"17 July 2018" Archive

How to view TDS Certificate from Form 26AS?

Deductee can view TDS certificate (only non-salary TDS certificate i.e. Form 16A) online by logging into Form 26AS. From financial year 2011-12, it is mandatory for companies and banks to issue Form 16A downloaded from TIN Website and issue only such downloaded Form 16A to deductees. The other categories of deductors may also exercise thi...

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Posted Under: Income Tax |

Conditions & Manner of providing Exit Options to Dissenting Shareholders

A Company is run by Board of Directors and officers of the Company. They have been appointed by Shareholders of the Company. The true owner is the Shareholders of the Company, who have exercise their rights through meeting of members. ...

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Posted Under: Income Tax |

Loans and income tax benefits available

Most of us must have borrowed at some point in life whether it is friendly borrowings from friends and relatives or whether it is a home loan from a financial institution. In this article, I shall discuss the tax benefits available in respect of such loans....

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Posted Under: Income Tax |

Law related to residency in India & role of exemption under DPS

Article explains Law related to residency in India & role of exemption under Dependent Personal Service ('DPS') when a person is providing services in more than one country...

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Posted Under: Income Tax |

GST – Drawing Splits and Bundles from Composite and Mixed

Conveying the definition but not the intent, how do you do that government’s way? Bitterly easy, introduce the concepts of Composite and Mixed Supply under Section 8 of Central Goods and Services Tax Act, 2017 (‘the Act’). The present piece provide a discussion over the application of these concepts in transactions which by their na...

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Posted Under: Income Tax |

Tax benefits of investing in mutual funds

Under the equity/debt mutual funds, you invest a fixed sum of money in a scheme either every month or quarter. When you’re investing in a particular mutual fund, the first thing you need to do to assess its returns is to know how it will be taxed. It is the post tax returns that will […]...

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Posted Under: Income Tax | ,

Section 14A will not apply if no exempt income

McDonald's India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

McDonald's India case: Section 14A of the Income-tax Act, 1961 will not apply if no exempt income has been received or receivable during the previous year in question...

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Empanelment as Special Auditors with Income-tax Department

No.Mum/Pr.CCIT/Co-ord/U-II/Empanelment/2018-19 17/07/2018

The Income-tax Department, Mumbai invites applications from qualified Chartered Accountant Firms (within the meaning of the Chartered Accountants Act, 1949) for empanelment as Special Auditors for the F.Y. 2018-19 and 2019-20, to carry out audit in accordance with the provisions of Sec. 142(2A) of the LT. Act, 1961. ...

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Advisory on Filing of Cost Audit Report for year 2017-18

The companies which produce products covered under excise even after July 1st, 2017 will continue to furnish the information in the same format provided by the Companies (Cost Records and Audit) Amendment Rules, 2017. The companies having their products or services covered under GST may follow the guidance provided in this advisory....

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Posted Under: Income Tax |

Rebate under Section 87A of Income Tax Act, 1961

A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 2013-14, also available for FY 2015-16 and subsequent years. One more question which comes to mind is amount of Rebate Available, i.e is it Rs. 2000/- or Rs. 5000/- for Financial Year 2015-16?...

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Posted Under: Income Tax |

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