It has come to the notice of the Insolvency and Bankruptcy Board of India (IBBI) that there is a Limited Liability Partnership (LLP) by the name IBBI Insolvency Practitioners LLP
A major portion of the revenue by way of income-tax is recovered through deduction of tax at source. Thus, in-depth verification of all the TDS returns is necessary.
Even in the e-filing era, the assessees are overburdened with the compliances to be made with regard to filing of returns and payment schedules. An assessee is required to file quarterly returns relating to TDS on salaries
For filing of return, it is mandatory to have PAN. A person applying for PAN has to give his details in a prescribed form & the same will be allotted to him by the Income Tax Department.
The Finance Act, 2016 has amended the said section by inserting sub-clause (iv) to sub-section (1) of section 143 for disallowing expenditure indicated in the audit report but not taken into account in computing the total income in the return.
In the Finance Act, 2016 new section 115BBDA was introduced to levy tax on certain dividend income received by a resident individual, HUF and firms aggregating Rs.10 lakhs at the rate of 10%. However the act has not clarified about the payment of advance tax on the same.
Section 142(2A) was amended by Finance Act, 2013 apparently to amplify the scope of special audit i.e. the Assessing Officer now has the power to direct a special audit, having regard to volume of transactions
Any receipt of interest, fees or royalty on such loans, services and licenses respectively, would attract income tax in the hands of the overseas AEs in India @ 10% under Indian domestic tax laws and/ or tax treaties, where the overseas AEs do not have permanent establishments in India.
Finance Act 2017 inserted second proviso to section 115JAA(2A) restricting quantum of MAT credit to be carried forward to subsequent years. The proviso provides that where the amount of FTC (Foreign Tax Credit) available against MAT/AMT is in excess of FTC available against normal tax, MAT/AMT credit would be reduced to the extent of such excess FTC.
As per the existing provisions of the Act, the work for the purpose of deduction of tax at source on payment to contractors has been defined to include manufacturing or supplying a product according to the requirement or specification of customer by using material purchased from such customer.
