"11 January 2020" Archive

Money Laundering – Practical Cases in India

What is Money Laundering? Money laundering simply means conversion of black money (DirtyMoney) into white money (Clean Money) where the black money may not become white legally but appear to have become so. The process of Money Laundering is also known as Jama Kharchi in India. Some of the prevalent practical methods are discussed here. [...

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Posted Under: Income Tax |

Section 269SU Mandatory to provide Digital Payment Facility to their customer

Applicability Every person carrying on business if his total turnover exceeds Rs 50 Crore in preceding financial year. (Applicable for all companies whether or not listed) Penal Provision  If the above provision not fulfilled w.e.f. 01.02.2020 penalty of 5,000/- per day would be levied after 01st Feb 2020. However if the business fulfill...

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Posted Under: Income Tax |

A Critical Analysis of “Shell Company”- Part 2

The term Shell companies generally refer to limited liability companies and other business entities with no significant assets or ongoing businesses activities. Shell companies typically have no physical presence other than mailing addresses, employs no one, and produces little to or no independent economic values....

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Posted Under: Income Tax |

Analysis of IBBI (Liquidation Process) (Amendment) Regulations, 2020

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 w.e.f. 06-01-2020 The present amendment has brought various new restrictions and time frames as under:  CORPORATE LIQUIDATION ACCOUNT Regulation 2 A clause (ca) under Regulation 2 has been inserted to make provision for “Corporate Liquidation A...

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Posted Under: Income Tax |

Key Statistics and Performance of Goods and Service Tax

Key Statistics and Performance of Goods and Service Tax for Calendar Year 2019 On 1st January, 2020, India’s GST Laws has completed its 30 months or 900 days of Implementation. While GST has been a breakthrough step by the present government paving way for various accolades world-wide in the form of Improvement in Ease of […]...

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Posted Under: Income Tax |

Get CA/CS/CMA Exam Answer Sheet copies for free or at nominal Fee

Now CA students get Answer Sheet copies at Free of Cost and CS, CMA students at nominal cost under RTI: Supreme Court Orders! RTI Act is the most revolutionary act for setting out the practical regime of the Right to Information, the 3 Key building pillars behind the act are Responsibility, Transparency and Accountability, which […...

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Posted Under: Income Tax |

TDS Compliance In Tax Audit Report

Where profits & gains of person from business are taxable on estimated basis u/s. 44AD, 44AE, 44BB or 44BBB & such person claims his income to be lower than profits & gains so estimated. 44AD: option to be assessed on presumptive basis, so long as the sales, turnover or gross receipts from an eligible business do not exceed Rs. 2 Crores....

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Posted Under: Income Tax |

Carry Forward and Set off of Losses in tabular form with FAQs

Set off of loss from one source against income from another source under the same head of income/inter- source set-off under the same head of income Any loss in respect of one source shall be set-off against income from other source under the same head of income. But, there are some exception to this....

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Everything You Want to Know About Pan Card for NRI’S

According to the new, rule of SEBI ,any NRI not having PAN card cannot do the share trading by depository or broker....

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Posted Under: Income Tax |

Exemption from capital gains on sale of equity shares

Earlier to Finance Act 2017, section 10(38) of Income Tax Act provided opportunity to tax-evaders. It provided the exemption of tax on the capital gains arising on sale of equity shares after one year of its acquisition, if transaction was chargeable to securities transaction tax (STT)....

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Posted Under: Income Tax |