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Posted On:  2 years 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:  2 years 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:  2 years 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 The employer’s contribution to EPF can be withdrawn only after attaining the retirement age (58 years)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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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

Posted On:  2 years ago


What investors look into company or startup while investing?

Looking to raise funds for your company? What is criterion earmarked by investors? What Process investors follow while investing in company? What start-up attracts investors?

article author CA Nikesh Sheth

Posted On:  2 years ago


INPUT SERVICE DISTRIBUTOR - CONCEPT SIMPLIFIED & SCOPE WIDENED

Budget 2016 has been introduced and it has bought some major changes in the Cenvat credit scheme by amending the Cenvat Credit rules, 2004. One such change has been introduced in the rule 7 which relates to the input service distributer. With a view to improve credit flows between different manufacturing / service locations, Rule 7 dealing with distribution of credit on input services by an Input Service Distributor is being completely rewritten by way of substitution of the existing Rule 7 of the CCR. Also, a new rule 7B has been inserted providing the distribution of credit by warehouse. This article is an insight on the amendments so made w.e.f. 1.4.2016.

article author CA PRADEEP JAIN

Posted On:  2 years ago


RULE 7B OF CENVAT CREDIT RULES, 2004 - A NEW CONCEPT FOR MULTI-UNIT COMPANIES

Budget, 2016 has come up with some new provisions and concepts in the Central Excise Law. One such provision has been introduced in the name of rule 7B of Central Excise Rules, 2004 which has been framed on the same lines of input service distributor. This little article is about this new concept in the Central Excise Law.

article author CA PRADEEP JAIN

Posted On:  2 years ago


Starting a New Business or Profession? Compare Structure and type of Entity– Sole, Partnership, LLP or Company

The very first question in the mind of entrepreneurs when they start new business or profession is the structure of entity which can be formed which has legal status and easy to do compliance. Many Start up are confuse whether to Form a Private Limited Company or Limited Liability Partnership or Partnership to begin the new venture. The article gives you analysis which can help you to decide structure of the entity its tax benefit and compliance requirement.

article author CA Chirag Chauhan

Posted On:  2 years ago


IMPORT OF GOODS AT CONCESSIONAL RATE OF DUTY - PROCEDURE SIMPLIFIED WITH A DEMERIT

The Budget, 2016 brought about a series of changes in various sectors of the industry. In this article we will focus on the various changes made through notification No. 32/2016 – Customs (N.T.). This notification has been issued to supersede the existing Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996. The new rules will be known as Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2016 and are applicable w.e.f. 1.4.2016.

article author CA PRADEEP JAIN

Posted On:  2 years ago


Import of goods by vessel - Budget, 2016 made it expensive!!!

Budget 2016 has been introduced and with it has come many amendments and changes in the law. One such change is with respect to the services by way of transportation of goods by an aircraft or a vessel. The amendments made in it are effective from 1.6.2016 and will impose additional fiscal burden on the importers importing goods via sea. This article demonstrates the existing scenario, amendments made and the implications thereof.

article author CA PRADEEP JAIN

Posted On:  2 years ago


New Form 35 for E Filing of Appeals Commissioner (Appeals) CIT(A)

The Income Tax Department has Notified New Form 35 for Filing Online for Appeals to be made to CIT. Following are important points Form 35:

article author CA Chirag Chauhan

Posted On:  2 years ago


General procedure of bank branch audit and important facts, concept of banking

Banking sector is the backbone of the economy. But now a days it is a major weak sector. What would be the probable reason for the same, i wanted to highlight the same. Since the weakness is in whole sector hence the responsibility of the auditor will automatic get increase, so i wanted to brief about the General Audit Procedure in case of Bank Branch Audit and important terms.

article author Darshan Jain