Corporate Action is gaining more and more importance nowadays. Competition has prevailed over this too. To understand, Corporate action is a process by which a company gives benefits to the investors who are holding securities of the company.
CBDT relaxes condition of furnishing of Unique identification number allotted by the deductor for the quarter ending 31.12.2015 and 31.3.2016 in quarterly statement of deduction of tax in accordance with sub-rule (5) of Rule 29C.
Requirement of minimum paid up capital and common seal under the Companies Act 2013 done away with. Registration for Permanent Account Number (PAN), Tax Deduction Account Number (TAN), EPFO (Employees’ Provident Fund Organization) and ESIC (Employee’s State Insurance Corporation) and incorporation of company can be done through a single form on eBiz portal.
As regards applicability of TDS provisions, not two but three views exist on the impugned issue – (i) TDS u/s 194H – which was discussed by AO in the assessment order dt. 18/3/2012; TDS u/s 194C – which was discussed and upheld by AO in the assessment order dt. 18/3/2012; TDS u/s.194A – (which the assessee does not agree with) and not sought to be taken by CIT. Revision of order u/s 263 cannot be done if two views are possible on the issue.
In terms of section 66B, a service is taxable only when, inter alia, it is provided (or agreed to be provided) in the taxable territory‖. Thus, the taxability of a service will be determined based on the place of its provision. For determining the taxability of a service, therefore, one needs to ask the following questions sequentially:-
The CIT(A) has recorded a categorical finding on the basis of material placed on record to the effect that all the three conditions regarding identity, creditworthiness and genuineness of the loan creditors were duly established.
Various additions have been made by AO without proper application of mind and has no distant connection with the material on record & third party transactions were added in the hands of the assessee without any basis or material and thus, the AO framed the assessment in a hypothetical way putting the assessee to enormous harassment and inconvenience.
Rebate of up to Rs. 5,000 for resident individuals having total income of up to Rs. 5,00,000 as per Sec-87A of Income Tax Act, 1961 for A.Y. 2017-18 i.e. F.Y. 2016-17.The rebate shall be equal to the amount of income tax payable on the total income for assessment year 2017-18 or an amount of Rs. 5,000, whichever is less.
With respect to the compliance of ‘related party transactions’ under section 188 of the Act, it is utmost important to determine and define a related party in relation to the company. Once, it is determined that the proposed transaction is with the ‘related party’, then it is necessary to confirm whether such ‘transaction’ is a prescribed ‘transaction’ within the meaning of sub-section (1) of section 188.
Notice under section 274 of the Act should specifically state the ground mentioned in Section 271(1)(c), i.e., whether it is for concealment of income or for furnishing of incorrect particulars of income. Sending printed form where all the ground mentioned in Section 271 are mentioned would not satisfy requirement of law.
