Navin Agicha

Section 80-IBA Affordable Housing Scheme: Amendments, FAQs, Relevant Case Laws and Updated with Finance Act 2017

Income Tax - Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution: - Yes, because same conditions are there for nearby cities which are within 25km from municipal limits of metro cities. And From FY 2017-18, nearby cities will be considered as non metro cities even though th...

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CARO 2015 Reporting and Format

Income Tax - Reporting Under CARO, 2015- The Ministry of Corporate Affairs, on 10th April, 2015, notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015). ...

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How to do Electronic Verification of Income Tax Return

Income Tax - Notification No. 2/2015 dated 13/07/2015 regarding Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification released. EVC would verify the identity of the person furnishing the return of income . ...

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TDS on Work Contract (WCT TDS) – MVAT

Income Tax - A works contract is an agreement which is a mixture of service or labour and transfer of goods. Under a works contract the contractor agrees to do certain job in execution whereof, certain goods are transferred to the contractee. Thus, an agreement of building construction, manufacture, processing, fabrication, erection, installation, re...

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Important Changes in ITR 1, ITR 2, ITR 2A & ITR 4S in AY 2015-16

Income Tax - ITR-1- Introduction of Aadhar Card Number in ITR. (Those Who Give Aadhar Card Details, They Will Get OTP on Their Registered Mobile Number And They Are Not Required To Send ITR V). Not Applicable for those having agricultural more than Rs. 5000/-( they have to use ITR 2 or 2A)...

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Recent Posts in "Navin Agicha"

Section 80-IBA Affordable Housing Scheme: Amendments, FAQs, Relevant Case Laws and Updated with Finance Act 2017

Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution: - Yes, because same conditions are there for nearby cities which are within 25km from municipal limits of metro cities. And From FY 2017-18, nearby cities will be considered as non metro cities even though th...

Read More
Posted Under: Income Tax |

CARO 2015 Reporting and Format

Reporting Under CARO, 2015- The Ministry of Corporate Affairs, on 10th April, 2015, notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015). ...

Read More
Posted Under: Income Tax | ,

How to do Electronic Verification of Income Tax Return

Notification No. 2/2015 dated 13/07/2015 regarding Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification released. EVC would verify the identity of the person furnishing the return of income . ...

Read More
Posted Under: Income Tax | ,

TDS on Work Contract (WCT TDS) – MVAT

A works contract is an agreement which is a mixture of service or labour and transfer of goods. Under a works contract the contractor agrees to do certain job in execution whereof, certain goods are transferred to the contractee. Thus, an agreement of building construction, manufacture, processing, fabrication, erection, installation, re...

Read More
Posted Under: Income Tax | ,

Important Changes in ITR 1, ITR 2, ITR 2A & ITR 4S in AY 2015-16

ITR-1- Introduction of Aadhar Card Number in ITR. (Those Who Give Aadhar Card Details, They Will Get OTP on Their Registered Mobile Number And They Are Not Required To Send ITR V). Not Applicable for those having agricultural more than Rs. 5000/-( they have to use ITR 2 or 2A)...

Read More
Posted Under: Income Tax |

FAQs While Calculating Depreciation as Per CA, 2013 & Calculator

Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. The useful life of an asset is the period over which an asset is expected to be available for use by an entity....

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4 Practical Issues in Additional Depreciation & solutions

Issue No.1:- Weather year of acquisition and year of installation should be same or different for claiming Additional Depreciation? Issue No.2:- If Acquisition And Installation Done In Year 1 and put to use in year 2, then Additional Depreciation will be allowed in year 1 or in year 2 or it will lapse?...

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Posted Under: Income Tax |

Practical Issues in Penalty U/s. 271D and 271E r.w. Section 269SS and 269T

Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of sectio...

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Posted Under: Income Tax |

S. 40(a)(ia) Disallowance for Non Deduction and Short Deduction of TDS from A.Y. 2015-16

Under section 40(a)(ia) of the Act, in case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of income under section 139(1) of the Ac...

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Posted Under: Income Tax |

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