Income Tax - One often hears some rich reaching out to U.S.A. by investing huge money there under a program which encourages creation of jobs in rural areas with lots of unemployment. Seemingly, it does not promise any return of investments but promises offbeat path of permanent residency in U.S.A. popularly known as Green card. Mostly popular among [...
Read MoreIncome Tax - Article explain Determination of Residential Status of An Indian Citizen or Person of Indian Origin, Definition of Indian Citizen in accordance with Indian Citizenship Act, 1955 and Laws Relating to Double Taxation Avoidance Agreement (DTAA) between India and Singapore. Investments In India By A Singapore Based (Entity or) Individual And ...
Read MoreCA, CS, CMA - Treatment of Special Expenses in Cost Accounting Certain items need special treatment in Cost Accounting. In this juncture, we have to discuss the treatment of some special expenses in cost accounts. 1. Research and Development Cost (CAS 18) As per CAS 18, the treatment of Research and Development Cost (CAS 18) is as follows:- Development...
Read MoreIncome Tax - Applicability of Section 194R of Income Tax Act, 1961: -Any person responsible for providing to a resident -any benefit or perquisite -whether convertible into money or not -arising from business or profession by such resident -shall deduct TDS. Explanation: Person responsible for providing means the person providing such benefit or per...
Read MoreCorporate Law - Preface The word NGO (Non-Government Organization) in India refers to a body that remains detached from the Government and profit framework of usual businesses. These bodies work towards the broad advancement of the society and operate as small units which fill the gaps at places where the government cannot reach directly and efficiently....
Read MoreIncome Tax - Income Tax Department carried out search and seizure operations on 16.06.2022 on a business group involved in retail and export sale of handicrafts, cash financing, purchase and sale of land and buildings, alongwith some bullion traders. The search operation covered more than 25 premises spread across Rajasthan and Mumbai. During the cour...
Read MoreCorporate Law - The Insolvency and Bankruptcy Board of India (the IBBI/ Board) is one of the four key pillars of the ecosystem responsible for implementation of the Insolvency and Bankruptcy Code, 2016 (the Code)....
Read MoreCorporate Law - Draft Insurance Regulatory and Development Authority of India Staff (Officers and other Employees) (First Amendment) Regulations, 2022...
Read MoreCA, CS, CMA - Candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to Foundation Examinations being held in June 2022 by e-mail at [email protected] or by way of a letter, sent by Speed Post, at the following address, so as to reach us latest by 5th July 2022....
Read MoreCA, CS, CMA - ICAI postpones CA Foundation Exams scheduled to be held on 24th & 26th June 2022 at Silchar (Assam) Examination Center ...
Read MoreDCIT Vs Roop Fashion (ITAT Chandigarh) - Books of accounts maintained by the assessee were audited and accepted by the AO. Cash sales and cash realized from debtors were also known to AO. Addition u/s 69A of cash deposited deleted....
Read MoreChandrasegaram Vijayasundaram Vs Principal Commissioner (Revision Application) (Madras High Court) - It was incumbent on the part of the petitioners to have made proper declaration under Customs Baggage Declaration Regulations, 2013 read with Baggage Rules 2016. These Rules apply to all passengers including tourist coming to India....
Read MoreSuncap Commodities Private Limited Vs DCIT (ITAT Mumbai) - The assessee was used as a conduit company along with other companies to violate the provisions of minimum public shareholding criteria under SEBI Laws. Accordingly, addition confirmed as the amounts credited in the books of accounts of assessee lack genuineness....
Read MoreParveen Kumar Bansal Vs Sternal Buildcon Pvt. Ltd. (NAA) - Parveen Kumar Bansal Vs Sternal Buildcon Pvt. Ltd. (NAA) Authority finds and determines that the Respondent has profiteered by an amount of Rs. 42,21,321/- for the project `Signum 36′ during the period of investigation i.e. 01.07.2017 to 30.06.2019. The above amount that has been profiteered b...
Read MoreSh. Ritesh Kumar Khandelwal Vs Forever Buildtech Pvt. Ltd. (NAA) - Sh. Ritesh Kumar Khandelwal Vs Forever Buildtech Pvt. Ltd. (NAA) Authority finds that the allotment of units, agreements, booking, construction activity and receipt of payments had taken place in the post-GST era. The draw of lots for allotment of houses was conducted on 05.07.2017 in the presence o...
Read More(24/06/2022) - Form No. 1, Form No. 2 and Form No. 2A is required to be signed, verified and furnished by the class of person responsible as defined in the Securities Transaction Rules 2004...
Read More(22/06/2022) - Government extended validity of FCRA registration certificates of certain categories of FCRA registered entities till 30.09.2022 or till the date of disposal of renewal application, whichever is earlier....
Read More(24/06/2022) - (1) These regulations may be called the Customs Brokers Licensing (Amendment) Regulations, 2022. (2) They shall come into force on the date of their publication in the Official Gazette....
Read More(24/06/2022) - Notification No. 68/2022- Income Tax- Designation of Courts in Uttarakhand as Special Court for the purposes of section 280A of the Income tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department OF Reve...
Read More(24/06/2022) - Bharat New Car Assessment Program (BNCAP) - (1) On and from the1st day of April 2023, the BNCAP authority, (hereinafter referred to as ‘the Authority’), notified by the Central Government, shall authorise the testing agency referred to in Rule 126 of CMVR 1989 to conduct evaluation on Type Appro...
Read MoreA person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that...
Read MoreAs 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 you c...
Read MoreEveryone wants to reduce tax outgo. However, Tax reduction should be done within the ambit of law & that is termed as tax planning in common language. Income tax laws prov...
Read MoreIn Income Tax Act, deduction has been prescribed specifically for industrial undertakings or enterprises engaged in infrastructure development, etc. vide section 80-IA. Hundre...
Read MoreIn this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2023-24 / F.Y. 2022-23 and subsequent Years. Deductions i...
Read MorePROVISIONS OF SECTION 80JJAA QUANTUM AND PERIOD OF DEDUCTION: Where the gross total income of an assessee to whom section 44AB applies, includes any profits and gains derived ...
Read MoreSection 80JJAA of Income Tax Act, 1961 provides deduction for the recruitment of new or additional employees. Section 80JJAA has been made available in the Income Tax Act to...
Read MoreArticle contains Automatic Income Tax Calculator in Excel Format for Financial Year 2022-23 (FY 22-23) i.e. Income Tax Assessment Year 2023-24. Income Tax Calculator is Useful...
Read MoreTill FY 2020-21 contribution to Recognised Provident fund (RPF) was eligible for EEE (Exempt- Exempt- Exempt) This EEE implied that full exemption from tax is given on (1) inv...
Read MoreBlock 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...
Read MoreArticle 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 MoreCountry wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services ...
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