The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distribution tax @ 30%, u/s 115-O of Income Tax Act, in the hands of a closely held company paying such deemed dividends. Apprehensions have been raised in some quarters as to whether the proposed amendment will result in double taxation, both in the hands of payer company as well as the recipient of deemed dividend.
We have to initially open the Open the PPF account for 15 years and after the initial period of 15 years is over, one can keep on extending the deposit for a period of 5 years at a time. In fact, this is where the magic of PPF begins. One need not start a fresh PPF account and continue it for all of 15 years — just extend the old one for five years at a time, indefinitely. This way, the same PPF account offers additional liquidity to what is offered during the initial term.
DON’T MISS THE DEADLINE of 31st May 2018 to file Statement of Financial Transactions (SFTs) Online in Form No. 61A for specified financial transactions entered with third parties during F.Y. 2017-18
We know that making investment in securities/shares is one of the common investment avenue available to an individual in addition to making fixed deposits, purchasing land or building etc. In shares, bonus shares are often issued by the company. Bonus shares are used by the company as one of the method of capitalizing their profit […]
RBI releases draft circular on Limits on Exposure to Single and Group Borrowers/Parties and Large Exposures and Revision in Priority Sector Lending Targets for UCBs
Validity of the Pre-shipment Inspection Agencies (PSIAs) as listed in the Appendix 2G of A&ANF, whose validity expires on 31.12.2019 is extended up to 31.03.2020. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade PUBLIC NOTICE No. 51/2015-2020 New Delhi Dated 30 December, 2019 Subject: Extension of validity […]
A partnership agreement is a necessity if you’re opening a business with another person. The agreement serves two purposes: it creates a legal document that provides for the rights and responsibilities of each partner and it provides you with legal recognition from the state, allowing you to do business. 1. Create a partnership agreement. In […]
How to save Rs 1 crore with a basic salary of Rs 25,000 or less with Tax Benefit u/s 80C Creating a corpus of Rs 1 crore on retirement is possible for most employees. However, for those who are low-earners, it might require a bit more active approach when it is invested in systemic manner […]
Procedure for generating test memo at Appraising Group- While appraising the BE, the Appraiser, if desires to draw a sample of an item for testing purpose, will have to close the Appraising Option and Select Option – Sample Test Entry; from the main menu and will generate the test memo by recording the test instructions in the following manner:-
whether deduction u/s 54 can be denied if assessee initially purchased land with a view to put up construction but later changed his mind and instead, purchased a residential house?
