"January, 2018" Archive - Page 28

Companies Amendment Act, 2017- From journey to top 35 changes

Following are the top 35 useful and remembreable changes of Companies Amendment Act, 2017: 1. In case of Incorporation, Name shall be reserved for 20 days from the date of Approval instead of 60 days from the date from the date of application....

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Posted Under: Company Law |

Benefits To SEZ Entities Under The Income Tax Law

An entrepreneur, who begins to manufacture or produce articles or things or provide any services during the period beginning from 1st April, 2005 to 31st March, 2020, shall be eligible to take a deduction under section 10AA with respect to the export turnover of his unit located in SEZ....

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Posted Under: Company Law |

Interstate Transactions more than Rs. 50000? E-Way Bill is Compulsory!

Krishna,now there is fever of E-way Bill in the GST. So, what is the situation of taxpayers at this moment?...

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Posted Under: Company Law |

GST on Printing Industry – A Detailed Analysis & Item Wise Rate Table Study

Printing Industry is a very wide Industry ranging from Newspapers to Commercial Books and Periodicals. Involvement of Jobwork and changes in definitions have made significant changes in the way GST Applies on Printing Works vis-à-vis Earlier VAT & Service Tax Regime....

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Posted Under: Company Law |

Auto fill of TDS data in Income Tax Returns (ITR)

Currently an assessee filing his income tax return needs to fill all the data manually wrt the taxes paid by him/ on his behalf (TDS) in excel utility. Since TDS returns are e-filed now days, an asseesee by manually punching the data relating to prepaid taxes like TDS is prone to committing errors....

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Posted Under: Company Law |

Section 139- Enlarge scope of filing return of income: ICAI

The scope of filing return of income should be widened so as to include in its ambit the persons entering into the following transactions:...

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Posted Under: Company Law |

Clarify whether acquisition of residential flat in ‘OAS’ is ‘purchase’ or ‘construction: ICAI

Under Section 54 of the Income-tax Act, if an assessee who has earned a Capital Gain on sale of a residential house, has, within the prescribed period, purchased or constructed another residential house, then, to the extent of the cost of the new residential house, no tax in respect of such Capital Gain is payable. ...

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Posted Under: Company Law |

Issue specific Guidelines for empanelment of auditors U/s.142(2A): ICAI

For the purpose of conducting special audit under section 142(2A) of Income-tax Act, 1961, the auditor is nominated by Chief Commissioner or Commissioner. Presently, no specific guidelines have been issued by the authorities to enable the Chief Commissioners or Commissioners to take an informed decision....

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Posted Under: Company Law |

Introduce TDS payment challan cum TDS Returns: ICAI

Section 200 provides for the payment of TDS and filing of TDS Returns. The Income Tax Law requires payment of TDS every month by 7th of the following month and by 30th April of the Assessment year for tax deducted in the month of March of the Previous year. ...

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Posted Under: Company Law |

Issue Master Circular on TDS within 15 days of passing of Finance Act: ICAI

In order to support/clarify the provisions of Chapter XVII, various circulars have been issued from time to time. Further various court decisions, favourable or unfavourable for the assessees, have also clarified various provisions of Tax deduction at source or tax collection at source. ...

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Posted Under: Company Law |