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Posted On:  2 years ago


Mauritius tax treaty DTAA Analysis from April 2017 and impact

Investment that were routed through tax heaven like Mauritius through Round tripping, Treaty shopping, will no longer get tax benefit from April 2017. Government of India has finally India has managed to renegotiate its tax treaty with Mauritius and signed Double Taxation Avoidance Agreement (DTAA)

article author CA Chirag Chauhan

Posted On:  2 years ago


Depreciation is allowed as expenditure for Computation of Income in case of Trust till 2015

Assessing Officer are mostly objecting depreciation claim by Charitable trust in scrutiny based on their opinion that expenditure is claimed twice, once at the time of application of income at the time of acquiring of asset and other at the time of claiming depreciation. The Article provides you explanation with relevant case laws on why depreciation should be allowed as expenditure

article author CA Chirag Chauhan

Posted On:  2 years ago


Declare Undisclosed Income Pay 45% as Tax from June 2016 to Sep 2016

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).

article author CA Chirag Chauhan

Posted On:  2 years ago


Non filing of annual accounts turns LLP into unlimited liability

NON FILING OF ANNUAL ACCOUNTS TURNS LLP INTO UNLIMITED LIABILITY

article author CS Perila Sheth

Posted On:  2 years ago


Forget to sign and send ITR V for last 6 years ? You have time to Verify till August 31 2016 - CBDT

CBDT has declared August 31 as deadline for the taxpayers whose ITRs for six assessment years between 2009-10 and 2014-15 are pending for processing and issuance of refunds due to issues of non-filing of ITR-V acknowledgement form at its Bengaluru-based collection centre.

article author One Roof Consultant

Posted On:  2 years ago


Procedure for Service Tax Registration online and Documents required

India's services sector has the largest share in the GDP, accounting for 57% in 2016, up from 15% in 1950. Service tax is a tax levied by Central Government of India on services provided or to be provided excluding services covered under negative list. Liability for registration in service Tax arises when turnover crosses Rs 9 Lakhs in any financial year. Liability to collect and pay service tax arises when turnover crosses Rs 10 Lakh.

article author CA Chirag Chauhan

Posted On:  2 years ago


CBDT issues directions to field formations reg taxability of income from transfer of shares of unlisted companies

CBDT, vide order dated 2nd May, 2016 has given direction to field formation, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in certain circumstances where the Assessing Officer would examine the issue and take appropriate view.

article author CA Chirag Chauhan

Posted On:  2 years ago


Income Tax Rule anf Form for Inhouse Research and Development Facility - Notification No 29/2016

Income Tax Rule anf Form for Inhouse Research and Development Facility - Notification No 29/2016

article author CA Chirag Chauhan

Posted On:  2 years ago


Changes in due date for Filing TDS Statements from 01 June 2016

The due date of filing TDS return undersection 192, 193 to 196D namely Forms 24Q, Form 27Q and 26Q has been revised for all Dedcutees. Previously the date were different for government and non-government dudectees. Now it is uniform and both are getting equal time.

article author CA Chirag Chauhan

Posted On:  2 years ago


Employees have to submit evidence for deduction of Claims in HRA/ LTA/ Housing Loan / 80C to 80U - Form 12BB

CBDT has introduce a standard format for Employers to collect declaration and proof of evidence supporting investment and expenditure. All employers use to collect the information, however there was no standard format and it was observed that most time emplyee do not provide detials of PAN card in case of HRA dedction of detials of Interest on hosing Loan in case loan taken other than from financial institution. The form is detalied one, which help in proepr compliance by Employer.

article author CA Chirag Chauhan

Posted On:  2 years ago


WHAT IS ZERO FIR ?

ZERO FIR: Zero FIR (Zero First Information Report) means that a FIR can be registered in any Police Station, on receipt of complaint, irrespective of its territorial jurisdiction  and the same can be transferred later to the appropriate Police Station After collection of evidences by Police.(Appropriate police station is one within  whose local jurrisdiction the offence actually taken place)

article author Dharmesh Jain

Posted On:  2 years ago


Having Interest Income? Check if it is Taxable and where to disclose in Income Tax return form?

We all have savings which are either invested or lying in our saving bank account. Have you ever wondered how many different type of Income from Interest you are earning? How it is taxed? If it is exempt where to show in Income Tax Return? With PM project of Jan dhan Yojna number of people receiving interest on saving bank account has increase in crores. Forget interest income on saving, most of elder individuals has invested in KVP, PF post office etc. and forgotten the investment altogether, only at the time of maturity they realize they have not shown interest income yearly and have to pay taxes on receipt basis at higher slab. Recently many individual has received notice from Income Tax as there is TDS deducted by Bank on Interest income, however the same is not included in total income or individual has skipped filing of income tax return thinking interest in exempted. Not all interest Income is exempted, and even it is exempted we need to disclose the income in ITR forms. Below article give you list of different type of Interest Income, its taxability and disclosure requirement in Income Tax Return Form.

article author CA Chirag Chauhan

Posted On:  2 years ago


TDS Statement Upload – User Manual

Income Tax department has release process manual to upload TDS statement following is step wise instruction

article author CA Chirag Chauhan

Posted On:  2 years ago


No penalty on ‘Assessee’ for TDS default if he or she relied on her CA’s advice

The Case is between Aishwarya Rai Bachchan Vs Additional CIT, Range 2 Mumbai. The outcome of the case is "No penalty on ‘Aishwarya Rai’ for TDS default if she relied on her CA’s advice".

article author One Roof Consultant

Posted On:  2 years ago


Process to Protect your Income Tax Department e-Filing account through E filing Vault option

In order to ensure that you are able to secure your E-filing account against any fraudulent login attempts, the Income Tax Department has introduced a new facility called the "E-filing Vault". In order to use this facility, you can log in to your E-filing Account and to protect your e-filing vault follow the steps provided below Restricting the methods/options for Login and locking the reset password options will secure account from possible mis-use. This is for additional security or secured access.

article author CA Chirag Chauhan

Posted On:  2 years ago


Amnesty Scheme 2016 of Maharashtra Value Added Tax (MVAT) – Sales Tax Department

To Help Dealers and solve problem of pending appeal and releasethe revenue pending before the courts, Maharashtra Government proposed an amnesty scheme for such dues under various Act as defined below by the Sales Tax Department. Amnesty is not made available for pending tax dues. It is available where a dealer who has filed an appeal and the recovery of disputed dues is stayed by the appellate authority can avail amnesty scheme. If the dealer withdraws the appeal then he can avail the amnesty scheme.

article author CA Chirag Chauhan

Posted On:  2 years ago


True Benefits of Filing ITR

We all know that that it is a changing era and we should move with the time for smooth running of our life. For this we should also take care of our Income Tax and Income Tax Return along with our Incomes. In the same manner we should understand the benefits of filing Income Tax Return to take most of the advantage from it.

article author Harbinder Singh

Posted On:  2 years ago


Guidance note on Companies Auditors report order 2016 (CARO) Issued by ICAI

The Central Government, in exercise of the powers conferred, under sub-section (11) of section 143 of the Companies Act, 2013* (hereinafter referred to as “the Act”), issued the Companies (Auditor’s Report) Order, 2016, (CARO, 2016/ “the Order”) vide Order No. S.O. 1228(E) dated 29th March, 2016. CARO, 2016 contains certain matters on which the auditors of companies (except of those categories of companies which are specifically exempted under the Order) have to make a statement in their audit report. The text of the CARO, 2016 is given in Appendix I to this Guidance Note.

article author CA Chirag Chauhan

Posted On:  2 years ago


Step Wise Process to File Form 15CA and 15CB both online, withdrawal of Form, from 1 April 2016

The New rules to file form 15CA and 15CB Online are applicable form 1 April 2016. Based on new rules following is the detail process to file form as per requirement.

article author CA Chirag Chauhan