Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.
Notification No. 124/2015 – Income Tax S.O. 1411(E) – In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of
5. Prior approval of Reserve Bank.-Every drawal of foreign exchange for transactions included in Schedule III shall be governed as provided therein: Provided that this rule shall not apply where the payment is made out of funds held in Resident Foreign Currency (RFC) Account of the remitter.
Ankit Gupta 1.- Section 208 An assessee is liable to pay Advance Tax only if his ‘Advance Tax’’ Liability is Rs.10,000 or more during the previous year. An individual whose age is 60 years or more at anytime during the previous year is not required to pay Advance Tax if his Total Income does not […]
Overview: INC-29 will give you the facility to avail of various services for a new business through a single e-form. Form INC 29 is the integration of the following existing forms DIR 3 – Applying for DIN. INC 1 – Checking for Name availability. INC 7 – Incorporation of Company. DIR 12 – Appointment of […]
Section 164 of companies act 2013, deal with Disqualification of Director. Subsection 1 of section 164 list disqualification of Directors for appointment as a Director of a company. Appointment shall include reappointment but not continuation to be in office.
Concisely, to register a LLP anywhere in India, you need to first apply for a Designated Partner Identification Number (DPIN), which can be done by filing eForm for acquiring the DIN or DPIN. You would then need to acquire your Digital Signature Certificate and register the same on the portal. Thereafter, you need to get the LLP name approved by the Ministry. Once the LLP name is approved, you can register the LLP by filing the incorporation form.
In terms of Board’s letter of even no. dated 26.06.2012 service tax of 3.708% is levied on the total fare. As per General Budget 2015-16 announcement, the ‘Education Cess’ and ‘Secondary & Higher Education Cess’ shall be subsumed in the new service tax rate and service tax rate is proposed to be increased from 12% plus Education Cesses to 14%. Accordingly, it is proposed to modify para 3 of Board’s letter of even no. dated 26.06.2012 as under:
Circular no. 17/2015 – Customs, Dated 26th May 2015 The Central Government had announced its intent to permit the trading of rough diamonds in India by leading diamond mining companies of the world by creating a ‘Special Notified Zone’. For this purpose, Dept. of Commerce / GJEPC have sought a regulatory framework under the Customs Act.
Under the 1956 Act, companies were generally not permitted to revise or restate financial information presented in their financial statements except in a case of Material misstatement due to Occurrence of fraud or error and are reported as a ‘prior period adjustment’ in the financial statements of the year / period in which such misstatements are discovered.
According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. e.g. if for selling an immovable property ‘A’ has received an amount of Rs.1 lakh in cash from ‘B’ then ‘A’ has to pay 100% penalty of Rs. 1 lakh.
