"01 June 2020" Archive

No section 68 addition if assessee discharges burden put upon it

Kruti Organisers P. Ltd. Vs ITO (ITAT Ahmedabad)

In balance sheet of assessee credit balance of lenders had been shown at Rs. 49 lacs and Rs. 13 lacs and details of accounts along with confirmation, addresses and PAN of lenders were furnished before AO for verification. Even assessee had furnished copy of assessment orders passed in case of lender for the relevant year for verification....

Six key changes in ITR forms for FY 2019-2020 (AY 2020-2021)

The CBDT has notified the Income Tax Returns (ITR Forms i..e. ITR 1 to ITR 7) for the FY 2019-2020 (AY 2020-2021)  vide Notification No. 31/2020-Income Tax Dated- 29/05/2020, which became effective from 30th May, 2020. Glad to see this notified a day before than what the department committed. Six key changes in newly notified […]...

Posted Under: Income Tax |

TDS on acquisition of immovable property @ 0.75% is ‘almost’ mandatory

In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the, specified payments made to residents, inter alia, for the acquisition of immovable property (194-IA) has been reduced by 25% for the period […]...

Posted Under: Income Tax |

Interlinkage between Valuation and Transfer Pricing

We see that whenever there is any TP litigation in relation to valuation of assets or shares, following are the issues that are raised by the IRD while evaluating the valuation report:...

Posted Under: Income Tax |

Post Incorporation Compliance under Companies Act, 2013

In this particular article my effort is to take care and to discuss post incorporation compliance as per Companies Act,2013 to the best of my knowledge and in accordance with the applicable provisions....

Posted Under: Income Tax |

Related Party Transactions of Unlisted Companies | Companies Act 2013

Background: According to Section 2(76) of the Act, ‘related party’, with reference to a company, means: 1. A director or a key managerial personnel or their relatives; 2. a firm, in which a director, manager or his relative is a partner; 3. a private company in which a director or manager or his relative is […]...

Posted Under: Income Tax |

Process for LLP (Limited Liability Partnership) Incorporation

What is LLP? LLP is defined under LLP Act -2008 (Limited Liability Partnership Act-2008) which means partnership formed and registered under this Act and is a legal entity separate from that of its partners. In simple words when two or more persons associated for carrying on a lawful business with a view to profit incorporate […]...

Posted Under: Income Tax |

Section 186- Loan & Investment by Companies

SECTION 186 + Rule 11, 12 and 13 of Companies (Meeting of Boards and its Powers) Rules, 2014 LOAN AND INVESTMENT BY COMPANY 1. Objective:- > To protect the interest of shareholders > To prevent company from unnecessary exploitation of funds of shareholders > To maintain feasible debt equity ratio > To ensure sufficient liquidi...

Posted Under: Income Tax |

Registration of a Partnership Firm in Tamil Nadu-Step By Step Procedure

The Partners of the proposed firm need to draft a agreed partnership deed agreed mutually by the partners. The deed is required to be printed on Rs. 300 stamp paper. This will be the basic document of registration process. Model of a draft Partnership deed is given below link....

Posted Under: Income Tax |

Non Resident Investing in a Indian Company – FCGPR Compliance

Non Resident Investing in a Indian Company-Compliance under FCGPR – Whether he can use his NRO Account? Present Case: A private limited is incorporated in India. Mr. X who is in US and US citizen has an NRO account in India. He wants to transfer his money from his NRO account to the company for […]...

Posted Under: Income Tax |

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