The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are:
It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]
After my article on tax implication of different treatments of profits on sale of shares, I have received unprecedented number of mails asking for clarification as to when it is to be treated as capital gains and when it can be treated as business income. So I decided to write an article on the subject proper as to when it can be treated as capital gains and when as business income. Though the Income tax laws provides for taxation of profit on transfer of capital asset under the head capital gains, there are situations/cases when the activity of buying and selling of listed shares is treated as trading activity either by the tax payer or by the revenue authorities and any profit on it is taxed as business income.
Understanding Section 245 and outstanding tax demands. FAQs answered to help you respond to the income tax notice and refund adjustments.
Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel.
In this article we have discussed step by step procedure to upload online quarterly TDS/TCS statements on the e-Filing portal with effect from 1st May, 2016. In this article we discussed 1. Pre-Requisites for Uploading TDS Statement 2. How to Upload TDS/TCS Statement and 3. How to view Filed TDS / TCS Statement.
Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India’s Top 10s income earners, they have need to give more attention to their financial planning and taxation. Here we are providing some necessary documentation and legal requirements for doctors in India as necessary to follow to avoid unnecessary payment of tax, interest & penalty.
Recently CBDT has prescribed 4 more documents acceptable as ‘Proof of date of birth’ for PAN Application vide Notification No. 38/2015, Dated: April 10, 2015. After Considering this and earlier Notification we have compiled List of Documents acceptable as proof of identity, proof of address and proof of date of birth as per Rule 114 of Income Tax Rules, 1962, for individual and HUF applicants, Company, Firms, LLP, Trust etc.
Download Revised Form No. 49A in for Application for Allotment of Permanent Account Number for residents, Revised Form No. 49AA Application for Allotment of Permanent Account Number for Foreign Companies, Citizens and Foreign Entities as applicable from 16.05.2014.
Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition precedent as to existence of investment, expenditure, etc. must be conclusively established by material on record/ evidence.
