Entire sales which are unaccounted cannot be undisclosed income of the assessee, particularly as the purchase had been accounted for. It was held that only net profit which would arise on such unaccounted sales can rightly be taken as the amount which could be added to the Respondent Assessee’s income for the purpose of tax.
We can blame it on abbreviation , but TDS ( Tax Deducted at Source ) rhymes with TEDIOUS, as if reflecting the plight of Tax Payers and Tax practitioners. This is the most convenient way of collecting Income Tax by creating legal obligation on person making certain payments.
Petitioners have challenged the constitutional validity of section 234E of the Income Tax Act, 1961. Section 234E seeks to levy a fee of Rs.200/- per day (subject to certain other conditions as set out therein) inter alia on a person who deducts Tax at Source (TDS) and then fails to deliver or cause to be delivered the TDS return/statements to the authorities within the prescribed period.
Cases, where the tax deducted is between Rs.25,000 and Rs. 1,00,000 and the same is not deposited by the due date prescribed under the Income Tax Act, 1961 read with the Income Tax Rules, 1962 may be processed for prosecution depending
The new concept of having Independent Director is a welcome step for corporate governance in India. The Act, 2013 has conferred greater empowerment upon Independent Director’s to ensure that the management & affairs of a company is being run fairly and smoothly.
What is a Related Party Transaction? Under Section 188 of Companies Act, 2013 Entering into any contract or arrangement with a related party with respect to:- a) Sale, purchase or supply of any goods or materials; b) Selling or otherwise disposing of, or buying, property of any kind; c) Leasing of property of any kind; d) Availing or rendering of any services;
Detailed Procedure Procedure of Incorporation of a One Person Company (OPC) Under Companies Act,2013. Step 1: Acquire DSC. Step 2: Acquire Director Identification Number Step 3: Register DSC on mca website.
Author has compiled Specimen of Directors’ Report, Corporate Social Responsibility Report and Form No. AOC-2 as per Companies Act, 2013 for ready reference of our readers, which can be used for Compilation of Annual Reports.
INCOME TAX SLAB RATES FOR MALE ASSESSEE FROM ASSESSMENT YEAR 1992-1993 TO ASSESSMENT YEAR 2015-2016. Hello readers, I found many persons searching sites here and there for slab rates of some previous years , purchasing books for the purpose of making assessments or filing return of Income of their clients or Claiming relief under section 89 but cant find true picture so I decided to compile it for you.
Krishna, what are the Provisions in Income Tax Act, when a Taxpayer already owns a house and again Purchases another house i.e., ‘Second House’? Arjuna, listen carefully; otherwise having a second house may become a hardship. E.g. If the Taxpayer is having a House at Aurangabad and he purchases another Flat at Mumbai, then he has to show any one property as Self Occupied Property and has to pay taxes on second House.
