"February, 2020" Archive - Page 3

TDS on Pension and Retirement Benefits

1. What is Pension? Pension is described in Section 60 of the CPC and Section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits, etc. It involves three essential features. Firstly, pension is a compensation for the past service, secondly, it owes its relationship to a past emp...

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Posted Under: Income Tax | ,

Treatment of fresh claim of assessee before completion of assessment

Whether an assessing officer is required to entertain and consider a fresh claim or a modification in a claim made at any time before the completion of assessment u/s 143(3) of the income-tax act....

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Posted Under: Income Tax |

Taxability of Conversion of Stock in trade to Investment

In case of a business of trading in shares assessee may transfer some of his stock in trade into his capital asset by deciding to hold it as an investment or on discontinue of delivery based trading of shares, convert the stock of shares into investments and sell the same at a later stage and pay tax on the profit as capital gain instead ...

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Posted Under: Income Tax | ,

Updated list of Transactions to be reported in AIR

Government has mandated reporting in statement of financial transaction commonly known as AIR Return of Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregates to ̶ (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in on...

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Posted Under: Income Tax |

How to Increase Authorized Share Capital of Company under Companies Act

In the Companies Act 2013, the procedure for the increase in the Authorised share capital has been governed in sections 61 and 64 of the Companies Act 2013. In any case related with the share capital in the process of increasing the paid-up share capital of the company by issuing the fresh equity shares, the […]...

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Posted Under: Income Tax |

Paragraph wise comparison of CARO, 2020 and CARO, 2016

MINISTRY OF CORPORATE AFFAIRS (MCA) vide its Order dated February 25, 2020 substituted the Companies (Auditor’s Report) Order, 2016 by Companies (Auditor’s Report) Order, 2020 after consultation with the National Financial Reporting Authority (NFRA) constituted under section 132 of the Companies Act, 2013. It shall come into f...

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Posted Under: Income Tax |

Post Budget Memorandum on Direct & Indirect Taxes Provisions

AIFTP has an 'Indirect Tax (GST) Representation Committee' as well as 'Direct Tax Representation Committee' to monitor and suggest the right path for a well-designed and ideal Indirect & Direct Tax Regime as well as to educate the tax fraternity about the finer aspects of the Tax Law implemented in our country....

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Posted Under: Income Tax |

The Joy of Being Alone

A series of events overtook me few months back in such a way that I felt left alone amidst people. I know not why but when the feeling of loneliness comes, its effect is sometimes devastating leading to depression.  Is it because I smile when I actually want to cry, I talk but I want […]...

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Posted Under: Income Tax |

Accounting & Billing Software Providers to enrol for update on GST e-invoice

Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice. An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. Adoption of this new standard ensures complete inter-operability of e-invoices across the entire GST eco-system. The new system elimi...

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Posted Under: Income Tax |

RBI-FLA Reporting Though Flair

What is an FLA Return As per Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017, an Annual Return on Foreign Liabilities and Assets (FLA) is required to be filed by Indian company which has received FDI or made ODI abroad or an LLP which has received investment […]...

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Posted Under: Income Tax |