"January, 2018" Archive - Page 32

NPS should be made Exempt, Exempt, Exempt (EEE)- ICAI

Currently, the National Pension Scheme (NPS) works on Exempt, Exempt, Tax (EET) regime whereby the monthly/ periodic contributions during the pension accumulation phase are allowed as deduction for Income-tax purposes...

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Posted Under: Income Tax |

Section 255 – Limit of Rs 50 lakhs may be made w.r.t. disputed income instead of total income

Section 255(3) as amended by the Finance Act, 2016 provides that a single member bench may dispose of a case where the total income as computed by the Assessing Officer does not exceed fifty lakh rupees. ...

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Posted Under: Income Tax |

A Step by step guide to choose a right mutual fund scheme

Investing in mutual funds seems interesting, with number of websites, TV and other finance and wealth magazines publishing various information.However it is a challenging task and involves knowledge regarding the shares and securities market and various laws that govern mutual funds is necessary before investing in them....

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Posted Under: Income Tax |

Section 245Q – Need for Rationalisation of filing fees for AAR

Vide the Finance Act, 2017, section 245Q has been amended so as to enlarge/expand the scope of Authority for Advance Rulings to cover cases relating to central excise, custom duty and service tax and thus have single AAR...

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Posted Under: Income Tax |

Input Credit of GST on Purchase of Motor Vehicle

This articles discuss about availability of input credit for purchase, repair etc. of Motor Vehicle for the registered persons not engaged in GTA or passengers transport service...

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Posted Under: Income Tax |

Fix specific time limit for initiating & completing TDS proceedings U/s. 201: ICAI

Presently, there is no time limit specified by the Act for initiating & completion of TDS proceedings under section 201 of the Act in respect of payments made to nonresidents. Thus, the TDS returns are scrutinized by the assessing officers for past years without any limit...

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Posted Under: Income Tax |

ICAI suggestion to reduce Mismatch in TDS / TCS data

The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to file statements of TDS/TCS in time....

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Posted Under: Income Tax |

ICAI suggest Interest on delayed payment of interest on daily basis

As per the provisions of section 201(1A), interest is charged on monthly basis. Even for delay in payment or deduction of tax at source by one day, interest is charged for the whole month....

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Posted Under: Income Tax |

Sections 1 & 4 of Companies (Amendment) Act, 2017 applicable wef 26.01.2018: MCA

S.O. 351(E) (23/01/2018)

Central Government hereby appoints the 26th January, 2018 as the date on which the provisions of Section 1 and section 4 of the Companies (Amendment) Act, 2017 shall come into force....

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Payment to non-residents: ICAI suggest consideration of section 54 to 54F while issuing Lower or Nil tax deduction certificate

Section 195(1) of the Income-tax Act, 1961 provides for the applicability of TDS provisions on any person responsible for paying to a non-resident subject to exceptions as provided in the section....

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Posted Under: Income Tax |