"October, 2018" Archive - Page 21

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

Denial of carry forwarding of CESS credit into GST – Course of action

णlosing balance of Cess credit is not transferable as ITC under GST. This article discusses the course of action that the tax payer, who have carried forward the credit requires to take....

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Posted Under: Income Tax |

Start-ups- Things to consider from various Tax & Regulatory perspective

Today, many innovative ideas have evolved around the nation and people have come up with start-up entities to commercialise on their ideas. Start-ups today are more in news considering their potential and the out of the box thinking. But what looks exciting and attractive, is not necessarily simple and easy. Entrepreneurs many times dwell...

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Posted Under: Income Tax |