For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden.
LEGAL REQUIREMENTS UNDER INCOME TAX ACT WHEN SELLER OR SERVICE PROVIDER RECEIVED CONSIDERATION MORE THAN Rs. 2 lakh. 1. TAX COLLECTION AT SOURCE : With effect from 1st June, 2016, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per […]
PAN will be required to be quote on invoice / bill at the time of Sale or purchase of any goods or services if a transactions above Rs. 2,00,000/- regardless of the mode of payment (weather in cash or cheque). Where buyer is a minor, in that case PAN of his father or mother or guardian, as the case may be, on the invoice / bill of the said transaction, shall be quote.
The assessee had applied tax rate of 10% in the terms of the proviso to section 112(1) of the Income Tax Act. However, the AO has applied tax rate of 20% as the proviso below section 112(1)(c) was not applicable in the case of non-residents.
While the CIT may have proceeded on the basis that the reopening of the assessment was valid, this does not satisfy the requirement of law that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Assessee has escaped assessment.
It has categorically been explained by the assessee that it is not practically possible to give detailed party wise breakup of fees receipts since the assessee received his fees either directly from the clients or from the instructing advocates or CAs, if they have collected the amounts from the clients.
The assessee has been denied the deduction u/s 54F of the Act. the assessee has duly purchased and made investment in the residential bungalow at Juhu(new asset) along with co-owner Smt. Chhaya B. Parekh. The said bungalow was demolished for the purposes of redevelopment.
It is well known that companies all over the world have become more and more internationally oriented during last few decades. They create fusion, make investment, conduct trade and co-operate over country borders. International Financial Reporting Standards (IFRS) is becoming the global language of business with over 40% of the world having moved to IFRS in the past few years.
CBDT after representation from various stake holders has issued Circular No. 23/2016 dated 24.06.2016 regarding clarity of applicability of Section 206C(1D) on transactions where sale consideration received is partly in cash and partly in cheque. Question Clarification Whether Tax Collection at Source under section 206C(1D) at the rate of 1% will apply in cases where […]
Britain has voted to leave the European Union to take greater control of its economy and its borders, shattering the stability of the continental unity. Britain has had a troubled relationship with the EU since the beginning and has made various attempts to break away from it.
