"04 January 2020" Archive

Section 269ST- Treatment of Cash Transactions above Rs. 2 Lakhs

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...

Read More
Posted Under: Income Tax |

Whether documents marked as SD/- can be uploaded with ROC Forms

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, In...

Read More
Posted Under: Income Tax |

Process of Cancellation of SRN which is already been approved by ROC

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 ...

Read More
Posted Under: Income Tax |

TDS Provision for FY 2019-20

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. […]...

Read More
Posted Under: Income Tax |

What is Benami Transactions and Its Impact on Common Man

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....

Read More
Posted Under: Income Tax |

Speculative Transactions A Brief Note

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...

Read More
Posted Under: Income Tax |

Residential Status – Am I Resident or Non-Resident?

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...

Read More
Posted Under: Income Tax |

Defective Return Notice U/s. 139(9) With Error Code No. 180 or 181 –Some Precautionary Steps For Resolution

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...

Read More
Posted Under: Income Tax |

Deduction under section 80C and Tax Planning

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 prov...

Read More
Posted Under: Income Tax | ,

Concept of Advance Ruling under Income Tax Act’ 1961

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....

Read More
Posted Under: Income Tax |

Taxability on Conversion of Private Limited Company To LLP

The LLP is one the popular mode of doing the business in India. The LLP Act has provided to convert a private limited company to LLP. The Income tax Act 1961 also has been amended by inserting the provisions related to such conversion. When there is transfer, from one person to another person, the transferor […]...

Read More
Posted Under: Income Tax |

Risks in Online Income Tax Return Filing

The Post relates to Risks in Online income tax return filing through different websites is risky as that are not government authorized sites. websites other than government site let pass data through different servers due to which data can be easily hacked or mined by different unauthorized users as it contain personal data like Pan no. &...

Read More
Posted Under: Income Tax |

Income Chargeable under The Head Salaries

Salary in common parlance means any amount paid by an employer to his employees in lieu of services rendered by them. However income tax act 1961 defines the term salary u/s 17(1) to include the following monetary as well as non monetary payments ...

Read More
Posted Under: Income Tax |

How to View Income Tax Certificate of Appreciation

From AY 2016-17, Income Tax Department have started issuing certificate of appreciation for eligible taxpayers who have cleared their entire liability, have no outstanding tax liabilities and had filed their returns electronically in the prescribed time. Steps to view the certificate of appreciation Step 1 Logon to ‘e-Filing’ ...

Read More
Posted Under: Income Tax |

How to Change Details in e-Filed Income Tax Returns

After upload of the ITR, if any change occurs in taxpayers Bank Account, Address, Mobile number and e-mail id, then taxpayer can update these changes through ‘Change ITR Form Particulars’. Any update can be made only prior to processing of the return. Steps to change the particulars in the submitted ITR Form: Step 1 Logon [&he...

Read More
Posted Under: Income Tax |

Benefits of Registration u/s 12A of Income Tax Act, 1961

Section 2(15) defines Charitable Purpose and sections 11, 12, 12A, 12AA and 13 of the Income –tax Act, are the main sections that deal with scheme of taxation exemption in respect of income of charitable or religious trusts/institution....

Read More
Posted Under: Income Tax |

AIR (Annual Information Report) and Scrutiny Assessment u/s 143(3)

n the era of technology and data analytics, Income Tax Department too empowered itself with one of the most enabling report which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Mutual Funds, to submit AIR (Annual Information Report). In this article...

Read More
Posted Under: Income Tax |

5 Benefits of Health Insurance

Health care plans provide tax benefits. Premiums paid towards your health care policy are eligible for tax deductions under Section 80D of the Income Tax Act, 1961. If you are under 60 years of age, you may claim up to INR 25,000 tax benefits on health insurance premiums for yourself, your spouse, and dependent children, and an additional...

Read More
Posted Under: Income Tax |

Whether HDPE woven tarpaulin is classifiable as textile under GST Tariff Act

In re East Hooghly Agro Plantation Pvt. Ltd. (GST AAAR West Bangal)

In re East Hooghly Agro Plantation Pvt. Ltd. (GST AAAR West Bangal) On examination of samples produced by the Appellant during the course of hearing it is clear that as the principal characteristic of tarpaulin is water proofing. unless the HDPE woven fabric is laminated it cannot be used to make tarpaulin. The process of […]...

Read More

Whether loading & unloading service of yellow peas at the port is exempt supply?

In re T P Roy Chowdhury & Company Pvt. Ltd. (GST AAAR West Bangal)

In re T P Roy Chowdhury & Company Pvt. Ltd. (GST AAAR West Bangal) There is no dispute that raw whole yellow peas are agricultural produce covered under serial no. 45 of the Rate Notification and are exempted goods. However, this particular consignment of raw whole yellow peas was harvested in foreign land and the […]...

Read More

Whether printing of advertising material is a supply of service under GST

In re Macro Media Digital Imaging Pvt. Ltd. (GST AAAR West Bangal)

In re Macro Media Digital Imaging Pvt. Ltd. (GST AAAR West Bangal) In the present case, the Appellant prints the content provided by the recipient on the base of PVC, paper, etc., where it provides both the printing ink and the base material. There cannot be any doubt that the content that is printed on […]...

Read More

Provisions w.r.t., Duplicate Share Certificate for Listed Company are still relevant?

Capital is the money, which a company has raised by issue of its shares. It uses this money to meet its requirement by way of acquiring business premises and stock-in-trade etc. In relation to a company limited by shares, the word ‘capital’ means the share capital i.e., the capital in terms of rupees divided into […]...

Read More
Posted Under: Income Tax |

Dealing in securities by promoters – Insider Trading Regulation

Understanding Provisions w.r.t, dealing of securities by promoters in the light of SEBI (Prohibition of Insider Trading Regulation) 2015 The objective of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) is to prevent Insider Trading by prohibiting trading, communicating, counseling or procuring Unpublish...

Read More
Posted Under: Income Tax |

Digital implementations to be done by tax payers

This is the world of digitalization, with accessible internet, tech savvy citizens, and keeping in mind the perks of it, administrative departments in the country are on a pathway of digitalization. Physically operated administration practices are continuously being upgraded to computerized version to improve efficiency and resource utili...

Read More
Posted Under: Income Tax |

Electronic Invoice (E-Invoice) System rollout under GST- FAQs

Offshore access to IRP Q 1. Can a foreign service provider integrate with IRP? Ans: Yes, but only from within the shores of India. Q 2. If yes, where can the integration specifications be found? Ans: The specifications are to be released shortly. They will be available through links on the gst.gov.in website. Q 3. […]...

Read More
Posted Under: Income Tax |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30