"15 June 2015" Archive

Hamari Aadhuri Kahani….. Non receipt of Income Tax Refund!

Income Tax Department has issued Circular No. 09/2015 dated 9th June, 2015 regarding income tax refund. Taxpayer wants Refund of excess of Income Tax paid as early as possible. Then today please tell me about income tax refund and about this circular. The one who have not received the income tax refund feels that his Kahani is Aadhuri. ...

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Posted Under: Income Tax |

From Hotel Room To Semi Finals Of The French Open

I recently read a news article how Timea Bacsinszky reached the semi-finals of the French Open 2015. As per the news reports, Timea entered the semi-finals despite not being among the favorites and that too considering she used to work in a hotel as a worker. The headlines itself was so catchy that I couldn’t […]...

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Posted Under: Income Tax |

Smoothen Your TDS Compliances By Using Digital Signature – Part 1

For many applications on the TRACES website, deductor is required to provide KYC Validation. KYC Validation refers to three main details to be provided by the user to gain access to facilities such as downloading a justification report, filing an online correction in TRACES, download of Form 16A and so on....

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Posted Under: Income Tax |

Service Tax on TDS In Case of Import of Service

As you all are aware that as per the general principle of service tax law, the liability to pay service tax lies on the service provider but as per Section 68(2) of Finance Act, 1994 read with Rule 2(1)(d)(G) of Service Tax Rules, 1994 in certain cases specifically mentioned therein, there is a reverse charge mechanism whereby the liabili...

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Posted Under: Income Tax |

Optimal Size of CA Firm for Government Audits

There is always debate in the minds of practicing Chartered Accountants over the size of the firms and their role in innovation. Some argue for their importance of large size having the top slab of the categories of firms, while some others argue for small size firms. In fact, the size of a firm is not clear in our minds that are correlat...

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Posted Under: Income Tax |

New Regulations of NPS on withdrawals

With the provision in the recent budget for allowing an additional deduction of Rs. 50,000/- in respect of contribution towards NPs, the interest of the taxpayers who till now did not have an NPS account has gone up substantially. People have started making enquiries and I have received a few emails seeking further guidance and clarifica...

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Posted Under: Income Tax |

All you wanted to know about NPS and additional benefit of Rs. 50,000

One my colleague Susan who is retiring this year was advised to deposit Rs. 50,000/- in NPS account this year to reduce her tax liability approached me for guidance. Based on my interaction with her I realised that the people generally do not know much about the NPS scheme in general and about this additional deduction of Rs. 50,000/- in ...

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Posted Under: Income Tax |

An Overview on E-Commerce Transactions

CA Pankaj Kumar Agrawal Today e-commerce has become an integral part of everyday life. Accessibility to E-commerce platforms is not a privilege but rather a necessity for most people, particularly in the urban areas. India is witnessing a digital revolution with internet becoming an integral part of its population and availability of inte...

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Posted Under: Income Tax |

BEPS Action Plan 13 – Complete turnaround of documentation structure!!

In An increasingly interconnected world, national tax laws have not kept pace with global corporations, fluid capital, and the digital economy thereby leaving gaps that can be exploited by companies who avoid taxation in their home countries by pushing activities abroad to low or no tax jurisdictions....

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Posted Under: Income Tax |

Sec. 194C applies only if there exist a contractual arrangement between parties

Jalandhar Improvement Trust Vs ITO TDS, Jalandhar (ITAT Amritsar)

It is only when payments are made ‘in pursuance of a contract’ that the provisions of section 194C come to into play. The contract may be oral or written, express or implied but there must be a contract nevertheless. In the present case, however, the payment is on account of legal obligation under section 24(1) of the Punjab water Sup...

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