CA Rajender Handa

Section 56(viib): Tax on Issue of Shares at more than Fair Market Value

Income Tax - Clause (viib) of sub section (2) of section 56 was inserted vide finance act, 2013 w.e.f 01.04.2013 i.e. for A. Y. 2013-14 to provide that where a closely held company issues its shares at a price which is more than its fair market value then the amount received in excess of fair market value of shares will be charged to tax in the hand o...

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Furnishing of PAN and its Reporting to I.T. Department by Assessee

Income Tax - Requirement of PAN to be obtained from parties and responsibility of furnishing of correct PAN is also lies with Your company, so verify the PAN from available sources. Moreover details to be obtained under form 60 are required to be filled truly and correctly, further all the particulars of the same are required to be verified to the sat...

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Reverse Charge Mechanism under New Service Tax Regime

Income Tax - CA Rajender Handa S. No. Service Provider Service Recipient Proportion of Tax by Ser. Provider Proportion of Tax by Ser. Receiver 1. Insurance Agent Person Carrying on Insurance Business Nil 100% 2. GTA in respect of Transport of Goods by road Consignor or Consignee (Person liable to pay freight):-v Factory Regd. Under Factories Act, 1948...

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All about Section 269SS & 269T of Income Tax Act,1961

Income Tax - Section 269SS - No Person shall, take or accept from any other person (herein after called “depositor)any loans or deposits otherwise than by an account payee cheque or account payee draft if:- (a) The amount of such loan or the aggregate amount of such loan and deposit, is Rs.20,000/- or more, or (b) On the date of taking or accep...

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Direct Tax highlights of Union Budget 2012-13

Income Tax - CA Jitendra Goyal, CA Rajender Handa  RATES OF INCOME TAX FOR THE ASSESSMENT YEAR 2013-14 Slab Rates For Individuals( below 60 years) , HUF, AOP/BOI, (other than co-operative societies) For resident women age below 60 Years  For senior citizens (Age between 60 – 80 Years)  For Super Citizens (Age above 80 Years)  Upto 200000 Nil [&h...

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Recent Posts in "CA Rajender Handa"

Section 56(viib): Tax on Issue of Shares at more than Fair Market Value

Clause (viib) of sub section (2) of section 56 was inserted vide finance act, 2013 w.e.f 01.04.2013 i.e. for A. Y. 2013-14 to provide that where a closely held company issues its shares at a price which is more than its fair market value then the amount received in excess of fair market value of shares will be charged to tax in the hand o...

Read More
Posted Under: Income Tax |

Furnishing of PAN and its Reporting to I.T. Department by Assessee

Requirement of PAN to be obtained from parties and responsibility of furnishing of correct PAN is also lies with Your company, so verify the PAN from available sources. Moreover details to be obtained under form 60 are required to be filled truly and correctly, further all the particulars of the same are required to be verified to the sat...

Read More
Posted Under: Income Tax | ,

Reverse Charge Mechanism under New Service Tax Regime

CA Rajender Handa S. No. Service Provider Service Recipient Proportion of Tax by Ser. Provider Proportion of Tax by Ser. Receiver 1. Insurance Agent Person Carrying on Insurance Business Nil 100% 2. GTA in respect of Transport of Goods by road Consignor or Consignee (Person liable to pay freight):-v Factory Regd. Under Factories Act, 1948...

Read More
Posted Under: Income Tax |

All about Section 269SS & 269T of Income Tax Act,1961

Section 269SS - No Person shall, take or accept from any other person (herein after called “depositor)any loans or deposits otherwise than by an account payee cheque or account payee draft if:- (a) The amount of such loan or the aggregate amount of such loan and deposit, is Rs.20,000/- or more, or (b) On the date of taking or accep...

Read More
Posted Under: Income Tax | ,

Direct Tax highlights of Union Budget 2012-13

CA Jitendra Goyal, CA Rajender Handa  RATES OF INCOME TAX FOR THE ASSESSMENT YEAR 2013-14 Slab Rates For Individuals( below 60 years) , HUF, AOP/BOI, (other than co-operative societies) For resident women age below 60 Years  For senior citizens (Age between 60 – 80 Years)  For Super Citizens (Age above 80 Years)  Upto 200000 Nil [&h...

Read More
Posted Under: Income Tax |

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