Income Tax articles

Reporting of estimated income tax return – An Analysis [Proposed Rule 39A]

This additional reporting requirement not only places the additional compliance burden on the taxpayers but also calls for the broader tax management on part of taxpayers to avoid tax litigations originating from wide variances between “estimated income” reported in the intimation and “actual income” reported in the Income Tax Ret...

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Posted Under: Income Tax |

TDS on EPF Balance Withdrawal

Provisions related to TDS on withdrawal from Employees Provident Fund Scheme, 1952 No TDS in respect of the following cases:- Transfer of PF from one account to another PF account. Termination of service due to III health of member /discontinuation of Business by employer/completion of project/other cause beyond the control of member. If ...

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Posted Under: Income Tax |

TDS on Rent Under Section 194IB of Income Tax

Finance Act 2017 introduced section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 P.M and claiming HRA are required to deduct and pay TDS of Landlord...

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Posted Under: Income Tax |

4 FAQs on Restoration of GST Registration Application

1. The Registration Application submitted by me has been rejected by the Tax Authority. What can I do now? If application for registration is rejected by Tax Authority, you can file appeal against the order within 3 months from the date of rejection order. After completion of hearing, if appellate Authority passes an order for […]...

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Posted Under: Income Tax |

Intra Group Financing – Corporate Guarantee and Transfer Pricing

Transfer Pricing Regulations is an internationally accepted method to check that multinational enterprises entering into transactions with associated enterprises do not evade taxes by undervaluing the transaction. The purpose and ambit of Transfer Pricing Regulations is to ensure that international transactions between associated enterpri...

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Posted Under: Income Tax |

Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

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IND AS and Income Tax Act – a complex interplay

The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

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Posted Under: Income Tax |

What every investor needs to know about Capital Gains Account Scheme?

Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within the next two years. Mr. Chaudhury is in a dilemma, he is aware that the amount he has received is a Capital Gain in his hands and is liable to tax. His intention is...

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Income Computation and Disclosure Standard- II Valuation of Inventories

ICDS does not specifically provide for the exclusion of WIP arising in the ordinary course of service provider. However it is also not specified any provision for the valuation of inventories....

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Income Computation and Disclosure Standard I- Accounting Policies

This ICDS deals with application of significant accounting assumptions and policies in computation of income for the purposes of the Act. Financial statements of an Assessee reflect his state of financial affairs. They form the base for computation of taxable income under the Act. The income for a particular year is significantly affected...

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Posted Under: Income Tax |
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