Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation , Due dates for filing return of firm and Due dates for filing of returns of partners.
Govt. introduces in Lok Sabha today Central Goods and Services Tax (Amendment) Act, 2018, Integrated Goods and Services Tax (Amendment) Act, 2018 , Union Territory Goods and Services Tax (Amendment) Act, 2018 and Goods and Services Tax (Compensation to States) Amendment Act, 2018. Bills are likely to get passed in this session of Parliament. Copy […]
The issue under consideration is whether interest u/s 201(1A) will be levied on assessee even if NRI seller had already paid taxes as per his return?
With regard to Statutory Audit, Reserve Bank of India (RBI) has informed that it has issued Guidelines for appointment of Statutory Central Auditors (SCAs) and Statutory Branch Auditors in Public Sector Banks (PSBs), which covers the norms on eligibility, empanelment and selection as well as the procedure for appointment of such auditors. In case of […]
The Gross Advances of Scheduled Commercial Banks (SCBs) increased from Rs.25,03,431 crore as on 31.3.2008 to Rs. 68,75,748 crore as on 31.3.2014, as per the Global Operations Data of the Reserve Bank of India (RBI). As per RBI inputs, the primary reasons for spurt in stressed assets have been observed to be, inter-alia, aggressive lending […]
Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization. Such actions by the Income-tax Department included among others, conducting search and survey actions in relevant cases. During the period November 2016 to March, 2017, ITD conducted searches in […]
In respect of Income Tax department, the persons are liable for taxation on income/transaction originated/attributed to India irrespective of their addresses. Giving-up of Indian addresses may not result in escaping scrutiny by the Department. Specific cases of NRIs giving-up Indian addresses solely for this purpose have not been noticed.
Government has established Serious Fraud Investigation Office (SFIO) to look into serious corporate frauds including Multi-National Companies (MNCs). The details of investigations assigned to SFIO are:
For the change in Address and all address related issues. Taxpayer has to Login to http://incometaxindiaefiling.gov.in. a. Login to the above website, where in the login id will be the PAN Number and Password is which is created when logging in for the first time. b. Now Go to ‘My Account’. In the drop down click on ‘Service Request. c. In the ‘Request Type’ click on ‘New Request’, And select ‘Request Category’ as ‘Refund Reissue’. d. Refund re-issue address has a drop down arrow where you can select to which address the refund cheque needs to be dispatched.
In business parlance these days, the word ‘TDS’ has become synonymous with ‘tedious’. The deductor and the deductees who are the affected parties in these transactions are having a tough time. They not only have to ensure their role and play it well, they also have to take care that the other party (deductor/deductee ) have played their roles efficiently.
