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An Open Letter to FM for Tax Audit Due date extension

I would like to attract your attention for seeking an extension of the Tax Audit date of 30th September 2018 being totally unjustified to look towards the fraternity of Chartered Accountants to complete their job within few days against the statutory availability of 180 days. ...

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Posted Under: Income Tax | ,

Section 80C deduction come with restrictions, look before you leap

Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50  lakhs in respect of certain items of investments and expenses.  These  deductions are subject to some restrictions with respect to the persons for whom you can claim these and the lock in period for which you need to hold the investments.  Let […]...

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Posted Under: Income Tax |

IRCON IPO: Listing to Delisting and to Listing again

IRCON International is Mini-Ratna public sector company which is set to hit Indian stock exchanges with an initial listing of its 10.53% equity shares, by Ministry of Railways acting in behalf of President of India. While the company is primarily into engineering and construction businesses specializing in infrastructure projects, railway...

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Posted Under: SEBI |

What, if proposal to remove HUF as tax unit is implemented?

Law Commission has suggested for abolition of the Hindu Undivided Family (HUF) as a tax entity. This has stirred a hornet’s nest in the country. Let us discuss in detail what is the exact proposal and what are the consequences if the suggestion finds place in the law book....

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Posted Under: Income Tax |

5 Reason why I Oppose Extension of Tax Audit due date

The era of extension needs to be stopped or else every year people will have a sure short confidence of extension which will make them delay there work and lazy. Rules are made bearing things in mind and not bearing extension in mind. Come on people lets follow Punctuality. The greatest gift of Shri. Late Mahatma Gandhi for Indians. And...

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Posted Under: Income Tax |

Exclude GST for Rs 50 Lakhs threshold us 194IA

Dear Friends, below is my analysis on why GST should be excluded from Rs 50 lakhs threshold u/s 194IA. This principle can be applied for entire chapter XVII-B (TDS section), where threshold is to be arrived at. The wordings used in sec 194IA is “…any sum paid to transferor by way of consideration for transfer […]...

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Posted Under: Income Tax |

Extend Tax Audit Due Date to 31st October, 2018: ICAI

ICAI requests CBDT   for extension of Due Date for submission of Tax Audit Reports and related Income Tax returns from 30th September, 2018 to 31st October, 2018. Read ICAI Representation on extension of Tax Audit Due Date, Dated: 17th September 2018 Read ICAI Representation on extension of Tax Audit Due Date, Dated: 10th September, 201...

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Posted Under: Income Tax | ,

Section 14A (Read with Rule 8D) – Conundrum for Assessee’s

The time for completion of Income Tax assessments for A.Y 2016-17 is coming and Sec- 14A is one of the reason of scrutiny assessment of assesse, therefore here I am discussing some topics relating to sec – 14A read with rule 8D to resolve issues....

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Posted Under: Income Tax |

How to file Form GST DRC – 20 with FAQs

I. FAQs > Filing Form GST DRC – 20 (Application for Deferred Payment or Payment in Instalments)ContentsI. FAQs > Filing Form GST DRC – 20 (Application for Deferred Payment or Payment in Instalments)1. What is the purpose of FORM GST DRC – 20?2. When can I file FORM GST DRC – 20?3. Can I file […]...

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Posted Under: Income Tax |

Sec-112A: Tax on long term gains arising from sale of shares

Generally, Long term gains arising from sale of equity shares listed in recognized stock exchange were exempt u/s 10(38)  but exemption of the same has been withdrawn by the Finance Act,2018 w.e.f Assessment Year 2019-20 and the new section 112A was introduced in the Income-tax Act. Therefore any long term gains arising out of sale [&hel...

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Posted Under: Income Tax |

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