Links between Soil Fertility & Poverty alleviation Soil Health Card will help rebuild soil fertility

Corporate Law - According to Central Soil Water Conservation Research and Training Institute, Dehradun, India is losing 5,334 million tonnes of soil every year due to soil erosion because of indiscreet and excess use of fertilisers, insecticides and pesticides over the years....

Read More

How to curb use of black money in real estate transactions?

Income Tax - Even after demonetization, buyer of real estate will be tempted to withdraw money from bank account and to pay nearly 50% purchase price in unaccounted way. Buyer will be tempted to do such a malpractice because, it can save stamp duty and registration fees in this way. On the other hand, seller will also not take any objection to this mo...

Read More

Yes, India can have less-cash economy

Fema / RBI - India economy has been the pride of world. It has been showcased as the only growing economy - a proud moment for Indians particularly under Prime Minister Narendra Modi. However a section of media and political parties differ. There have been some stories in the foreign media also sceptical of the decision. Has the worldview changed? Is ...

Read More

Model GST Law Decoding of Definitions

Goods and service Tax - Today, GST is most prominent subject in India. Government has prescribed revised Model GST Law after adding or deleting some topics. Till time, Government has achieved some major milestone in this journey. Although, some milestones are yet to achieve. Here we are providing analysis of some important definitions provided under Model GST L...

Read More

Overview of the Revised Model GST Law

Goods and service Tax - GST:- Single Largest Reform in Post Independent India, Merging 11 Indirect Tax Laws in Single Structure, Principles of Destination Based Consumption Tax, About 3 Crore Assesses would Migrate in New GST law...

Read More

Decision to publish details of Loan Defaulters lies with Bank not Govt

Fema / RBI - The decision to disclose the borrowers details including publishing the details in newspapers is taken by the banks as provided in various statutes and Loan Agreement....

Read More

No proposal to increase limit on deposit in PMJDY Deposit a/c

Fema / RBI - There are limits on deposits on “Small Account” under Pradhan Mantri Jan Dhan Yojana (PMJDY). Government is not proposing to increase this limit....

Read More

Government receives Rs. 66,000 crore surplus from RBI

Fema / RBI - (a) Whether the Government has received ` 66,000 crore surplus from Reserve Bank of India (RBI); (b) If so, the details thereof; (c) Whether the surplus generated through RBI’s investment activities, primarily in sovereign bonds like US Treasury-bills; and (d) If so, the details thereof?...

Read More

Advantages of advancing date of Union Budget to 1st February

Income Tax - Government has considered the various aspects thoroughly relating to advancing the date of presentation of Union Budget. Major advantages in advancing the date of Budget presentations are:...

Read More

Additional deduction of Rs. 50000 for NPS Investment

Income Tax - Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber under NPS is allowed a deduction in computation of his total income, whether or not any deduction is allowed under Section 80CCD(1)...

Read More

Stay on Special Audit Implies Stay of Assessment Proceedings : SC

VLS Finance Ltd. & anr. Vs Commissioner of Income Tax & Anr. Civil (Supreme Court of India) -  Section 158BC(c): Where any search has been conducted under section 132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person...

Read More

Contribution by CA firm towards ICAI building is allowable expenditure

B.K. Khare & Co. v. ACIT (ITAT Mumbai) -  Brief– By donating the amount, the firm had been able to attract good Articled Clerks and other professional persons who are the backbone of any professional practice. Thus there was a good professional reason for the firm to contribute to the building fund of the Branch of the ICAI. The said ...

Read More

S. 55(2): SC on Relevance of value declared in wealth-tax return & comparable sales

Ashok Prapann Sharma vs. CIT (Supreme Court) -  A declaration in the return filed by Assessee under Wealth Tax Act would certainly be a relevant fact for determination of cost of acquisition which under Section 55(2) of Act to be determined by a determination of fair market value. ...

Read More

Expense on maintaining brand & /or corporate image is revenue expense

CIT v. Asian Paints (India) Ltd. (Bombay High Court) -  If the expenditure consists of merely facilitating the assessee to carry on business more profitably leaving the fixed capital untouched, it would be on revenue account. ...

Read More

S. 254 Rectification application liable to be set aside if case relied not brought to bench’s attention during hearing

M/s Triad Resorts & Hotels P.Ltd. and Others (ITAT Bangalore) -  ITAT held that application under the provisions of sec.254(2) seeking rectification of order passed by tribunal is maintainable only in cases where it was established that specific attention of the bench was drawn to a particular decision and the decision was specifically relied upon but not conside...

Read More

Encouraging usage of Debit Cards among Government employees

F.No. 25 (30)/E.Coord/2016 - (01/12/2016) -  In the recent years advancements in banking technology, progress in mobile banking and innovative technologies to facilitate digital payments have enabled large number of small denomination transactions to be handled smoothly in electronic mode. The Government of India has taken policy decisions enc...

Read More

S.10(46) Income of Maharashtra Electricity Regulatory Commission notified

Notification No. 110/2016-Income Tax - (01/12/2016) -  Central Government hereby notifies for Section 10(46) ‘Maharashtra Electricity Regulatory Commission’, a Commission constituted by the State Government of Maharashtra, in respect of the following specified income arising to that Commission...

Read More

No priority in bank note allocation to own branches by banks with currency chests

Notification No. RBI/2016-17/169 DCM (Plg) No. 1508/10.27.00/2016-17 - (02/12/2016) -  A perception has also emerged that banks with currency chests are according priority towards supplying cash to their own bank branches. These banks with currency chests are, therefore, advised to make visible efforts to dispel the perception of unequal allocation among other banks and their own bran...

Read More

SEBI withdraws margin benefit on spread positions

Circulars No. SEBI/HO/CDMRD/DRMP/CIR/P/2016/130 - (02/12/2016) -  It has been decided that margin benefit on spread positions shall be entirely withdrawn latest by the start of tender period or the start of the expiry day, whichever is earlier....

Read More

Procedure for furnishing and verification of Form 26A

DGIT Notification No. 11/2016-Income Tax - (02/12/2016) -  CBDT notidfies Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source- Reg....

Read More

FAQs

FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid account linked to it. It is affixed on the windscreen of your vehicle and enables you to drive through toll plazas. FASTag has a validity of 5 years and after purchasing it, you only need to recharge/ top up ...
Read More
Article answer FAQs on Withdrawal of Legal Tender Character of existing Bank Notes in denominations of ₹ 500 & ₹ 1000 with notifications till 30.11.2016...
Read More
CBEC released FAQ on GST in English, Hindi, Assamese, Gujarati, Malayalam, Punjabi Telugu and Kannada for the benefit of General Public...
Read More
A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings at home, will the income tax department ask questions if the same is deposited in banks? ...
Read More
From 1st December 2016 service tax would be chargeable on online information and database access or retrieval [OIDAR] services provided by any person located in non-taxable territory...
Read More

Browse All Categories

CA, CS, CMA (3,184)
Company Law (3,053)
Custom Duty (6,265)
DGFT (3,262)
Excise Duty (3,906)
Fema / RBI (2,914)
Finance (3,115)
Income Tax (21,116)
Others (0)
SEBI (2,562)
Service Tax (3,158)

Income Tax Planning

Tax Benefits on Home Loan

Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....

Read More

Deduction under section 80C and Tax Planning

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 200...

Read More

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

Income Tax Deductions

Section wise details of Income Tax Deductions

In this article we have discussed deduction available to Taxpayers from various sources of Income for A.Y. 2017-18 and subsequent Years. Deductions include deduction Against S...

Read More

Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or...

Read More

Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Payment of premium on life insurance policy and health insurance policy not only gives insurance cover to a taxpayer but also offers certain tax benefits. In this part you can...

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

Updated Penalty Chart under Income Tax Act, 1961

Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnis...

Read More

Countrywise Withholding tax rates / Chart as per DTAA

A person responsible for making payment to non-resident or foreign company is required to withhold tax. Tax is deductible at the rates prescribed under the Act or under the re...

Read More

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

Search Posts by Date

December 2016
MTWTFSS
« Nov  
 1234
567891011
12131415161718
19202122232425
262728293031 
error: Alert: Content is protected !!