"October, 2018" Archive - Page 21

9 Simple FAQs on Income Tax

Q.1 What is Income Tax ? Ans: It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.​...

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 Advantages of doing business in Corporate/Company

CA Brijesh Baranwal > There are a number of financial and legal advantages by operating an organization in corporate form. Organizing a business in corporate form allows a company to function independently from the owners of the business and one or more people may operate a company in corporate form in many places.  > Organizing ...

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5 Things You Must Know About Tax Audit

CA Brijesh Baranwal 1. As per the provisions of section 44AB/44AD of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018, must get his accounts audited before filing […]...

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TDS On Payment of Rent More Than Rs. 50,000 Per Month By Individuals/ HUFs

There is an existing provision for deduction of TDS (deduction of tax at source) under section 194-I in the Income Tax Act, 1961 for individuals/HUFs, wherever tax audit is applicable....

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Demand U/s 143(1) by Income Tax Dept. & Rectification U/s 154

Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Department (the Department) has already started processing of these returns. In fact, return filing and processing thereof are an ongoing process for different class of as...

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Received Income Tax Notice – Reasons and what to do

One of the biggest worries of income tax payers is getting notice from Income Tax Department. The Department issues notices under various provisions of Income Tax Act. The purpose of the same is to ensure greater tax compliance....

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CCI Policy Note on ‘Making Markets Work for Affordable Healthcare’

Competition Commission of India brings-out Policy Note on ‘Making Markets Work for Affordable Healthcare’ Over the nine years of enforcement of the Competition Act, 2002 (the Act), the Competition Commission of India (‘the Commission’) has received 52 cases pertaining to the pharmaceutical and healthcare sector. The Commission, wh...

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Adjudicating Authority & Appellate Tribunal under Benami Property Act gets cabinet approval

Cabinet approves appointment of Adjudicating Authority and establishment of Appellate Tribunal under Prohibition of Benami Property Transactions Act, 1988...

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India’s Benign Inflation: The real story

Soft food prices might have kept the lid on the RBI’s policy rates but it might be important to examine why the food basket’s price trends have been much weaker than what their usual seasonal patterns imply. This might help us grapple with some key questions: Will this weakness continue and offset pressure in other […]...

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Facility to upload statement 4 for Refund enabled on GST Portal

Taxpayers tiling refund application on account of supplies made to SEZ unit/ SEZ Developer, with payment of tax, has now been provided with facility to upload Statement 4, at the time of filing Refund application....

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