"23 August 2018" Archive - Page 4

FAQ on ITR -V – How to send / Open, Password

In this Article we have dealth with Some of the FAQ related to ITR -V  i.e. 1. What date should be provided in case 'Ancestral Date' is written on PAN Card ? 2. Can I send the ITR-V to CPC by Registered Post?  3. What are other formalities to be done after I print ITR-V?  4. I have not received a copy of ITR-V in my mail id or the ITR-...

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Posted Under: Income Tax |

Tax Residency Certificate (TRC) for Indian & Non Resident

Tax Residency Certificate (TRC)  For Indian Resident Assessee From 01.4.2013 the India Residents who earns Income from Countries with which India have a DTAA can obtain  a Tax Residency Certificate from Income Tax Department. The same may be submitted to the Payer to claim DTAA Benefit.An assessee, being a resident in India, shall, for ...

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Posted Under: Income Tax | ,

Disallowance on account of Non-deduction of TDS – Section 40(a)(ia)

The provisions of Section 40(a)(ia) of the Act were brought on Statute by Finance Act 2004, w.e.f. 01.04.2005, i.e the same is applicable for assessment year 2005-06 and subsequent assessment years....

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Posted Under: Income Tax |

Accommodation entries from fake companies – Case Laws, Assessment Issues

When we refer to an entry of loan transaction as ‘fake loan’ received from a ‘paper company’, it invariably means that such entry represents unaccounted money of the person in whose books of account the money has been credited as loan and the lender company is only a conduit for routing the money back to the books of account of th...

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Posted Under: Income Tax |

Clubbing of Income Under the Income Tax Act,1961

Generally person is liable to pay tax only on the income which is earned by him. However provisions of Section 60 to 64 of Income Tax Act 1961 may make you liable to pay tax on income which is not earned by you.Inclusion of others income in the income of assessee is called“Clubbing of income” and such clubbed income is termed as “De...

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Posted Under: Income Tax |

Useful tips to save Income Tax in F.Y. 2018-19

Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax Planning Tips mainly for Individual and Salaried tax payers by which they can minimise their tax burden for Financial Year 2018-19 or Assessment year 2019-20...

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Posted Under: Income Tax | ,

Understanding the role of the AAR through recent GST rulings

The system of Advance Rulings in the matters of taxation was introduced in India under the Income Tax Act of 1961. The idea was to provide taxable entities a facility that helped them ascertain their tax liabilities without having to enter a long-drawn litigation or an expensive tussle with the Income Tax department. In 1993, […]...

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Posted Under: Income Tax |

Whether Form ‘C’ should be made available to an assessee even after implementation of GST?

Article discusses Whether Form ‘C’ should be made available to an assessee even after implementation of the goods and services tax?...

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Posted Under: Income Tax |

PREPAYMENT of a debt or EXTENDING term of debt – If passes SPPI test?

Often debts include clauses in which either borrower or an issuer can prepay the debt amount earlier than its contractually agreed period or extension of term can be requested. As per the classification of Assets rules defined under as per Ind-As 109 – Financial Instruments which states that after the initial recognition of such financi...

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Posted Under: Income Tax |

What Is Composition Scheme Under Goods And Services Tax Act

Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not exceeding,...

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Posted Under: Income Tax |

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