If a deductor has deposited excess amount of TDS , the procedure for getting refund was given in Board Circular 285 dated 21-1-1980. Now CBDT has issued new circular in this respect.
Under the provisions of section 111A tax on short-term capital gains, in the case of equity shares in a company or units of an equity oriented fund on which Securities Transaction Tax (STT) has been paid, is levied at the rate of 15%. This rate was increased from 10% to 15% vide Finance Act, 2008 with effect from 1.4.2009. However, in the proviso to this section while providing relief, the rate of short-term capital gains tax is still referred to as 10% which needs to be corrected to 15%.
Recently, the Section 44AD has been revised and now it is applicable to all businesses instead of only to civil construction business. On the other outset, limit of tax audit u/s 44AB is increased to Rs. 60 lakh from earlier limit of Rs. 40 lakh. Being an entrepreneur first, I had lot of disappointments on increase of limit as now there will be lesser business men falling under the tax audit bracket. While secondly, I was really happy all business men who want to show profit lesser than 8% fall under the bracket of tax audit though not directly but indirectly.
Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct tax Payment Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the letter to bank.
A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a regular TDS/TCS statement will be accepted at the TIN central system only once.
ICAI issued a press release on 01st May 2020 and decided that Due to the existing constraint of communication, members may communicate with the Retiring Auditor vide E-mail, provided an acknowledgement of such communication is received from the Retiring Auditor’s E-mail address registered with the Institute or his last known official E-mail address. Such acknowledgement […]
Draft Guidance Note on Applicability of AS 25 & Measurement of Income Tax Expense for Interim Financial Results deals with whether Accounting Standard (AS) 25, Interim Financial Reporting, is applicable to interim financial results presented by an enterprise pursuant to the requirements of a statute/ regulator, for example, quarterly financial results presented under SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 entered into between Stock Exchanges and the listed enterprises; and the measurement of income tax expense for the purpose of inclusion in the interim financial reports
This Guidance Note deals with accounting by e-commerce and cloud-computing companies in respect of certain issues relating to revenue and expense recognition. Some of the accounting issues in e-commerce and cloud-computing companies have arisen due to the new business models being used in such Some accounting issues, such as those relating to advertising partnerships, rebates, point and loyalty programmes, which are more common in business carried on by e-commerce and cloud-computing companies, also exist in other businesses.
During lockdown, the GST Helpdesk was fully operational and running smoothly through its Toll-free number from 9AM to 9PM serving in 12 languages. The Goods and Services Tax Network (GSTN) with its Helpdesk service partner TechM created a secured virtual environment through next generation and robust technology for their Helpdesk employees resolving GST queries. More than 65% GST helpdesk agents out of total capacity worked from their homes.
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 […]
