Tarun Kumar

LLP v/s Private Limited Company – Taxation Comparison

Income Tax - After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view. ...

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Concept of NGO and Income Tax Provisions

Income Tax - Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under provisions of Income Tax Act’1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

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History & Evolution of Income Tax Act in India

Income Tax - In India, the system of direct taxation as it is known today has been in force in one form or another even from ancient times. In this article, we are discussing how the Income Tax evolved over the time in India....

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Concept of Business Trust in India

Income Tax - Many of us got so confused after hearing the name of ‘Business Trust’. There are so many doubts in the mind of people relating to this concept. Hence today I am come up with this most demanded topic of Business Trust....

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Taxation of Business Trust in India

Income Tax - In this article I am going to discuss Taxation of Business Trust in India. Concept of Business Trust was introduced vide Finance Act, 2014. The Finance Act, 2014 has put in place special taxation regime in respect of Business Trust....

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Recent Posts in "Tarun Kumar"

LLP v/s Private Limited Company – Taxation Comparison

After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view. ...

Read More
Posted Under: Income Tax | ,

Concept of NGO and Income Tax Provisions

Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under provisions of Income Tax Act’1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

Read More
Posted Under: Income Tax |

History & Evolution of Income Tax Act in India

In India, the system of direct taxation as it is known today has been in force in one form or another even from ancient times. In this article, we are discussing how the Income Tax evolved over the time in India....

Read More
Posted Under: Income Tax |

Concept of Business Trust in India

Many of us got so confused after hearing the name of ‘Business Trust’. There are so many doubts in the mind of people relating to this concept. Hence today I am come up with this most demanded topic of Business Trust....

Read More
Posted Under: Income Tax |

Taxation of Business Trust in India

In this article I am going to discuss Taxation of Business Trust in India. Concept of Business Trust was introduced vide Finance Act, 2014. The Finance Act, 2014 has put in place special taxation regime in respect of Business Trust....

Read More
Posted Under: Income Tax |

Taxability of Resident Welfare Associations under Income Tax Act

Resident welfare association (RWAs) is categorized as Association of Persons (AOP) under Income Tax Law. They act as the voice of their members and not only take care of ensuring good maintenance of the place but also represent members when and where needed on matters related to the place. Theses associations run on subscriptions obtained...

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Posted Under: Income Tax |

Treatment of Contribution towards Provident Fund under Income Tax Act, 1961

Contribution towards Provident Fund is one of the area, which requires due consideration of Auditor while conducting Tax Audit. In industry, there are some confusions regarding the treatment of Contribution towards Provident Fund. Through this Article, I am trying to interpret the intent of the Act with regard to these provisions. Employe...

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Posted Under: Income Tax | ,

Income Tax treatment of amount paid towards Software Purchase

The question as to whether the expenditure incurred towards purchase of computer software should be treated as revenue or capital in nature. Law has been well settled since 2012, still there different treatments in industry to treat the same as revenue or capital. So through this Article, I am trying to conclude whether the amount [&helli...

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Posted Under: Income Tax |

Step by Step Procedure for Registration u/s 12A of Income Tax Act 1961

Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

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Posted Under: Income Tax |

Benefits of Registration u/s 12A of Income Tax Act, 1961

Section 2(15) defines Charitable Purpose and sections 11, 12, 12A, 12AA and 13 of the Income –tax Act, are the main sections that deal with scheme of taxation exemption in respect of income of charitable or religious trusts/institution....

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Posted Under: Income Tax |

Procedure on receipt of application by Income Tax AAR

In the last two articles, we have discussed the Concept of Advance Ruling under Income Tax Act 1961 and Application for seeking Advance Ruling under Income Tax Act’1961....

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Posted Under: Income Tax |

Formation of NGO in India

Charity means giving something to those in needs without expectation or wanting something back in return. It is doing something good to others without expectations. Charity is a selfless act. There are a lot of ways of doing charity. The people who are keen to do good for others need not necessarily have a good […]...

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Posted Under: Income Tax |

Taxability on Withdrawal of Accumulated Balance of Recognized Provident Fund

Employee's Provident Fund (EPF) is a welfare scheme for the benefit of the employees. It is a corpus built by an employee and employer by way of monthly contributions. The interest is also regularly credited to the provident fund account. At present, the EPF Interest Rate is 8.55% on contributions made by the employer and the employee....

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Posted Under: Income Tax |

Revision Strategies for CA Exams

The time for the Chartered Accountancy examinations is approaching. You are left with around TWO MONTHS to fight the biggest battle of your life. It is a very well saying that the more you sweat in practice, the less you bleed in battle. Examinations are one of the most crucial phases of life for a […]...

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Posted Under: Income Tax |

Tax Benefit for Startups proposed in the Budget 2018

The eyes were all set in this budget also by Startup community what the Finance Minister will bring for them. However, there was not much to celebrate. Still, they didn’t go unnoticed. I have listed down budget proposals benefiting Startups....

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Posted Under: Income Tax |

Section-Wise Weight age of Marks of Paper 7 of CA Final (New Course) Direct Tax Laws and International Taxation

Basis of Charge, Residential Status, Income which do not form part of total income, heads of income, income of other person included in assessee's total income, aggregation of income, set-off and carry forward of losses, deductions from gross total income, rebates and reliefs....

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Posted Under: Income Tax |

4 Income Tax Provisions benefiting Startups in Budget 2017

This year when finance minister was set to present the budget on 1st February’2017, Startup Industry was expecting many incentives from the government. Many Demands of startups are not met in this budget. Still, some benefits are given to startups; I have summarized what all concessions are there for Startups in this budget....

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Posted Under: Income Tax | ,

All about StandUp India Scheme

This government has shown its keen interest in building an entrepreneurial culture in the country. To encourage more entrepreneurs, the government has regularly taken necessary steps. Culture is an important part of the entrepreneurial environment. Standup India scheme is one of such step in this direction. The scheme was launched by Prim...

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Posted Under: Income Tax |

Tax Exemptions to Start-ups

With a view to facilitate startups various tax exemptions are provided by Finance Minister Shri Arun Jaitley. In this article we are discussing various tax incentives provided to startups:...

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Posted Under: Income Tax |

Relaxed Regulatory Norms for Start-ups

In last article “Startup India Campaign,” we have discussed how the startup India campaign being run by the government so far. In this article we are discussing the steps taken by the government to boost the startup ecosystem in the country. DIPP had notified the definition of Startup and procedure for recognition of Startup. Startup ...

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Posted Under: Income Tax |

Startup India campaign

A startup is a company that is in the first stage of its operations. It is basically business model that aims to meet a marketplace need by developing or offering an innovative product, process or service...

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Posted Under: Income Tax |

Taxation Regime for Real Estate Investment Trusts and Infrastructure Investment Trusts

The Finance (No.2) Act, 2014 had amended the Income-tax Act to put in place a special taxation regime in respect of business trusts. The business trust as defined in section 2(13A) of the Income-tax Act before amendment by the Act, included a Real Estate investment Trust (REIT) and an Infrastructure Investment Trust(InviT) which is regist...

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Posted Under: Income Tax |

Applicability of Tax Audit & Related Income Tax Provisions

Audit of accounts of certain persons carrying on business or profession The purpose of Tax Audit is to ensure that books of Accounts have been maintained in accordance with the provisions of the Income Tax Act. Tax Audit also ensures that the Accounts are properly being presented to the Assessing Officers when called for. However [&hellip...

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Posted Under: Income Tax | ,

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