SECTION 269ST- Treatment of Cash Transactions above Rs. 2 Lakhs You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance company) in cash provided each loan installment is less than Rs 2 lakhs. The government in the last budget introduced Section 269ST. Under the section, cash transactions exceeding Rs.2 […]
Many persons ask questions in relation to uploading of forms with unsigned attachments like – (a) whether it is mandatory to attach only signed documents? (b) Whether document as SD/- can be uploading with roc e-forms? In this editorial author shall discuss provisions under companies Act Relating to Filing of Applications, Documents, Inspection etc. in […]
It’s a common question amongst many professionals now-a-days that If a form is approved by ROC under STP mode, whether SRN can be Cancelled for such form and Whether AOC-4/MGT-7/ any other form filed by Company can be cancelled and revised? In this editorial author shall discuss provisions under companies Act relating to correcting the […]
Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However in certain situations, the person making prescribed payments is required to deduct tax from such payments (at prescribed rates) and deposit the tax so deducted with the Government. […]
Where a property held by a person (Benamidar) and consideration has been paid by another person (Benefiacial owner) & The property is held for the immediate or future benefit, directly or indirectly for the person who has paid the consideration.
Speculative transaction means a transaction in which a contract for the purchase or sales of any commodity including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips [section 43(5)]. Here important term is periodically or ultimately settled otherwise than by the actual delivery
Non-understanding of correct residential status creates a high buzz for persons residing outside India or the persons visiting foreign for most of the year. They remain confuse whether taxes are to be paid in India and quantum of such taxes
Recently, it is seen that notices U/s. 139(9) of the Income Tax Act have been send by the Department to the large no. of assesses mentioning therein the error code no. 180. The description of this error is mentioned as
Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of providing the tax benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt.
Advance ruling has been internationally recognized as A more or less binding statement from the revenue authorities upon the voluntary request of a private person, concerning the treatment and consequence of one or series of contemplated future actions or transactions.
