While drastically changing the erstwhile provisions regarding taxability of Dividend Income, there remains an anomaly in relation to cascading effect scenario. The same is dealt hereunder: In the erstwhile provisions, to avoid cascading effect (i.e. multi-level taxation of same dividend income), the tax rate u/s 115O was calculated on the amount of dividend distributed as […]
Income Tax Audit Focusing on Recent Changes and Key Areas with Practical Examples This Article explains the Provisions of Income Tax Audit governed by Section 44AB of Income Tax Act, 1961 including the recent amendments in Budget 2020. Income Tax Audit Meaning: Tax Audit is an audit which is made compulsory by Income Tax Act, […]
Since assessee had not disclosed any black money or asset in the income tax proceedings going against him rather he had denied the same, therefore, while respondents may proceed pursuant to the impugned notices dated December 20, 2017 to assessee under Section 10(1) of the Black Money Act calling upon them to produce the details sought for in connection with the assessment for the assessment year 2017-18 under the Black Money Act however, no coercive measures might be taken against assessee if the occasion so arose.
Actions to be taken by the deductor on receipt of the certificate: Please validate the PAN of the deductee submitting the certificate. The Certificate should be valid for the PAN, Section and Rate which has been mentioned in the statement filed. Check that the certificate is valid for the relevant Financial Year.
Receiving Gift indeed brings a cheerful smile on the face of the receiver, but if receiver gets to know that he has to pay tax thereon, the smiling face may turn sad. Although Gift Tax Act has been abolished, however there are certain provisions in the Income Tax Act, which make the gift taxable in […]
As we all are aware that the due date of TDS return filing is coming closer for 4th Quarter i.e. 31st May, 2020 for FY 2019-20. Hence this article is kind of reminder for all taxpayers to be compliant towards filing of return within due date to avoid unnecessary interest and late fees. Today I […]
Finance Bill 2020 has proposed significant amendments in direct tax provisions. I would like to highlight the changes which are applicable for Individual assessees. Read on. ♣ Dividend Distribution Tax Abolishment: Upto financial year 2019-2020, domestic company was required to pay dividend distribution tax u/s 115-O at the rate of 15% (effective rate 20.56%) on the […]
Private placement as defined under Explanation II to sub-section (1) of section 42 of the Companies Act 2013, means any offer of securities or invitation to subscribe securities to a select group of persons by a company other than by way of public offer through issue of a private placement offer letter and which satisfies […]
Section 175 of the Companies Act, 2013 (the Act) read with Rule 5 of Companies (Meeting of the Board and its Powers) Rules, 2016 and Standard 6 of Secretarial Standards-1 issued by the Institute of Company Secretaries of India allows the Company to pass a resolution by circulation without convening a Board meeting or a […]
A company registered under companies act 2013 or previous applicable act and has in objects to, – Sports Promote commerce, art, science, education, research, social welfare, religion, charity, protection of environment or any such other object; And intends to apply its profits, if any, or other income in promoting its objective, intends to prohibit the […]
