In bonus stripping, investors buy units within a period of three months prior to record date, so by virtue of the their holding they receive additional shares unit as bonus without any cost and subsequently, sell the original holding at a loss once the stock becomes ex-bonus. This loss can be adjusted against their capital gains on other holdings. To curb this practice Section 94(8) came into picture.
The Government has proposed around 46 Amendments to the Goods and Services Tax (GST) laws viz., the Central Goods and Services Tax Act, 2017 along with the respective State Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017, Union Territory Goods and Services Tax Act, 2017 and GST (Compensation of States) […]
Under the provisions of Income-tax Act, 1961, notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations: i. Under clause (c) of sub-section (1) of section 149 of the Act, in cases where income in […]
Goods & Services Tax collections The Government maintains month-wise data of Goods & Services Tax collection. The details of collections from July, 2017 to June 2018 are at Annexure. The accounting of GST collections in the Central Government is done on the cash basis. Accordingly, the accounting with regard to CGST, IGST and Compensation Cess […]
MCA has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 LLPs engaged in real estate activities.
2,25,910 companies under scanner of MCA for not filing returns for Year 2015-16 & 2-16-17 Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of Companies the […]
Anti-dumping Duty on the import of Specified Stainless Steel Products for providing relief to the Domestic Steel Industry The Government has imposed Anti- Dumping Duties on imports of specified Stainless-Steel Products vide: i. Notification No 61/2015- Customs (ADD) dated 11.12.2015 on imports of Cold Rolled Flat Products of Stainless Steel originating in or exported from […]
In case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of income under section 139(1) of the Act.
Unfortunately in our country, many honest tax-payers have pending income tax refunds. Whether it’s the Income Tax (I-T) department’s lethargy or the growing number of tax payers, delayed refunds remain high on the list of complaints against the department. One of the challenges for any tax payer is getting a refund, because it is a lengthy and time-consuming process.
1. You can pay taxes from any location at any time through your net-banking account.2. Instant transfer of funds from your account. 3. What you write on the e-challan will be directly sent to Income Tax Department. Banks will not do any data entry
