"22 May 2016" Archive

Form 26AS- Check Anywhere Anytime Tax Credit Status

All these three links can also be accessed on national website of Income Tax Department (http://www.incometaxindia.gov.in/Pages/default.aspx). There is an option to view the tax credit wherein the user is taken to e-filling website, internet banking or TRACES website based on the choice of the taxpayer to view his tax credit. Note:‑ For...

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Section 66D: Updated List of Negative Services

Section 66D of Finance Act, 1994 specifies the Negative list of services i.e the Services on which Service Tax is not leviable. Negative List of Services are different from the exempt Services as exempt services are although taxable but government has exempted them from service tax, while service in Negative list are not taxable at all. ...

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How to meet your TDS Obligations?- Tax Deductee's Guide

On verification of Form No. 26AS, if there is any inconsistency between the TDS details as provided by the deductor and TDS details available with the Government records (i.e. mismatch) then the deductee should intimate the same to the deductor. Mismatch in tax credit status of a deductee is because of : Non-quoting of PAN […]...

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TCS Rate Chart on sale of Goods & Services wef 01.06.2016

Budget 2016 has effected  changes / New Provisions with effect from 01.06.2016 in respect of Tax Collected at Source (TCS) on Sale of Bullion, Jewellery, Motor vehicle and Sale in cash of any goods. In this Article Author has discussed such Changes and TCS Rate Chart WEF 01st June 2016 after considering Budget 2016 Amendments. […]...

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Proposed Role of Audit Committee In Related Party Transaction

Audit Committees has to play significant role in determining, regulating the RPTs and designing the internal control procedure of the Company that is to be followed so that related non-compliances can be avoided and interest of the Company can be protected....

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Posted Under: Income Tax |

Initiatives on Improving ‘Ease of Doing Business’ as on 18.05.2016

Requirement of minimum paid up capital and common seal under the Companies Act 2013 done away with. Registration for Permanent Account Number (PAN), Tax Deduction Account Number (TAN), EPFO (Employees' Provident Fund Organization) and ESIC (Employee's State Insurance Corporation) and incorporation of company can be done through a single f...

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Posted Under: Income Tax |