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Report on Insolvency & Bankruptcy Code, 2015

Corporate Law - The objective of the Insolvency and Bankruptcy Code, 2015 is to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner. There is no single law in India that deals with insolvency and bankruptcy....

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PAN details as per status, Gender & Age for FY 2013-14

Income Tax - Income Tax Department has released details of Tax Payers to whom the Income PAN Cars is been allotted during the Financial Year 2013-14. It shows the the same based on Status of Taxpayer i.e. Individual, Company , Firm Etc.  and also based on Taxpayers Age during the Financial Year 2013-14 while making the Application and […]...

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TDS on Commission paid to non-resident for services rendered outside India?

CIT vs. Farida Leather Company (Madras High Court) -  In the instant case, it is seen, admittedly that the nonresident agents were only procuring orders abroad and following up payments with buyers. No other services are rendered other than the above. Sourcing orders abroad, for which payments have been made directly to the non-residents abroad, does n...

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Mobilization expenses to move assets to client’s premises allowable as revenue expenditure

Dewanchand Ramsaran Industries Pvt. Ltd. vs. ACIT (ITAT Mumbai) -  The ITAT bench of Mumbai in the above cited case held that when the assessee company in its continuing and existing business of chartered hiring of rigs imported new rigs to be moved to and installed at the site of the clients desirous of taking the same on hire for oil drilling, all the mobilizatio...

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TDS not deductible on Tips collected by Hotels & Paid to Staff: SC

ITC Ltd. Gurgaon vs. Commissioner of Income-tax (TDS) {Supreme Court Of India -  The assessees are engaged in the business of owning, operating, and managing hotels. Surveys conducted at the business premises of the assessees allegedly revealed that the assessees had been paying tips to its employees but not deducting taxes thereon.The Assessing Officer treated the receipt of th...

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No Penalty for non-deduction of Tax based on CA Certificate

Smt. Aishwarya Rai Bachchan vs. Additional Commissioner of Income-tax (ITAT Mumbai) -  In the present case also, assessee has engaged a chartered accountant to guide her in complying to statutory requirements. Therefore, when the C.A. issued a certificate opining that there is no requirement for deduction of tax at source, assessee under a bonafide belief that withholding of tax is no...

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Family Pension claim not acceptable if option to join scheme was not exercised

Ganesh Prasad Mishra vs. Commissioner EPF Organization (Madhya Pradesh High Court at Indore), Writ Petition No. 3724/2015 -  The Hon'ble MP High court in the above stated case placing reliance on the decision of Hon'ble Supreme court in the case of Rajasthan State Road Transport Corporation vs. President, Rajasthan Roadways Union & Anr. held that since the petitioner did not exercise the option of joining the family pensi...

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Updation of SCOMET list classifying Export & Import Items

Notification No. 05/(2015-2020) - (29/04/2016) -  Amendments/additions to Categories 0, 3 & 4 of SCOMET list [Appendix 3 to Schedule 2 of ITC(HS) Classification of Export & Import Items] have been notified....

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Status Holder-Amendment in Para 3.20(b) of FTP 2015-20

Notification No. 04/2015-2020 - (29/04/2016) -  The criteria for recognition as status holder has been changed w.e.f 01.04.2016 to the exports in the current and previous three financial years from the existing criteria of current and previous two financial years. Forthe Gems and Jewellery Sectors the existing criteria of export performance in th...

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Tariff Value Notification No. 60/2016-Cus (NT) dated 29.04.2016

Notification No. 60/2016-Customs (N. T.) - (29/04/2016) -  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 60/2016-CUSTOMS (N. T.) New Delhi, 29th April, 2016 9 Vaisakha, 1938 (SAKA) S.O. ̷...

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Notification No. 1/2016-Customs (SG) Dated: 29th March, 2016

Notification No. 1/2016-Customs (SG) - (29/04/2016) -  The safeguard duty shall not be imposed on the subject goods which are imported at or above the Minimum Import Price in terms of the notification of the Government of India in the Ministry of Commerce and Industry (Department of Commerce) (Directorate General of Foreign Trade) No. 38/2015-2020, date...

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Delhi VAT: Form DVAT-16, DVAT-17 & DVAT-48 date extended to 16.05.2016

Circular No. 2 of 2016-17- Delhi VAT - (28/04/2016) -  In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of fourth quarter return for the year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48 along with re...

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FAQs

1. What is meant by delisting of securities? The term delisting of securities means removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange....
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Common resolutions For MCA21 related queries including Annual filings, Linked filings, Cancel SRN service, Resubmission, and Additional Fee waiver 1. Which eforms can I file as attachments with GNL-2? Annual filing eforms under the Companies Act, 1956 viz. 23AC/ACA, 23AC/ACA-XBRL, 20-B, 21-A, Form 66, I-XBRL, A-XBRL, 23B, 23C and 23D woul...
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What is the nature and source of grievances received in EPFO? Grievances generally arise out of: i)   Settlement of PF/Pension/Insurance Claims. ii)   Transfer of PF accounts. iii)    Non enrolment of employees. iv)  difficulty arising out of old PF accounts on the CPGRAMS portal. v) difficulties relating to Universal Accounts Num...
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1. Who can issue? Any corporate (entity registered as a company under the Companies Act, 1956/ 2013) or body corporate (entity specially created out of a specific act of the Parliament) is eligible to issue Rupee denominated bonds overseas. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) coming under th...
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Query: Can a customer get back his jewellery if the purity determined by the CPTC is not acceptable to him/her and he/she does not want to invest in the GMS? Response: The jewellery will be melted by the CPTC to conduct the fire assay and the customer can get back gold only in post-melted form. ...
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Income Tax Planning

Top 5 Smart Tax Saving Options

As the end of financial year draws near, many of my friends who were least bothered about tax saving investments throughout the year, have started hunting down options to park...

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Eight Common Myths & Misconceptions about tax

In this article we have discussed right Myth or Mis-Conceptions related to Income Tax Prevalent in the Mind of General Taxpayers related to Personal Taxation. Article Aims to...

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Income tax benefits: for whom can you claim

Income tax laws allow you various benefits in respect of amounts spent or invested. Primarily these tax benefits are available for amounts spent or invested on yourself but fo...

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Income Tax Deductions

Tips to save Income tax for Salaried Person

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting dow...

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Health insurance, one of the Best Tax Saving Investment

Today health care services are the most expensive industry. It is nearly impossible to stay healthy and fit in the polluted environment that gives birth to the number of healt...

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Income Tax Benefits for Assesses taking Home loan

So, here we are talking about the various tax benefits provided by the Income Tax Act, 1961 to the taxpayers who have taken housing loan. There are various deductions availabl...

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Calculators

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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Financial year wise Interest Calculator on FDs (Fixed Deposits)

Online interest calculators are available but none of them provide interest on financial year wise. They generally provide interest for the whole period of investment or inter...

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Rate Charts

Updated Profession Tax Rates in Maharashtra

Maharashtra Government has presented its Additional Budget on 05th June 2014 through its Deputy Chief Minister And Finance Minister Shri Ajit Pawar in his Budget FM has increa...

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Budget 2016: Abatement Chart under Service Tax from 01.04.2016

Insertion of Explanation ‘BA’ after paragraph B: At present, there is abatement of 60% on the gross value of renting of motor-cab services, provided no Cenvat credit has b...

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Income Tax Slabs for FY 2016-17 / AY 2017-18

Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2017-18 / Financial Year 2016-17 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies...

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Recent Posts

Empanelment with Dena Bank of CA Firms for Concurrent Audit

Dena Bank invites Applications for selection of CA Firms as Concurrent Auditors for the period July 2016 to June 2017. Members should submit their applications online on Bank website as per the format attached. The recipient/ respondent need not send the print out / hard copy of application....

Read More

Income Tax Return Statistics Assessment Year 2012-13

The objective of publishing this statistics is to encourage wider use and analysis of Income-tax data by Departmental personnel and academicians. The statistics relating to sources of income have been prepared on the basis of values mentioned in e-filed returns and values captured from paper returns...

Read More

Report on Insolvency & Bankruptcy Code, 2015

The objective of the Insolvency and Bankruptcy Code, 2015 is to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner. There is no single law in India that deals with insolvency and bankruptc...

Read More

PAN details as per status, Gender & Age for FY 2013-14

Income Tax Department has released details of Tax Payers to whom the Income PAN Cars is been allotted during the Financial Year 2013-14. It shows the the same based on Status of Taxpayer i.e. Individual, Company , Firm Etc.  and also based on Taxpayers Age during the Financial Year 2013-14 while ma...

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Income Tax Time Series Data for FY 2000-01 to 2014-15

Data Covers Figures of 1. Direct Tax Collection 2. State and U.T. Wise Break-Up of Collection 3. Contribution of Direct Taxes to Total Tax Revenue 4. Direct-Tax GDP Ratio 5. Pre-Assessment and Post-Assessment Collections 6. Cost of Collection 7. Number of Effective Assessees 8. Workload and Disposa...

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Tax dept release data related to Income & Pan Allotment

Income Tax Department has released Time Series Data for Financial Year 2000-01 to 2014-15 based on internal reporting/ MIS of the Income Tax Department or figures reported by Controller General of Accounts or data published by other Government agencies along with PAN Allotment Statistics pertaining ...

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Guidelines for Rewards to Informers of Tax Evasion

As per the guidelines, the Competent Authority may grant reward not exceeding 10% of the extra income-tax and wealth-tax levied and actually realized, but subject to a ceiling of Rs. 15,00,000/- (rupees fifteen lakhs only) if the aforesaid taxes are directly attributable to the information, includi...

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Implementation schedule of Indian Accounting Standards

The Road Map for implementation of Indian Accounting Standards (Ind AS) for commercial Banks (Banks), Insurance Companies (Insurers) and Non-Banking Financial Companies (NBFCs) was announced on 18/01/2016 and implementation schedule is drawn as follows: ...

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How to e-File Form 15CA and 15CB

In this article we have discussed the procedure for e-filing of form 15CA and Form 15CB by remitter and Chartered Accountant using their digital Signature on e-filing website of Income Tax Department i.e. http://incometaxindiaefiling.gov.in...

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