CA Rahul Sureka

All about NBFC Compliance and NBFC returns

Fema / RBI - In September 2016, RBI has issued Master Direction - Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, to be followed by NBFCs. There is a separate Master Direction for NBFCs which accepts public deposit or NBFC’s with an asset size above Rs 500 crore....

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Proposed Important Amendments for Charitable Trust by Finance Bill 2017

Fema / RBI - While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust...

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Complete Guide for Taxation of Bogus or Hawala Purchase from suspicious dealer

Fema / RBI - Maharashtra Sales Tax Department has published ‘List of Suspicious Dealers, who have issued false bills, without delivery of goods. Such dealers have commonly referred as ‘hawala dealers’ The fact that the list purports to name only ‘Suspicious’ Dealers and not ‘confirmed hawala dealers’. ...

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Short and easy to understand analysis of Union Budget 2017

Fema / RBI - New section 50CA has been introduced to make deemed sale of equity shares inline with deemed sale consideration in case of Immovable property. As per new section 50CA Fair value of unlisted shares to be taken as deemed sale value for the purpose of calculation of Capital Gain tax....

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Tax @ 82.50% even if you received amount via proper banking channels

Fema / RBI - Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee could not explain its source, identity and creditworthiness etc of the lender/giver of the amount to the satisfaction of Assessing Officer...

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Department cannot change its stand taken in one case in other case on identical facts: HC

Commissioner of Income Tax Vs Smt. Datta Mahendra Shah, (Bombay High Court) - In the case of CIT vs. Smt.Datta Mahendra Shah, Bombay High court held that once department has accepted decision of ITAT given in case of assessee’s son then decision given by ITAT on identical fact in assessee case has also to be accepted by department, since department works as a single unit ...

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Company with very high operating margin can be included in list of comparable after proper justification/investigation

Allscripts (India) Private Ltd.Vs Dy. Commissioner of Income Tax (ITAT Ahmedabad - In the case of Allscripts (India) Private Ltd.vs. Dy. Commissioner of Income Tax, ITAT Ahemdabad held that for the purpose of find our comparable companies for transfer pricing, companies with very high operating margin can’t be selected as comparable companies without justification/investigatio...

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Society not eligible for deduction U/s. 80P if its income is not from collective disposal of labor of its member: HC

M/S. Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham Vs Commissioner of Income Tax (Kerala High Court at Ernakulam) - In the case of Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham Vs. CIT, High court of Kerla at Ernakulam has held that the collective disposal of the labour of the members of the society is not resulting in the generation of any income to the society....

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Profit from sale of shares is business income if assessee carries the activity in a systematic & organised manner: HC

Equity Intelligence India Pvt Ltd Vs Assistant  Commissioner Of Income Tax (Kerala High Court at Ernakulam) - In the case of Equity Intelligence India Pvt Ltd vs. Assistant Commissioner Of Income Tax High Court of Kerala at Ernakulam has held that (1) for reopening u/s 147 of the IT Act The requirement that the Assessing Officer must have 'reason to believe' cannot be taken ...

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Section 194C- Casual labourer are not sub-contractor : HC

Principal Commissioner Of Income Tax Vs Shri Tulsi Ram Modi (Rajasthan High Court at Jaipur) - In the case of Pr. CIT Vs. Shri Tulsi Ram Modi, HC of Rajasthan at Jaipur has held that labourer hired by the assessee employed as casual labourers could not be considered to be sub- contractor and therefore provisions of Section 194C and Section 40(a)(ia) of the Act were not applicable....

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Recent Posts in "CA Rahul Sureka"

All about NBFC Compliance and NBFC returns

In September 2016, RBI has issued Master Direction - Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, to be followed by NBFCs. There is a separate Master Direction for NBFCs which accepts public deposit or NBFC’s with an asset size above Rs 500 crore....

Read More
Posted Under: Income Tax |

Proposed Important Amendments for Charitable Trust by Finance Bill 2017

While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust...

Read More
Posted Under: Income Tax | ,

Complete Guide for Taxation of Bogus or Hawala Purchase from suspicious dealer

Maharashtra Sales Tax Department has published ‘List of Suspicious Dealers, who have issued false bills, without delivery of goods. Such dealers have commonly referred as ‘hawala dealers’ The fact that the list purports to name only ‘Suspicious’ Dealers and not ‘confirmed hawala dealers’. ...

Read More
Posted Under: Income Tax |

Short and easy to understand analysis of Union Budget 2017

New section 50CA has been introduced to make deemed sale of equity shares inline with deemed sale consideration in case of Immovable property. As per new section 50CA Fair value of unlisted shares to be taken as deemed sale value for the purpose of calculation of Capital Gain tax....

Read More
Posted Under: Income Tax |

Tax @ 82.50% even if you received amount via proper banking channels

Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee could not explain its source, identity and creditworthiness etc of the lender/giver of the amount to the satisfaction of Assessing Officer...

Read More
Posted Under: Income Tax | ,

200% Income tax penalty on Cash deposit in bank account

On-a-days lot of messages are been circulated on social media that cash deposited in a bank may attract tax and penalty of 200%, I have tried to explain the provisions of Income Tax Act 1961 in this respect....

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Posted Under: Income Tax | ,

IDS 2016 and its impact on Penny Stock or Unquoted Shares

If declaration is made in respect of any investment in shares and subsequently such shares were sold then capital gain is to be calculated and tax to be paid on the difference between the sale considerations and fair market value such assets ( i:e the date of determination of fair market value for the purpose of the scheme)....

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Posted Under: Income Tax | ,

Short & Important Taxation amendment in Budget 2016

1. Seller shall collect the tax at the rate of one per cent from the purchaser on sale of motor vehicle of the value exceeding ten lakh rupees and sale in cash of any goods (other than bullion and jewellery), or providing of any services (other than payments on which tax is deducted at source […]...

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Posted Under: Income Tax | ,

Investment in Penny Stock- Bogus or Cash Credit U/s. 68?

Now-a-days Income Tax department investigates alleged trading/investment in shares and securities with collusion/connivance with any listed companies or with share broker by conducting Search/ Survey or by asking details u/s 133(6) of the Income Tax Act 1961....

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Posted Under: Income Tax | ,

Department cannot change its stand taken in one case in other case on identical facts: HC

Commissioner of Income Tax Vs Smt. Datta Mahendra Shah, (Bombay High Court)

In the case of CIT vs. Smt.Datta Mahendra Shah, Bombay High court held that once department has accepted decision of ITAT given in case of assessee’s son then decision given by ITAT on identical fact in assessee case has also to be accepted by department, since department works as a single unit ...

Read More
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