Income Tax : Explore rationale behind rationalizing income tax rates in India, its impact on compliance, and potential benefits for taxpayers. ...
Income Tax : Explore the effects of automation on taxpayers and the Income Tax Department. Discover the challenges, benefits, and areas for imp...
Income Tax : Explore whether the functioning of NFAC serves its intended purpose. Find out how the assessment orders and litigation are affecte...
Income Tax : PRACTICAL DIFFICULTIES IN CASE OF ASSESSEES LIABLE TO PAY SELF ASSESSMENT TAX OF Rs. 1 LAKH OR MORE FOR THE YEAR ENDED 31.03.2020....
Income Tax : The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer send...
Income Tax : At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance mini...
Finance : It is a welcome proposal that the government will pay the interest outstanding as on 31.12.2103 for the education loans taken up t...
In order to curb the black money by way of dealings in cash in immovable property transactions, sections 269 SS & T were amended (in the last budget itself) with effect from 01.06.2015 to the effect that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise in relation to transfer of an immovable property
The newly elected State Government in Tamilnadu has started the process of waiver of Agricultural Loans in order to fulfill its election promise. Many states may follow. But care should be taken while drafting the conditions for waiver so that non-agri. loans are not waived. Almost all Banks are lending money as agri. gold loans up to Rs. 2 Lakhs without asking for any proof of agri. land holdings and these loans are obtained by non-agriculturists also to a great extent.
In the budget it is proposed to tax dividends @ 10% in the hands of shareholders if the same exceeds Rs. 10 Lakhs. Already the companies are paying income tax @ 30% with Eduction Cess @ 2% Secondary & Higher Education Cess @ 1% on the tax and in addition Surcharge is payable is @ 7% if the Taxable Income exceeds Rs 1 Crore and @ 12% if the Taxable Income exceeds Rs. 10 Crores.
At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance minister due to complicated nature of Return Forms. It was further informed by the CBDT that department will release new simplified ITR forms with return filing utility by 3rd week of June 2015.
E-filing of I.T. Returns has become mandatory for majority of the assessees and the procedure has undergone a lot of changes right from registration till filing rectification and put up ‘ Request for Re-issue of Refund’. Likewise the procedure for registration of legal heir, registration of DSC of the assessee and that of the CA, uploading of Audit Reports, Financial Statements etc., are to be meticulously followed by those who directly e-file the returns (without using readymade software).
CA. M. Lakshmanan Payment of Service Tax on the last day of the Financial Year viz. on the 31st March is more cumbersome and the assessees are put to lot of practical problems in paying the same. Since all are trying to pay the same on the last day including the service tax they have […]
In the budget Explanation (a) to Section 67 is amended to specifically include ‘any reimbursable expenditure or cost incurred and charged by the service provider’ in the definition of the term ‘Consideration’ in order to overcome the Delhi High Court’s ruling in the case of Intercontinental Consultants and Technocrats Private Limited vs. Union of India
In the budget it is proposed to reduce the tax on companies from 30% to 25% and increase the Dividend Distribution Tax (DDT) from 15% to 17% with usual Education Cess @2% and Secondary and Higher Education Cess @1%.
CA. M. Lakshmanan Whatever said and done everybody will agree that the higher the rate of tax the higher will be the generation of Black Money. We follow the progressive rate of taxation for Income Tax which is the main cause for creation of Black Money. Even in uniform rate of taxation higher the income, […]
CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]
