CA Pratik Anand

Business Loss? – Audit u/s 44AD or 44ADA Applicable or Not?

Income Tax - The recent CBDT circular on extension of due date for assessees required to get their accounts audited u/s 44AB has brought to light many things. Once such thing is the implication for assessees having having turnover less than Rs. 1 crore and having Net loss from business....

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PAN Deactivation by Income Tax Departament

Income Tax - The income tax department in its latest drive has started de-activating PAN of all income tax assesses who were allotted more than one PAN at anytime in the past. ...

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10 FAQs on Tax on Sale of Immovable Property by Non-residents

Income Tax - Sec 194-IA deals with TDS on sale of immovable property. Under this section TDS is to be deducted @1% on sale of immovable property at the time of credit of such sum to the account of the transferor or at the time of payment of such sum whichever is earlier....

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Form 15CA & 15CB- Things to be kept in mind

Income Tax - The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are: ...

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TDS on sale of Immovable Property- CPC issuing intimation for late TDS deposit

Income Tax - In its latest move to penalise late payers of TDS, the CPC TDS has started issuing intimation u/s 200A of the Income Tax Act’1961 to the deductors u/s 194IA i.e the buyers of property who have paid TDS U/s 194IA late. The CPC TDS is not only charging interest u/s 201 but also late fee u/s 234E of the Act....

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Recent Posts in "CA Pratik Anand"

Business Loss? – Audit u/s 44AD or 44ADA Applicable or Not?

The recent CBDT circular on extension of due date for assessees required to get their accounts audited u/s 44AB has brought to light many things. Once such thing is the implication for assessees having having turnover less than Rs. 1 crore and having Net loss from business....

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Posted Under: Income Tax | ,

PAN Deactivation by Income Tax Departament

The income tax department in its latest drive has started de-activating PAN of all income tax assesses who were allotted more than one PAN at anytime in the past. ...

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Posted Under: Income Tax | ,

10 FAQs on Tax on Sale of Immovable Property by Non-residents

Sec 194-IA deals with TDS on sale of immovable property. Under this section TDS is to be deducted @1% on sale of immovable property at the time of credit of such sum to the account of the transferor or at the time of payment of such sum whichever is earlier....

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Posted Under: Income Tax |

Form 15CA & 15CB- Things to be kept in mind

The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are: ...

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Posted Under: Income Tax | ,

TDS on sale of Immovable Property- CPC issuing intimation for late TDS deposit

In its latest move to penalise late payers of TDS, the CPC TDS has started issuing intimation u/s 200A of the Income Tax Act’1961 to the deductors u/s 194IA i.e the buyers of property who have paid TDS U/s 194IA late. The CPC TDS is not only charging interest u/s 201 but also late fee u/s 234E of the Act....

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Posted Under: Income Tax | ,

How to reply to different income tax notices

These days people are getting different types of notices/intimations from the Income Tax department by different modes such as delivery by post or by an e-mail. This article aims to highlight the different situations in which income tax notices can be received and how to respond to those notices if anyone receives the same. ...

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Posted Under: Income Tax | ,

TDS on sale of Immovable Property by Non-resident

Recently I was asked a question by someone that at what rate TDS is to be deducted at the time of purchasing a property in India from a non-resident. The answer to the question lies in the simple reading of the Income Tax Act’1961. Let us examine the relevant Sections of the Income Tax Act’1961. […]...

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Posted Under: Income Tax | ,

Check List for Making Form 15CA & 15CB by Professionals

Nowadays Form 15CA and 15CB are of a lot importance. We professional atleast have to issue one Form 15CB every day and form 15CA is also to be made by the professional on behalf of the client. ...

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Posted Under: Income Tax | ,

Download of conso files without correcting unmatched challans in TDS statements?

Ques: What is online challan correction? Ans: Online challan correction is a utility introduced by the CPC(TDS) wherein any mismatch in the challans in the statements filed by the deductors can be corrected through the online mechanism on the CPC (TDS) Website itself. ...

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Posted Under: Income Tax | ,

Taxation of voluntary Contributions received by Trusts/ Charitable Institutions

Trusts and other charitable institutions generally receive money from Voluntary Contributions from members and from the general public, let us look at the taxation aspects of these voluntary contributions....

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Posted Under: Income Tax |

Use of single TDS challan for all purposes-Analysis

PC (TDS) Website has made a communication dated 10th Sept’ 2014 in which it has issued advisory for deductors using multiple challans in a month, for payment of Tax Deducted. In this advisory it has discussed the following three key areas- Payment of Tax Deducted under different sections of the Income Tax Act, 1961 Paym...

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Not filed TDS Return-File NIL Declaration on Traces

The last date for filing the TDS Statements for the Forth Quarter of FY 2019-20 is coming closer. There will be many deductors who did not deduct any tax during the relevant quarter and therefore they will not file any statement for deduction of tax at source u/s 200(3) of the Income Tax Act’1961. But […]...

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Posted Under: Income Tax | ,

Income tax return filing in case of Futures & Options (F&O) trading

Question: How to file income tax return in case of profit/loss from F&O trading? Do we get our accounts audited in case of loss from F&O Trading? I will try to answer all questions relating to F&O Trading through this article so that it can be of help to people in filing income tax returns. ...

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Cash Transactions above Rs. 2 lakhs banned from 01.04.2017

Section 269ST was introduced by Finance Act, 2017. The intention of the government is to ban all transactions in cash above Rs. 2 lacs from 01.04.2017. Therefore now any person who enters into a transaction above Rs. 2 lacs in cash, will be liable to a penalty of an amount equivalent to the amount of transaction....

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Posted Under: Income Tax | ,

Practical Guide to Advance Tax Calculation & payment

Advance Tax provisions are not applicable in case of assessees having income under head PGBP U/s 44AD and 44AE i.e presumptive income. Advance Tax provisions are not applicable in case of senior citizens aged above 60 years, but if senior citizens have business income then Advance Tax provisions are applicable....

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All about Casual Registration under GST

In this article we are going to study the provisions of Casual taxable person and Casual registration under GST with practical insights into the procedure for Casual Registration. Ques: Who is a Casual taxable person? Ans: As per Section 2(20) of the CGST Act, 2017, “casual taxable person” means a person who occasionally undertakes tr...

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Posted Under: Income Tax |

GST Refund: What is available and what is not

Government has sanctioned GST refunds worth thousands of crores as per the latest figures but inspite of that most people are still facing problems applying for refund while some are facing issues with getting there GST refund issued after application. In the course of this article we will try to solve few issues relating to GST refunds....

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Posted Under: Income Tax |

How to file Income Tax Return & Tax Audit report as a legal heir

Ques: How is the income tax return of a deceased person filed? Ans: The Income Tax return of a deceased person is filed on his/her behalf by the legal heir of the assessee under the provisions of the Income Tax Act’1961. The income tax return of the deceased assessee will be signed on behalf of the deceased assessee by his legal heir....

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Short Payment & Short deduction TDS defaults-Problems & solutions

Comprehensive list of problems and their solutions relating to short TDS payment & short TDS deduction defaults issued in the intimation U/s 200A...

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Posted Under: Income Tax | ,

Taxation of collaboration agreements of properties

Ques: How does the taxation of collaboration agreements work? Ans: When the owner sells the land right to the builder, he incurs capital gain on such sale pursuant to the collaboration agreement....

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Posted Under: Income Tax |

15 Important Points to remember about Return GSTR-3B

1) It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if you have not carried on any business in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily. 2) GSTR-3B is the provisional return for the month of July’2017. Therefore all dealers who are required to file monthly returns under the ...

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Determination of Nature of Supply and Place of Supply of Services under GST

Nature of Supply and Place of supply are two of the most important concepts under GST. Determination of Nature of supply is very important to determine whether a supply is inter-state or intra-state. CGST and SGST will be levied on intra-state supply while inter-state supplies will be charged to IGST....

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Posted Under: Income Tax |

What will happen after submission of response to notices on cash deposits during demonetization

The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of which about 9 lakh submitted response for verification of cash deposits during demonetization. ...

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Posted Under: Income Tax | ,

All about transfer of shares of a Private/ Unlisted Indian Company from resident to non-resident

This article describes the FEMA/RBI guidelines for transfer of shares from resident to non-residents alongwith the corresponding tax implications of transfer/sale of shares by an Indian resident. ...

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Posted Under: Income Tax |

New Income Disclosure Scheme- Last chance for Tax Evaders

The Government has come out with the new version of the income disclosure scheme post de-monetization. This scheme seems to be the last chance for black money holders to come out clean....

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Posted Under: Income Tax | ,

All you need to know about Benami Transactions

With the Government bringing de-monetisation to curb black money. It has also been said by the Prime Minister that the next target of the Govt. would be Benami Property. Here we are going to see all about benami property or benami transactions....

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Posted Under: Income Tax |

Who is required to file Income Tax Return

The due date for filing Income Tax return is very close, in this situation everyone must be aware whether they are required to file ITR or not. ...

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Posted Under: Income Tax | ,

15 points for filing Income tax returns for FY 2015-16 of individuals

The time for filing the income tax return for FY 2015-16/AY16-17 is here. In this situation, following are some important points that every individual must know for filing income tax return this year. ...

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Posted Under: Income Tax | ,

Income Tax Deppartment sending notices to Foreign asset holders

Foreign Account holders beware; the Income Tax department has started issuing notices to persons having foreign assets about the disclosures of such assets and income accruing from them in the Indian IT Return....

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Posted Under: Income Tax |

Procedure for Change of name of a Private Limited Company

Procedure for Change of name of a private limited company as per Companies Act’ 2013-This article describes the procedure for change of name of the company. The change in name entails change in the Memorandum and articles of association of the company....

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Posted Under: Income Tax |

Procedure: Change in Object Clause as per Companies Act’ 2013

This article describes the procedure for change in the Object Clause of the Memorandum of the company. First we should know how many clauses are there in the memorandum of any Company registered in India....

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Posted Under: Income Tax | ,

Change in MOA & AOA -Things to remember

Things to remember while altering/ Amending/ Changing Memorandum of Association (MOA) or Articles of Association (AOA) under Companies Act’2013....

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Posted Under: Income Tax |

PF Withdrawal Made Easier; Over 2 Crore Employees to Benefit

Recently, EPFO allowed its subscribers to file their PF withdrawal applications directly to the retirement fund body without employers' attestation thereby easing the process of PF withdrawal by employees....

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Posted Under: Income Tax |

Company Incorporation-Checklist of Documents & Information

Identity proof of applicant-PAN is mandatory for Indian residents and passport is mandatory for foreign nationals. Address proof of applicant-Passport/Voter ID Card/Driving License/Aadhar Card not older than two months.Passport size photograph of the applicant....

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Posted Under: Income Tax |

All about resolving mismatches under E-Sahyog facility

Assessees beware!! The Government has started a new campaign called E-Sahyog to ask for information/response from assessees where there is mismatch found in information given by the assessees in the Income Tax return and that given to/by other third parties in respect of the assessee....

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Posted Under: Income Tax |

Procedure for Conversion of Company into LLP

Requirements for conversion into LLP Consent of all shareholders should be obtained for conversion into LLP. All the existing shareholders of the company become the designated partners of the LLP in order to save tax. Latest copy of Income tax return is to be filed with ROC. Consent of all creditors of the comp...

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Posted Under: Income Tax |

14 things to know while calculating Depreciation under CA 2013

The time for preparation of the first financial statements as per the Companies Act’2013 is here. One of the most important provisions of the Act for Companies as well as the auditors to consider is the new method of the calculating depreciation as per Schedule II Part C of the Companies Act’2013. ...

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Posted Under: Income Tax | ,

6 Common tax mistakes that most startups make

These days there is a flurry of new businesses or start-ups being launched. As a start-up, you won’t want to get into a legal tangle especially with a very aggressive tax regime and a long incorporation process. To make sure your new business is handling its regulatory, tax obligations properly, run through these common mistakes that mo...

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Posted Under: Income Tax |

15 things to know while filing Income tax returns for FY 2014-15

The financial year is over and time for filing the income tax return for FY 2014-15/AY15-16 is around the corner. In this situation, following are some important points that every individual must know for filing income tax return this year. ...

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Posted Under: Income Tax |

Defunct Company or inactive companies-Fast Track Exit Scheme or Dormant status

The procedure to close down is dealt with by section 560 of the Companies Act’1956. The sections which deal with the closure of companies under the Companies Act’2013 have not yet been notified therefore the procedure to be followed is that given in section 560 of Companies Act’1956....

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Posted Under: Income Tax |

DVAT- Resolve mismatch in Annexures 2A and 2B

The time-limit for revising the returns under the DVAT Act for the financial year 2013-14 Is 31st March’2015 after the amendment in the DVAT Act in 2012 wherein the period prescribed for revising the return under DVAT Act is within financial year following the end of the financial year of tax period to which the original return relates ...

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Posted Under: Income Tax |

How to Change registered office under Companies Act, 2013

Notice of every change in the registered office of the company is to be filed with the ROC in form INC-22 within 15 days of such change. For the purpose of verification of the situation of the registered office or the verification of change in the registered office of the company, the Govt. has prescribed rule 25 & 27 of the Companies (In...

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Posted Under: Income Tax |

Issue of shares under Companies Act’2013 by Private Limited Companies

1) Methods of issue of shares: A) Private Placement (Section 42 of the Companies Act'2013, Rule 14) B) Preferential allotment/Preferential offer C) Right Issue D) Conversion of Loan/Debentures into shares. E) Bonus issue...

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Posted Under: Income Tax | ,

Auditor Resignation, Compliance & Filing of ADT-3 form

CA Pratik Anand Form ADT-3 is to be filed for resignation by auditor from the company as an auditor within 30 days of resignation. E Form ADT-3 is required to be filed pursuant to Section 140(2) of the Companies Act, 2013 and Rule 8 of the Companies (Audit and Auditors) Rules, 2014 which are reproduced […]...

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Posted Under: Income Tax | ,

Reversed Cenvat credit can be re-taken even after six months

The CBEC has issued circular No. 990/14/2014-CX-8 dt. 19/11/2014, wherein it has clarified that the cenvat reversed or amount paid for reversal in respect of cenvat credit wrongly availed where the conditions relating to availment of cenvat credit were not fulfilled, can again be claimed as input credit on the fulfilment of prescribed con...

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Posted Under: Income Tax |

Filed GNL-2 for Auditor appointment-Resubmission mail by MCA

Most of the Companies Filed form ADT-1 as an attachment with form GNL-2 before the e-form ADT-1 was made available by the MCA. Since the Form GNL-2 had no mandatory attachments and also there was no information about the attachments to Form ADT-1, most of the Companies only filed form ADT-1 as an attachment to form GNL-2 and did not file ...

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Posted Under: Income Tax | ,

DVAT Dealers-Only online objections to be filed now onwards

In a recent change under the Delhi VAT, Objections against any order of the Assessing Officer will only be filed online and manual objections which are not generated from the system will not be accepted. New Procedure for filing objections in DVAT ...

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Posted Under: Income Tax |

DVAT Dealers- Last chance to revise annexure 2A and 2B for FY 2012-13

The problems with mismatch in annexures 2A and 2B are very common with respect to filing of vat returns under the Delhi VAT Act. A small typographical mistake in entering the TIN gives rise to demands due to mismatch in annexures 2A and 2B of the selling as well as the purchasing dealers....

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Posted Under: Income Tax |

Appointment of auditors- Form ADT-1 to be filed in 15 days

Now that 30th September is over most of the companies would have convened the AGM for the FY 2013-14. Appointment of auditors is an ordinary business to be convened at the AGM. As per section 139(1) of the Companies Act ‘2013, the company has to inform the auditor of his appointment within 15 days of the meeting in which he is appoint...

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Posted Under: Income Tax | ,

Analysis of CPC Reminder to those not paying TDS

Here the CPC(TDS) is reminding those who have not deposited any Tax at Source during the FY 2014-15 to do so if they are liable to deduct TDS but have not deducted TDS due to mistake or otherwise. ...

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Posted Under: Income Tax | ,

CPC-Send Signed ITR -V Acknowledgements for AY 2013-14 by 31st Oct’2014

The Centralised Processing Cell (CPC) of the Income Tax Department has started a special campaign where it is reminding those who have filed their income tax returns for the AY 2013-14 without digital signature and have not sent the signed copy of the Acknowledgement to CPC Bangalore, to send the same to CPC Bangalore....

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Posted Under: Income Tax |

Have You filed form MGT-14 with ROC for Board Resolution approving Financial Statements?

As per the provisions of Companies Act’2013, the financial statements of a company alongwith the Directors’ report are to be approved by the Board of Directors of the company at a meeting of the Board of Directors. ...

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Posted Under: Income Tax | ,

Setting up a Company abroad by Indian Residents-Regulatory Requirements

With the advent of Globalization, more and more Indians are interested in doing business outside India. They want to set-up a branch office or a subsidiary abroad. There are multiple benefits of doing so such as cost reduction because they save on import duty, ease of doing business, building an international brand etc. ...

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Posted Under: Income Tax |

Recent Amendments in TDS-Large Consequences

Let us examine in depth the recent amendments in the relevant provisions of the Income Tax Act’1961 under which notices are issued and which are also relevant to Tax Audit and scrutiny assessments:...

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Posted Under: Income Tax |

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