"26 September 2015" Archive

Form 15CA & 15CB Requirements & relevant Provisions

Firstly to understand the provisions & needs of Form 15CA & 15CB, we have to understand the income Tax Act & Rules made behind the compliances and transactions required the compliances of Form 15CA & 15CB. 1. Section 195(6) of Income Tax Act- The person responsible for paying to a non-resident, not being a company, or to a foreign company...

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Posted Under: Income Tax | ,

Receipt without consideration (Gift) from Non-Relatives – A Tool for Tax Planning

Any receipt without consideration or receipt with inadequate consideration from relatives (as defined under Income Tax Act) is not taxable. However, certain receipt without consideration or receipt with inadequate consideration even from non-relatives is not taxable. ...

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Posted Under: Income Tax |

Accrued Interest on Sticky advances of Co-Operative Banks not taxable

The Commissioner of Income Tax vs M/s.Deogiri Nagari Sahakari Bank Ltd. & Others (Bombay High Court, Aurangabad Bench)

In the case of CIT Vs. M/s.Deogiri Nagari Sahakari Bank Ltd. & Others , Bombay High Court inter-alia held that the assessee herein being a Cooperative Bank also governed by the Reserve Bank of India and thus the directions with regard to the prudential norms issued by the Reserve Bank of India...

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Income Tax- Reporting Financial Institution -Registration & submission of form 61B

According to the amended provisions of Section 285BA(1)(k)of the Income Tax Act, 1961, some prescribed reporting financial institutions need to furnish a statement of financial transaction or reportable account (previously called as ‘Annual Information Return (AIR)) in connection with some specified financial transactions done by them d...

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Posted Under: Income Tax |

Comparative study of Listing Regulations 2015 vis-à-vis Equity Listing Agreement

The Listing Regulations 2015 will apply to the following securities on recognized Stock Exchange(s): Specified securities listed on Main Board or SME Exchange or Institutional Trading Platform; Non-Convertible Debt Securities, Non-Convertible Redeemable Preference Shares, Perpetual Debt Instrument, Perpetual Non-Cumulative Preference...

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Posted Under: Income Tax |

Follow your own rules to rule the world

Here, I want to share some RULES which I followed for my CA and CS preparations. These are not noting tips or like, but these are some rules by which you can control yourself as well as your work or study. So please take a look at following rules:-...

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Posted Under: Income Tax |

Place of Effective Management (POEM)

The Finance Act 2015 has introduced a major change to the definition of residential status of companies vide amendment to Section 6(3) of the Income Tax Act, 1961 (‘Act’) which is likely to have significant impact with respect to foreign companies....

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Posted Under: Income Tax |

A Quick insight on Secretarial Audit

Who can conduct Secretarial Audit? Only a member of the Institute of Company Secretaries of India holding certificate of practice (company secretary in practice) can conduct Secretarial Audit and furnish the Secretarial Audit Report to the company. [Section 204(1) of Companies Act, 2013]...

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Posted Under: Income Tax |

Issue of Extension of Time For Filling Tax Audit Reports & ITR

There has been much controversy over the above issue. Much complications have taken place in comparison to earlier years in respect of filling of Audit Reports and as well as Income Tax Return. Some years ago, in the tax audit cases, the due date for filling was October which was reduced to September. Tax- payers are complying to the requ...

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Posted Under: Income Tax |

Haryana VAT Amends 1% Composition Scheme for Developers (Rule 49A)

Vide Notification No.23/H.A.6/2003/S.60/2015 dated 24th September, 2015 the State of Haryana has amended Rule 49A of Haryana Value Added Tax Rules, 2004 in what appears as a fresh effort to rope more developers to opt for the 1% composition / Lumpsum scheme by introducing few changes and allowing fresh 60 Days to join this Notification fr...

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Posted Under: Income Tax |