This article is intended to make you understand the major impact both in terms of advantages and disadvantages of the adoption of Converged IFRS i.e Indian Accounting standards (Ind AS) on the financial statements and the working of the companies both. Majority of you or I can say all of you are the finance professionals […]
Para 2.25 of Foreign Trade Policy, 2015-20 revised prohibiting import of goods, including those purchased from e-commerce portals, through post or courier, where Customs clearance is sought as gifts, except for life saving drugs / medicines and Rakhi (but not gifts related to Rakhi). Rakhi will be exempted as under Section 25(6) of Customs Act, […]
The GST law was with also the objective of reducing multiple litigations pertaining to erstwhile regime like VAT, Service Tax, and Excise etc. being put to rest. However, there are still aspects like compensatory damages, employee notice period recovery which needs clarity. In many private organizations, employees would be legally bound to serve for specified […]
In re Bajaj Finance Limited (GST AAAR Maharashtra) The Appellate Authority for Advance Ruling, hereby, hold that the additional/Penal interest recovered by the Applicant from their customers against the delayed payment of monthly instalments of the loan extended to such customers, would be exempt from GST in terms of Sl. 27 of the Notification No. […]
Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh and f rent paid exceeds Rs.1 lakh per annum, it is mandatory for the employee to report PAN of the landlord to the employer. An employee who receives HRA can claim an exemption in respect of rental payments under section 10(13A) […]
26AS statement contains information regarding Advance Tax, Self Assessment Tax, Regular Assessment Tax, TDS, TCS credits available to taxpayer for claim in ITR alongwith information on refund, high value transactions and TDS defaults.
Learn about the time limit and consequences of delaying income tax return filing. Understand the requirements for filing returns for companies, partnership firms, and individuals.
As citizens of India, we are also consumers of the country’s public infrastructure and facilities. When we want these facilities and infrastructure to improve, it is also our duty and responsibility to contribute towards building and maintaining it. Paying income tax and filing income tax returns is one way of doing that.
Earlier, the person making a remittance to Non-Resident was required to furnish a certificate in specified format circulated by RBI. Basic purpose was to collect the taxes at a stage when the remittance is made as it may not be possible to collect the tax from the NR at a later stage.
Rule 37BB defines the manner to furnish information in form 15CB and making declaration in form 15CA . Why Form 15CA: It a tool for collecting data about foreign remittances. It contains all information in respect of payments made to Non-Residents.
