"04 April 2017" Archive

New Income Tax Return Forms for A.Y. 2017-18

The government has taken bold step towards simplifying the norms of filing, so as to encourage the potential tax payer to file the Income Tax Return. Earlier, there were total nine Income Tax Return Forms which has now been reduced to seven....

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Posted Under: Income Tax | ,

Guide to Setting up Branch Office in India by Foreign National

Two copies of the Certificate of Incorporation / Registration, Memorandum & Articles of Association of parent company duly attested by the Notary Public in the country of registration [If the original Certificate is in a language other than in English...

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Posted Under: Income Tax |

Guide to Foreign National to do business in India

Foreign National have to decide in what form it wants to do business in India keeping in mind the Pros or Cons of each type of available option along with the its requirement. A branch office is not allowed to carry out manufacturing activities on its own but is permitted to subcontract these to an Indian manufacturer. Branch Offices esta...

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Posted Under: Income Tax |

Direct and Indirect tax updates for 16st March to 31st March 2017

CBDT has vide notification No. 21/2017 released ITR forms for Assessment Year 2017-18 / Financial Year 2016-17. The number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequen...

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Posted Under: Income Tax |

Credit of Advance Tax paid can be claimed under IDS 2016

Kumudam Publications Pvt. Ltd. Vs Central Board of Direct Taxes and ORS. (Delhi High Court)

Court is of the opinion that there is no bar for an assessee or declarant to claim credit of advance tax amounts paid previously relative to the assessment years or periods for which it seeks benefits under IDS scheme....

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Simplification of place of supply of services when location of supplier of service and location of recipient of service is in India

In the earlier article, I had covered Place of Supply of Goods as per IGST Act, 2017 as passed by Lok Sabha on 29th March 2017. This article is about principles to determine the place of supply of services when the location of supplier of service and the location of the recipient of services is in India....

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Posted Under: Income Tax |

Govt. Addresses Worries of Equity Investors on Long Term Capital Gain Exemption

In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions, the Finance Act, 2017 amended the provisions of section 10 (38) of the Act to provide that exemption under this section for income arising on transfer of equity share acquired on or after 1st day of October...

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Posted Under: Income Tax |

Service of Notice to the firm: ITAT Amritsar Explains the Law

Rajan Chopra, jalandhar Vs. DCIT (ITAT Amritsar)

A partnership firm purchased property from NRI but failed to deduct TDS u/s 195. The ADIT (International Taxation) raised demand comprising tax and interest by issuing notice to one of the partners of the firm in his individual capacity. ...

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Step-wise-Step Process for GST Enrolment (Migration)

Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Please find below the complete process of GST enrolment in case of existing assessee. 1. Get the Login ID and password from the State VAT or Central Tax Department or Service Tax. 2. After obtaining Login ID & Password, go to ‘www.gst.gov.in, [&h...

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Posted Under: Income Tax |

In-Depth Analysis of Section 269ST basic provisions as per Income Tax Act

PROVISION OF SECTION 269ST No person shall receive an amount of two lakh rupees or more (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of el...

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Posted Under: Income Tax | ,
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