"21 September 2019" Archive

Reforms in Evaluation of Answer Books of CA Exams

It has been brought to our notice that certain adverse reports relating to the system of evaluation of answer books of CA exams are doing the rounds in social media. In this connection, following reforms which have been put in place recently are brought to the attention of the stakeholders in respect of the ICAI examination system...

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Posted Under: CA, CS, CMA |

Tax benefit on Insurance Premium, Mediclaim & Medical Expenses

Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...

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TDS U/s. 194A, 194J & 193 of Income Tax Act, 1961

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called Tax Deducted at Source commonly known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is direc...

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

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Interest for Failure to Collect/Deduct & Delayed Payment of TDS/TCS

Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure to deduct tax at source/delay in payment of TDS, Non filing of TDS statement without payment of interest, Basic provisions relating ...

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Specified Domestic Transaction- Penalty for Concealment of Income

The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity....

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Changes in GST Rates for Hotel Industry

Sachin Kumar Mishra GST TAX RELIEF FOR HOTELS – Upcoming GST on the Hotel Industry The GST Council has agreed to lower tax rates imposed on the hotel industry during its meeting on Friday. Led by Finance Minister Nirmala Sitharaman, the all-powerful council decided to tax hotels on rates varying from 18 to zero per […]...

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Posted Under: CA, CS, CMA |

Section 180 | Companies Act 2013 | Meaning of Term Undertaking

WHAT IS MEANING OF TERM ‘UNDERTAKING’  UNDER THE SECTION 180 OF THE COMPANIES ACT 2013 The Companies Act 2013, imposes some restrictions on the general powers of Board. Pursuant to section 180 of the Companies Act 2013, the Act specify the powers which Board can exercise only through approval of shareholders by Special Resolu...

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Posted Under: CA, CS, CMA |

Big Announcements in Income Tax – Booster to Indian Economy

On 20th September, 2019 Finance Minister has made big announcements in order to boost the Indian economy. These announcement shall be applicable from Financial year 2019-20. Please find below cardinal announcements made by the Finance Minister: 1. Reduction in Tax Rates: Sr. No. Particulars Tax Rate Effective Tax Rate MAT Conditions Optio...

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Posted Under: CA, CS, CMA |

Strike off of Company | Section 248 | Companies Act 2013

Strike Off Of Company under Section 248 of Companies Act, 2013   The Companies Act 2013 provide two modes of strike-off – namely Strike off by the ROC under Section 248(1) of the Companies Act 2013, and Strike off by a company on its own accord under Section 248(2) of the Companies Act, 2013. Grounds for […]...

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Posted Under: CA, CS, CMA |