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Posted On:  1 year ago


Cost Inflation Index as per Income Tax

Cost Inflation Index (CII) is necessary for computation of long term capital gains in case of sale of capital asset as per Income Tax Act. It comes under Section 48 of the Income-Tax Act.

article author CA Chirag Chauhan

Posted On:  1 year ago


Setting Up a Partnership Firm

It is easy to start a firm; the registration process is fairly simple compared to registering a private limited company. The registration of firms to be done at Registrar of Firms (ROF) under the provisions of Indian Partnership Act, 1932

article author CA Akshay Joshi

Posted On:  1 year ago


Limited Scrutiny selected under Computer Assisted Scrutiny Selection

At present, income tax return filed by tax payers are mostly accepted by income tax department without any questions except processing and sending intimation u/s 143(1) of income tax Act. In a very small percentage of cases scrutiny assessment are conducted u/s 143(3) of the income tax act and cases for this purpose are selected through Computer Aided Scrutiny Selection (CASS)

article author CA Akshay Joshi

Posted On:  1 year ago


TAN – Facts We should Know

TAN or Tax Deduction and Collection account number is a unique ten digit alpha-numeric number required to be compulsorily obtained by all persons who are responsible for deducting or collecting tax at source on behalf of Income Tax Department.

article author CA Akshay Joshi

Posted On:  1 year ago


Guidelines for implementation of Transfer Pricing provisions

Dear Reader, The Central Board of Direct Taxes (CBDT) has issued guidelines for implementation of Transfer Pricing (TP) provisions (Instruction No. 03/2016, dated: March 10, 2016) replacing the earlier Instruction no. 15/2015 dated 16.10.2015. The instruction is applicable to both International Transaction (IT) and Specified Domestic Transaction (SDT).

article author Vispi T. Patel

Posted On:  1 year ago


Section 2(14) of the Income tax act- Capital Asset Definition, Inclusion and Exclusion

This provision under the Income tax act gives the definition of capital asset, what must be considered under capital asset and what must not be considered under capital asset. Capital Assets are not distinguished between personal or business both are considered as capital Asset b According to the provision capital asset means property which held by a person whether the asset is related to the business or the asset is a personal property. It includes all kinds of property whether movable or immovable, tangible or intangible, fixed or floating. Thus plant & Machinery,

article author CA Chirag Chauhan

Posted On:  1 year ago


Setting up of a dedicated structure for delivery and monitoring of tax payer services in the Income Tax Department- regarding.

Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including Centralised Public Grievance Redress and Monitoring System (CPGRAMS), Aayakar Seva Kendras (ASK), online grievance redressal through Central Processing Centre (CPC), etc.

article author CA Chirag Chauhan

Posted On:  1 year ago


Guidelines for Implementation of Transfer Pricing Provisions -Replacement of Instruction No. 15/2015

The provisions relating to transfer pricing are contained in Sections 92 to 92F in Chapter X of the Income-tax Act, 1961. These provisions came into force w.e.f. Assessment Year 2002-2003 and have seen a number of amendments over the years, including the insertion of Safe Harbour and Advance Pricing Agreement provisions and the extension of the applicability of transfer pricing provisions to Specified Domestic Transactions.

article author CA Chirag Chauhan

Posted On:  1 year ago


The monetary limits for filing appeals is applicable for cross objections filed by the Department before the ITAT and High court Circular No 21 / 2015

The monetary limits for filing appeals before the Income Tax Appellate Tribunals and High Courts were raised to Rs. 10 lakhs and Rs. 20 lakhs respectively by Circular 21 of 2015 dated 10.12.2015. Queries have been received regarding the applicability of Circular 21 of 2015

article author CA Chirag Chauhan

Posted On:  1 year ago


Leave Travel Allowance under section 10(5) of the Income Tax Act, 1961

Exemption of Leave Travel Allowance (‘LTA’) /Leave Travel Concession (‘LTC’) under section 10(5) of the Income Tax Act, 1961

article author CA Chandan Sharma

Posted On:  1 year ago


EPF complete withdrawal not possible

This is regarding, the latest EPF (Employee Provident Fund) withdrawal rules w.e.f. 10th Feb 2016, that the EPF members cannot withdraw their entire PF amount before attaining the age of retirement. i.e. You can withdraw your contributions + interest portion only through your PF Claims from now on. The employer’s contribution to EPF can be withdrawn only after attaining the retirement age (58 years)

article author Angeline Kumar

Posted On:  1 year ago


Clarifications on Excise imposed on Jewellery

Since the declaration of Budget, all bullion and Jewellery traders gone for Undifinate Strike, after giving the Centre's assurance also they are not ready. Clarification on ease of compliance also issued by the Government.

article author Darshan Jain

Posted On:  1 year ago


Exemption of House Rent Allowance under section 10(13A) of the Income tax Act, 1961

House Rent Allowances, Conditions and calculation of exemption from tax under Income Tax Act, 1961

article author CA Chandan Sharma

Posted On:  1 year ago


Clarification regarding taxability of consortium members – Income Tax Circular No. 07/2016

A consortium of contractors is often formed to implement large infrastructure projects, particularly in Engineering, Procurement and Construction ('EPC') contracts and Turnkey Projects. The tax authorities, in many cases have taken a position that such a consortium constituted an Association of Persons ('AOP') i.e. a separate entity for charging tax.

article author CA Chirag Chauhan

Posted On:  1 year ago


Missed filing Income Tax Return for FY 2013-14 and FY 2014-15? Last Chance to file your Income Tax Return before 31 March 2016

The deadline to file your Income Tax Return has already lapsed. Income Tax Act Says, If a person has not furnished the return of income within the time allowed under section 139 (1), then he may furnish the return of income at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. So the assessee who has not filed his return for Financial Year 2013-14 can has last chance to file before March 2016 and person who has not filed his income

article author CA Chirag Chauhan

Posted On:  1 year ago


Annual Compliances of a Private Limited Company

As we all are aware about the Compliances aspects of the Companies Act, 2013, let us understand briefly the Annual Compliances which are mandatory for the Private Limited Companies under the Companies Act, 2013:

article author CS KINJAL SANGANI

Posted On:  1 year ago


Income Tax Slab Rates for Financial Year 2016-17 Assessment year 2017-18

This article will give full detail about the slab and flats rates that are applicable for the Assessment year 2017-18 for each person whether company, HUF or individual.

article author CA Chirag Chauhan

Posted On:  1 year ago


Income Tax Slab Rates for Financial Year 2015-16 Assessment year 2016-17

This article will give full detail about the slab and flats rates that are applicable for the Assessment year 2016-17 for each person whether company, HUF or individual.

article author CA Chirag Chauhan