05
Feb
2023
Blog
Sum paid by the assessee (buyer) to MSEs beyond the 45-day time limit will be allowed as deduction only when the payment is actually made to MSEs.
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Schedule III to the Companies Act, 2013 was amended on March 24, 2021, to improve the quality and reliability of financial statements. Some new disclosures were also added to Schedule III, such as disclosures about promoter shareholding and subsidiaries, reconciliation of statements filed with banks for the purpose of working capital, benami transactions, and loans to promoters, etc. The amendments to Schedule III are applicable from 1st April 2021.
Read moreThe income tax return (ITR) notified for FY 2021-22 does not have any major changes. However, finer/additional details have been asked in the tax return forms from the taxpayers. Here is a look at 9 changes that a taxpayer has to mention while filing an income tax return this year.
Read moreTrade Receivables & Trade Payables Ageing as per schedule iii of Companies Act, 2013
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Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad (Updated as on September 18, 2019)
Read moreRationalisation of the provision relating to processing of returned income and issuance of notice under sub-seciton (2) of section 143 of the Act
Read moreTax Deduction at Source (TDS) on purchase of goods
Read moreTDS/TCS on non filer at higher rates - Budget 2021
Read moreThe Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the FY 2018-19.
Read moreRates for tax deduction at source for FY 2020-21 , AY 2021-22
Read moreOpportunity to companies to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity.
Read moreIn the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to be issued by racketeers who do not actually carry on any business or profession. They only issue invoices without actually supplying any goods or services. The GST shown to have been charged on such invoices is neither paid nor is intended to be paid. Such fraudulent arrangements deserve to be dealt with harsher provisions under the Act.
Read moreInstances have come to notice where period of 182 days specified in respect of an Indian citizen or person of Indian origin visiting India during the year, is being misused. Individuals, who are actually carrying out substantial economic activities from India, manage their period of stay in India, so as to remain a non-resident in perpetuity and not be required to declare their global income in India.
Read moreThe existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains in respect of an asset acquired before 1st April, 2001, the assessee has been allowed an option of either to take the fair market value of the asset as on 1st April, 2001 or the actual cost of the asset as cost of acquisition.
Read moreE-commerce operator is required to deduct tax at the time of credit of amount of sale or service or both to the account of e-commerce participant or at the time of payment thereof to such participant by any mode, whichever is earlier
Read moreSection 194J of the Act provides that any person, not being an individual or a HUF, who is responsible for paying to a resident any sum by way of fees for professional services, or fees for technical services, or any remuneration or fees or commission by whatever name called (other than those on which tax is deductible under section 192 of the Act, to a director), or royalty or any sum referred to in clause (va) of section 28, shall, at the time of payment or credit of such sum to the account of the payee, deduct an amount equal to ten per cent as income-tax. Section 194C of the Act provides that any person responsible for paying any sum to a resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract shall at the time of payment or credit of such sum deduct an amount equal to one per cent in case payment is made to an individual or a HUF and two per cent in other cases.
Read moreWidening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package
Read moreRemoving dividend distribution tax (DDT) and moving to classical system of taxing dividend in the hands of shareholders/unit holders
Read moreUnder section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to get his accounts audited, if his gross receipt in profession exceeds, fifty lakh rupees in any previous year. In order to reduce compliance burden on small and medium enterprises, it is proposed to increase the threshold limit for a person carrying on business from one crore rupees to five crore rupees in cases where
Read moreDue diligence is the process of examining the details of a transaction to make sure it’s legal, and to fully apprise both the buyer and seller of as many facts in the deal as possible. When the deal satisfies both aspects of due diligence, the two parties can finalize and correctly price the transaction. It’s a process of verifying, investigating, and auditing a potential deal or investment opportunity to corroborate facts, financial information, and other pertinent data.
Read moreThe Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2019-20. These ITR Forms will be applicable for filing of income-tax return in respect of income earned during the previous year 2018-19 (between 01-04-2018 to 31-03-2019). The new forms incorporate the changes made by the Finance Act, 2018 in the Income-tax Act, 1961.
Read moreThe Government had made various changes under Income-tax law, GST and Corporate laws which shall be applicable from April 1, 2019.
Read moreThe financial year 2018-19 is about to end, and the new financial year is about to start. Here are some points to note and take necessary action immediately
Read moreThe President of India has promulgated 'The Banning of Unregulated Deposit Scheme Ordinance, 2019' on February 21, 2019. The Ordinance aims to provide comprehensive and unified mechanism to ban the unregulated deposit schemes (or Ponzi schemes or Pyramid Schemes) and to protect the interest of depositors. The Ordinance clearly defines 'Regulated Deposits' and 'Unregulated Deposits'. The Ordinance also provides list of offences and penalties thereunder. Through following FAQs you can understand the provisions of the Ordinance in a lucid manne
Read moreCapital gain vs. business income – sale of shares – loss on account of sale of shares adjusted against gains from sale of shares – bonus stripping – allowed. [A.Y. 2007-2008]
Read moreThis is for the first time in the Indian history that Interim Budget has been announced as on 1 February. Modi Government's current tenure is about to end and this is the last budget before 2019 Lok Sabha elections. The final budget will be presented in July, 2019 by the newly elected Government.
Read moreIncome tax authorities have turned the heat on taxpayers who have missed paying advance tax. Advance tax is paid in four instalments – June, September, December and March
Read moreLoss from derivative is a normal business loss and not speculation loss
Read moreIt isn't mandatory for assessee to set off business loss against capital gains as per sec. 71
Read moreNo time limit for legal heirs to intimate death of assessee to dept.; notice in name of deceased is invalid
Read moreThe Ministry of Finance has announced a substantial enhancement in the limits for filing departmental appeals before the ITAT, Tribunal and Supreme Court.
Read moreListing Securities on Stock Exchanges in India
Read moreBenefit of deduction under section 54F in case of construction of residential house, is available only when construction is completed within a period of three years after date of transfer of long-term capital asset and, therefore, where construction took place prior to date of transfer, conditions of section 54F were not fulfilled and, consequently, assessee's claim for deduction was to be rejected
Read moreHere are some Clarifications & FAQs by the Government on GST implications on Stock Brokers
Read moreGST implication on provisions recognised in books of account
Read moreThe Central Government has notified amendment to various rules under Companies Act, 2013. The amendments are effective from May 07, 2018. The amended provisions have been discussed as under:
Read moreEvery registered entity whose aggregate turnover during a financial year exceeds Rs. 2.00 crore has to get its accounts audited as the provisions of GST Act. Such person has to furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.
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