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Archive: April, 2020

Posts in April, 2020

NIL TDS intimation to Department

April 30, 2020 22183 Views 0 comment Print

This article is applicable to all persons having the TAN No. (for TDS deduction purposes) Currently, if there is no TDS to be deducted, no action is taken in terms of filing TDS return for the particular quarter. Due to this practice of non-intimation, the Income Tax department has been finding it diificult to differentiate […]

Tax Free Bonds V/S Tax Saving Bonds

April 30, 2020 30572 Views 2 comments Print

The basic difference between Tax Free Bonds and Tax Saving Bonds is Tax free Bonds yields Interest which is not taxable in the hands of Investor whereas in case of Tax Saving bonds it is chargeable to Tax in hands of Investor. Investor gets Deduction under Section 80CCF if he invests in Infrastructure Tax Saving Bonds up to Rs. 20,000 whereas same is not available in case of Tax free Bonds.

Online facility for Response to Outstanding Income Tax Demand

April 30, 2020 22621 Views 1 comment Print

Many a times there are Mis match between TDS shown in Form 16 / Form 16A and actually deposited by Employer / Other party. However at the time of filing Income Tax Return the assessee claims full TDS as per TDS certificate received. Due to this at the time assessment CPC / AO send intimation of Demand. Further there are various reason and stages where demand raise, however there is no consolidated date based of status of each demand.

Income Tax RAID – understanding Survey Vs. Search

April 30, 2020 52241 Views 9 comments Print

Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as raid.

TDS on Purchase of Immovable Property | FAQ | Payment Procedure

April 30, 2020 182264 Views 89 comments Print

As we all are aware that TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be […]

Section 43B(f) deduction allowable only on actual payments : SC

April 30, 2020 11664 Views 0 comment Print

Hon;ble SC has recently in Union of India vs. Exide Industries Ltd. upheld the constitutionality of section 43B(f) and has propounded that the deduction would be allowable only on actual payments.

CA Final Direct Tax | What is Direct Tax & Advantages

April 30, 2020 1998 Views 0 comment Print

What is Direct Tax A Direct Tax wherever the impact and therefore the incidence been equivalent class is outlined as a right away Tax. The direct tax is paid directly by the organization or a person to the entity that has obligatory the payment. The tax should be paid on to the govt and can’t […]

E-Form MGT 7 : A total Compliance

April 30, 2020 39333 Views 5 comments Print

The Ministry of Corporate Affairs has introduced E-Form MGT 7 (Pursuant to sub-Section(1) of section 92 of the Companies Act, 2013 and sub-rule (1) of rule 11 of the Companies (Management and Administration) Rules, 2014]. Earlier the said form was known as Form 20B. Both Forms are meant for Annual Return to be filed by […]

Issue of Shares Through Right Issue under Companies Act, 2013

April 30, 2020 16272 Views 0 comment Print

‘Right Issue’ means offering shares to existing members in proportion to their existing shareholding. The object is, of course, to ensure equitable distribution of Shares and the proportion of voting rights is not affected by issue of Fresh shares. A rights issue is an invitation to existing shareholders to purchase additional new shares in the company. This type of issue gives […]

MOA Main Objects clauses for different types of Companies

April 30, 2020 960165 Views 36 comments Print

I. IT SERVICES, TECHNOLOGY, TRAINING AND CONSULTANCY: 1. To carry on the business of Software designing, development, customisation, implementation, maintenance, testing and benchmarking, designing, developing and dealing in computer software and solutions, and to import, export, sell, purchase, distribute, host (in data centers or over the web) or otherwise deal in own and third party […]

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