"05 August 2018" Archive

Valuation of perquisite in respect of Medical Facilities

1. Fixed medical allowance is always chargeable to tax. 2. The perquisite in respect of medical facility provided by an employer in the following hospitals/clinic is not chargeable to tax – a) Hospital owned/maintained by the employer. b) Hospital of Central Government/ State Government/ local authority....

Read More
Posted Under: Income Tax |

TAX Implications of Investing in Property

The latest buzz these days is investing in the Property Market/ Real Estate. Bhai Paisa hai to Property me laga, is very common to hear even from someone who knows nothing about the churn of events in the market nor about investments. But still every Tom, Dick & Harry will come and advise you about investment in real estate....

Read More
Posted Under: Income Tax |

What’s better- Trust, Society or section 8 Company?

One can set up either a public charitable trust, a registered society, or a Section 8 Company (a trust corporation). Each has its own advantages and constraints. If a person wishes to set apart either property or money for a charitable purpose so that the income may be devoted in perpetuity for the fulfilment of the charitable activity,...

Read More
Posted Under: Income Tax |

TDS – Payment Due Date & Mode

Rule 30 of Income Tax Rules, 1962, as amended by S.O. 1261(E), Notification dated 31.05.2010, prescribes mode of payment of tax deducted to the account of Central Government as detailed below:(a) The Tax deducted at source in accordance with the provisions of Chapter XVII-B of the Income tax Act, 1961 by an office of the Government shall ...

Read More
Posted Under: Income Tax |

Form 26AS – Rectification of Errors & Omissions

Taxpayers are advised to verify the tax credits available in 26AS statement before filing the Income Tax Return. It will facilitate faster processing and quick refunds. In order to avoid the TDS mismatch i.e if your claim of TDS is higher than the tax credits available in 26AS statement, please contact the Deductor for filing of the c...

Read More
Posted Under: Income Tax |

GST, Excise, Service Tax, Customs & VAT updates for July 2018

Article contains update for the Month of July 2018 related to GST, Excise, Service Tax, Customs & VAT which includes Summary of Notifications, Circulars, Advance Rulings, Important Case Laws and announcements made by Government. Amendments in the rate of GST on specified services: Amended GST Rates on certain services Particulars Earl...

Read More
Posted Under: Income Tax |

The Era of CA Indemnity Insurance

The accounting professionals have been able to organise their work and get social and statutory appreciation for their competence, objectivity and integrity. They provide high-calibre services to our society, in general, and to business community, in particular. Accounting professionals who act in a professional capacity are bound to exer...

Read More
Posted Under: Income Tax |

Director KYC under Companies Act, 2013 with FAQs

Who have to File DIR-3 KYC? Every Director who has been allotted DIN as on or before 31st march of a financial year submits e-form DIR-3KYC with central government....

Read More
Posted Under: Income Tax |