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Archive: 08 July 2018

Posts in 08 July 2018

KYC of Director- Applicability and Method

July 8, 2018 8931 Views 7 comments Print

As per the statement given this month by MCA Secretary Sh. Injeti Srinivas, MCA has formally announced the Annual KYC Drive through the e-form DIR-3KYC. As part of updating its registry, MCA would be conducting KYC of all Directors of all Companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly.

Penalty U/s. 271(1)(c) cannot be levied if AO did not specify grounds on which penalty was imposed

July 8, 2018 3426 Views 0 comment Print

The appeal filed by the assessee is against the order of learned Commissioner (Appeals), Durgapur dated 31-3-2015 for assessment year 2010-11 in respect of upholding the penalty of Rs. 3,01,031 imposed by the assessing officer under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the Act).

Know your residential status according to Income Tax Laws?

July 8, 2018 2421 Views 0 comment Print

There is an awkward situation that often provokes much tension of numerous budding aspirants who wish to venture their luck abroad. One of the crucial points that every one of them definitely asks about is the criteria for residency in India as to the payment of income tax.

Same income cannot be Taxed Twice offered erroneously in two different years

July 8, 2018 9420 Views 0 comment Print

The instant appeal has been filed before us by the assessee against the order dated 16.12.2015 passed by the Commissioner of Income Tax(Appeals)-16, Kolkata under section 143(3) of the Income Tax Act, 1961 arising out of the order dated 30.12.2008 passed by the Income Tax Officer, Ward-7(3), Kolkata for the assessment year 2006-07 with the following grounds

FICCI Survey on One year of GST

July 8, 2018 4200 Views 1 comment Print

FICCI conducted a survey of enterprises on completion of one year of GST implementation, seeking their views on impact of this major reform, besides gauging insights and views on some of the key issues and challenges that were or are being faced by enterprises post implementation of GST.

TDS on salary: Employees responsibility if employer defaults

July 8, 2018 187715 Views 112 comments Print

The Income-Tax Act casts responsibility on the employer for tax deduction at source (TDS) at the time of payment of salary to employees whose salary income is above the maximum amount not chargeable to tax. The employer is required to deduct TDS on salary at the average rate of income-tax and deposit the same with the government within the prescribed time.

How costly can the delay in filing tax returns be?

July 8, 2018 105202 Views 79 comments Print

Due date for Filing Income Tax Return for Assessment Year 2016-17 for Salaried Persons and other Assessees who are engaged in business and profession and whose turnover is less than Rs. 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) is 31st July 2016. In this article we have detailed in the form of Question answers Consequences of Delay in Filing Return of Income or of Filing Return after the due date.

Taxability of Retirement Benefits

July 8, 2018 634628 Views 112 comments Print

On retirement, an employee normally receives certain retirement benefits namely Gratuity, Commutation of Pension, Leave Encashment, Retrenchment Compensation, Compensation on Voluntary Retirement, Payment from Provident Fund, Payment from Superannuation Fund etc. Such benefits are taxable under the head ‘Salaries’ as ‘profits in lieu of Salaries’ as provided in section 17(3). However, in respect of some of them, exemption from taxation is granted u/s 10 of the Income Tax Act, either wholly or partly. These exemptions are described below:-

Tax Benefits on Home Loan

July 8, 2018 67033 Views 30 comments Print

Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA.

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