Navneet Singal

New IT Return Forms – Gist of Changes introduced

Income Tax - CBDT has released the new income tax return forms for filing returns for the financial year (FY) 2017-18 i.e. assessment year (AY) 2018-19. The gist of the changes introduced by the CBDT is as under:...

Implementation of Transfer Pricing Provisions- Recent Changes

Income Tax - The transfer pricing (TP) provision has come in to place in India fifteen years ago wef AY 2002-03. Since then a number of changes and amendments has been made in the provisions of the TP. It has been a matter of discussion since beginning that when a case should be referred by the AO to the TPO and what the liabilities of the TPO & AO af...

Taxability of Consortium Members (Joint Ventures in case of EPC & Turnkey Projects)

Income Tax - Navneet Singal Clarification on Taxability of Consortium Members (Joint Ventures in the case of EPC contracts and Turnkey Projects) Recently the CBDT has issued a circular to clarify the taxability in the case of Consortium Members. Development in the area of infrastructure has caused a steep increase in the number of big projects in Indi...

Widening Scope of Scrutiny Through Selection of Cases On the Basic of AIR

Income Tax - We all are aware about the Scrutiny Proceedings in the case of ITR which is usually a trauma for each and every person. Now-a-days, CBDT has given instructions to select the cases for scrutiny on the basis of some specific transactions if entered in by any person. Regarding these transaction Income Tax Department (ITD) is collecting the d...

CBDT modifies rules related to payments to Non-resident (Form 15CA & 15CB)

Income Tax - Recently the CBDT has modified the rules related to filing of Form 15CA & 15CB through Notification No: 93/2015 Dated: 16/12/2015 . These rules has provided clarification regarding the filing of detail where payment is made in respect of any sum which is not chargeable under the provision of Income Tax Act, 1961 (Act). Further, it has als...

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Recent Posts in "Navneet Singal" | Total 23 Posts

New IT Return Forms – Gist of Changes introduced

CBDT has released the new income tax return forms for filing returns for the financial year (FY) 2017-18 i.e. assessment year (AY) 2018-19. The gist of the changes introduced by the CBDT is as under:...

Posted Under: Income Tax | Articles

Implementation of Transfer Pricing Provisions- Recent Changes

The transfer pricing (TP) provision has come in to place in India fifteen years ago wef AY 2002-03. Since then a number of changes and amendments has been made in the provisions of the TP. It has been a matter of discussion since beginning that when a case should be referred by the AO to the TPO and what the liabilities of the TPO & AO af...

Posted Under: Income Tax | Articles

Taxability of Consortium Members (Joint Ventures in case of EPC & Turnkey Projects)

Navneet Singal Clarification on Taxability of Consortium Members (Joint Ventures in the case of EPC contracts and Turnkey Projects) Recently the CBDT has issued a circular to clarify the taxability in the case of Consortium Members. Development in the area of infrastructure has caused a steep increase in the number of big projects in Indi...

Posted Under: Income Tax | Articles

Widening Scope of Scrutiny Through Selection of Cases On the Basic of AIR

We all are aware about the Scrutiny Proceedings in the case of ITR which is usually a trauma for each and every person. Now-a-days, CBDT has given instructions to select the cases for scrutiny on the basis of some specific transactions if entered in by any person. Regarding these transaction Income Tax Department (ITD) is collecting the d...

Posted Under: Income Tax | Articles

CBDT modifies rules related to payments to Non-resident (Form 15CA & 15CB)

Recently the CBDT has modified the rules related to filing of Form 15CA & 15CB through Notification No: 93/2015 Dated: 16/12/2015 . These rules has provided clarification regarding the filing of detail where payment is made in respect of any sum which is not chargeable under the provision of Income Tax Act, 1961 (Act). Further, it has als...

Posted Under: Income Tax | Articles

Open Access Charges or Transmission Charges – Applicability of TDS Provisions

Wheeling Charges, Open Access Charges or Transmission Charges by whatever name it may be called, Income Tax Authorities have tried to cover it under TDS obligations whether as technical services u/s 194J, rent u/s 194I or as transport services u/s 194C. ...

Posted Under: Income Tax | Articles

CSR Activities fall under CA, 2013 as well as Income Tax Act, 1961

While concluding my previous article on CSR – Interplay between Companies Act, 2013 and Income Tax Act, 1961, I have mentioned that the CSR policy should be formulated by the CSR Committee in such a manner as to require CSR expenditure to be incurred on such activities as laid down in Schedule VII that are also eligible for deduction un...

Posted Under: Income Tax | Articles

CSR – Interplay between Income-Tax Act & Companies Act

Corporate Social Responsibility or CSR is a known name in the new ERA of corporate culture where now-a-days every company is trying to get a name in the list of socially responsible entities. Every penny spend on towards CSR activities plays an important role from the angle of Companies Act, 2013 as well as Income Tax Act, 1961....

Posted Under: Income Tax | Articles

Electronic Verification Code: A step ahead by CBDT to e-governance

Electronic Verification Code (‘EVC’) is a step ahead by the CBDT in e-governance which has been introduced by CBDT by notifying Notification no. 2/2015 dated July 13, 2015. The EVC process will benefit lakhs of taxpayers in filing of paper less return. Currently, it is mandatory for the companies to file the Income Tax Return (ITR) us...

Posted Under: Income Tax | Articles

Changes in TDS provisions vide Finance Act, 2015

Through the Finance Act, 2015, no. of changes has been introduced In Income Tax Act, 1961 (‘Act’) in respect of TDS Compliance provisions. Some of these changes has taken effect from April 1, 2015 and some of the changes will take effect from June 1, 2015. I have tried to summarize these changes which can effect to the corporates. A G...

Posted Under: Income Tax | Articles