"21 December 2019" Archive

Brief note on IEPF forms

Brief Note of IEPF Forms or Step wise checklist of IEPF form Every Company which has any *unclaimed amount shall file e-form IEPF-2 within 60 days of Annual General Meeting with Ministry of Corporate of Affairs mentioning unclaimed and unpaid amounts separately for each of the previous seven financial years (number could be zero for [&hel...

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Posted Under: Company Law |

Interest Income of CHS from Co-op Bank entitled for Section 80P (2)(d) deduction

Solitaire CHS Ltd. Vs PCIT (ITAT Mumbai)

Though the co-operative banks pursuant to the insertion of sub­section (4) to Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, but as a co-operative bank continues to be a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being i...

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GST Registration Process

Filing of GST Registration Application For GST registration as a Normal Taxpayer/ Composition/ Casual Taxable Person perform the following steps: 1. Access the https://reg.gst.gov.in/registration/ URL. The GST Registration Home page is displayed. 2. Click on “services” option. 3. Click on “New Registration”. The Application form...

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Posted Under: Company Law |

Purchases corresponding to excess stock found during Survey not allowable as deduction

SVS Oils Mills Vs ACIT (Madras High Court)

When the excess stocks were found during the Survey, there was no question of allowing the assessee to record any additional purchases because such purchases had already been recorded in the books of account of the assessee. Therefore, the excess stock, per se, had to be naturally brought to tax as ‘undisclosed income’ by itself and ...

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Want to use the money in your PPF account? Know the rules

Public Provident Fund (PPF) account is an excellent tool for tax planning as well as for accumulating funds for retirement. The money in PPF account is not supposed to be used any other purpose except under exceptional circumstances. PPF rules allow you to use the money before its maturity. Let us discuss how one can […]...

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Posted Under: Company Law |

Why fear? File your Income Tax Return now

Less than 1% of the Income Tax Returns are selected for scrutiny/investigation Selection for scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human interface...

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Taxability of Medical Insurance Premium paid by employer in employees hand

Many companies as a part of the compensation to employees and its HR policy pay for the health insurance of the employees and it’s family. The premium is paid by the company for the benefit of the employees.However, the HR department needs to understand the tax implication for the premium paid in the hand of the Company/Organisation an...

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Posted Under: Company Law |

Taxability of Carbon Credits

Article explains What are Carbon Credits, Why is there need for Carbon Credits, Certified Emission Certificate, Whether Certified Emission Certificate (CER) are tradable, Taxability of Carbon Credits and contains text of Section 115BBG : Tax on income from transfer of carbon credits. What are Carbon Credits? Carbon Credits is an incentive...

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Posted Under: Company Law |

Revised Valuation Guidelines for valuation of securities under NPS Schemes

PFRDA/2019/23/REG-PF/4 21/11/2019

PFRDA issued valuation guidelines in April, 2012 for valuation of securities for NPS Schemes under PFRDA (Preparation of Financial Statements and Auditors Report of Schemes under National Pension System) Guidelines-2012....

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Presumptive taxation for small businesses & professions

To reduce the burden of various compliances, Govt. has introduced a scheme of Presumptive Taxation under section 44AD, 44ADA and 44AE of the Income Tax Act 1961....

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Posted Under: Company Law |

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