"07 August 2015" Archive

Delhi VAT- Filing of online return for 1st quarter of 2015-16- extension of due date to 17/08/2015

18 of 2015-16 (07/08/2015)

In partial modification to this department's Circular No. 17 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, Vijay Kumar, Commissioner, Value Added Tax, do hereby ...

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How GST Progressed in This Monsoon Session

To set the stage for the ambitious reform legislation, The Modi Government introduced the Constitution (122nd) Amendment Bill, 2014 in the Lok Sabha on 19th December, 2014 for amending the Constitution of India. This was necessary for empowering the govt. to facilitate the introduction of Goods and Services Tax (GST) in the country as in ...

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Claiming HRA – What to do if landlord do not have PAN?

If you are paying rent and getting HRA allowance every month, you are eligible for tax deductions according to the prescribed limit of HRA exemption. If you want to avail of the benefits, you must submit the rent receipts to your employer every year at the time of the collection of tax proof. Central Board of Direct Taxes (CBDT) has vide ...

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House Rent Allowance – Case Study and Provisions

Raghav Sharma Employees generally receive a House Rent Allowance (HRA) from their employers to meet the cost of a rented house taken by the employee for his stay. This allowance is generally a part of the salary package or as stated in the terms and conditions of the employment. HRA is taxable under the head […]...

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Download House Rent Allowance (HRA) Calculator

This Calculator calculates House Rent Allowance which is exempt from tax U/s. 10(13) of The Income Tax Act, 1961. The calculator is in excel format and it calculates the allowance which will be exempt from tax automatically....

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Incorporation of Private Limited Company

Features of Private Limited Company Separate Legal Status Capacity to borrow Easy Transfer of shares Minimum number of Members : 2 ;  Maximum number of Members : 200 Minimum Capital : Nil {omitted by Companies (Amendment) Act, 2015} Limited Liability Minimum number of Directors : 2 Foreign investment permitted (subject to applicable Sect...

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If payment is for variety of services & use of land is minor, Payment cannot be treated as rent –SC

Japan Airlines Co. Ltd Vs CIT (Supreme Court of India)

The charges such as Landing Charges, Lighting Charges, Approach and Aerodrome Control Charges, Aircraft Parking Charges, Aerobridge Charges, Hangar Charges, Passenger Service Charges, Cargo Charges etc. ...

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IFRS : IASB proposes clarifications to IFRS 15

The International Accounting Standards Board (IASB) today published for public consultation some proposed clarifications to and transition reliefs for IFRS 15 Revenue from Contracts with Customers....

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CBDT Finally releases e-filing utility for ITR 6 for A.Y. 2015-16

Further Update on 07.08.2015 CBDT has released finally e-filing utility for ITR -6 on 06.08.2015 after 127 from the start of new financial year and gives Assessee a time of 55 days for complete his e-filing instead of 183 days due to delayed release of e-forms....

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13 Reasons why CA students are facing failure in exam?

CA Pankaj Kumar Agrawal  First of all, Congratulations to those students who have cleared CA- IPCC and CA- Final exam. After the declaration of Result, there are a few happy faces of candidates who’ve managed to clear the exams. Their hard work has been rewarded and they are all charged up for a good career […]...

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