Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
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Income Tax : CBDT, has introduced a new feature in Annual Information Statement (AIS) accessible via compliance portal on Income Tax Department...
Goods and Services Tax : In March 2024, India witnesses second-highest GST revenue collection at ₹1.78 lakh crore, marking an 11.5% year-on-year growth. ...
Income Tax : CBDT achieves a record 125 APAs in FY 2023-24, marking a 31% increase. Learn about the significance and impact on transfer pricing...
Income Tax : Assessee was engaged in diamond manufacturing, trading, and windmill power generation, had claimed deductions under sections 35DD ...
Income Tax : Chemstar International Vs DCIT (ITAT Mumbai) mere suspicion or cancellation of registration post-donation not invalidate initial e...
Income Tax : Read the full text of the ITAT Mumbai order in DCIT vs. Dilip B. Jiwrajka covering appeals against additions of unexplained income...
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Income Tax : Explore the detailed analysis of the ITAT Bangalore decision in Goworamma Lingappa Manjula Vs ITO. Understand the implications and...
Income Tax : CBDT directs DGIT (Systems) to share income tax information with Telangana's Agriculture Department as per Section 138(1)(a) of th...
Income Tax : CBDT order allows delayed tax payments under DTVsV Act conditions, easing compliance for taxpayers. Details on Form-3 modification...
Income Tax : Detailed guidelines from the Central Board of Direct Taxes for the interim action plan FY 2024-25. Learn about key result areas, t...
Income Tax : Understand the time limit for income tax return verification after uploading. Learn the implications of late verification and the ...
Income Tax : Explore the Central Board of Direct Taxes order under section 138(1)(a) of the Income-tax Act, 1961, regarding information sharing...
How is the FBT to be valued? And when is the tax payable? The fringe benefit is to be valued at the fair market value (FMV) of the security or sweat equity share on the date of vesting of the option minus any amount paid by / recovered from the employee for such security or shares. The FMV is to be determined a s per the method to be prescribed by the Central Board of Direct Taxes (CBDT). The employer company is required to pay advance tax of estimated FBT progressively: 15 per cent by June 15, 45 per cent by September 15, 75 per cent by December 15 and 100 per cent by March 15 of the fiscal year.
The CBDT has given norms for current fiscal for selection of cases meant for scrutiny. For corporates: All banks and public Sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed in Bombay Stock Exchange as on March 31, 2007, are covered. Companies in Delhi , Mumbai, Chennai, Kolkata, Pune, Hyderabad , Bangalore and Ahmedabad paying book profit tax under Section 115 JB on the book profit of Rs 50 lakh and above are liable for scrutiny. In the case of companies in other places the monetary limit for book profit is Rs 25 lakh.
By virtue of the provision of clause (d) of sub-section (1) section 115 WB, introduced by Finance Act, 2007, an employer is liable to pay Fringe Benefit Tax on any consideration for employment provided by way of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by such employer free of cost or at concessional rate to his employees. The value of the fringe benefit is determined as the fair market value of the specified security or sweat equity share on the date on which the option vests with the employee as reduced by the amount actually paid, by or recovered from the employee in respect of such security or shares.
A. P. (DIR Series)CIRCULAR NO03/RBI under Section 195 of the Income Tax Act read with Rule 29B of the IT Rules, any person responsible for making payment to a non-resident or to a foreign company, any interest or any other sum chargeable under the IT Act, shall at the time of payment or credit of the amount deduct Income Tax thereon at the rate in force. Section 195 of the IT Act is not limited to interest income and it takes into account business income also. Further, points 7 and 8 of the Chartered Accountant’s certificate deals with remittances for supply of articles or things (plant, machinery, equipment, etc.) or computer software and business income, respectively.
Form No. 16A (received from all the payers who have deducted tax): You will first have to get this form collected from the parties who have deducted tax while making payment to you during the year. This includes banks and companies (with whom you have kept fixed deposits), parties to whom you have given loan, tenant to whom you have rented your property
07/2005 Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year.
