Posted On:  6 days ago


Procedural aspects while conducting e-assessment of Scrutiny under Income Tax : CBDT

Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides that “hearing” includes communication of data and documents through electronic mode. Accordingly to facilitate conduct of assessment proceedings electronically, vide letter dated 23.06.2017, in file of even number, Board had issued a revised format of notice(s) under section 143(2) of the Act.

article author One Roof Consultant

Posted On:  2 weeks ago


Procedure for registration of PTRC (Profession tax registration certificate) and PTEC (Profession tax enrollment certificate) in Maharashtra

As per the amendments in the Profession Tax Act 1975, a person (natural / legal) registered under MGST Act is liable to enroll for Profession Tax Enrollment Certificate (PT-EC) and pay Rs.2500 per annum. In addition, if the business is having any employee whose monthly salary is above Rs. 7500/- is also required to obtain Profession Tax Registration Certificate

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Why people don’t grow rich by investing in stocks?

A lot has been said and written about generating wealth by investing for the long term in equity markets. The mutual fund industry in India now boasts of monthly collections through Systematic Investment Plans (SIPs) of over Rs 6,000 crore – a bulk of these investments are by retail investors who plan to get rich by investing in the equity markets for years. Will these investors really achieve their goal of creating wealth for themselves in the long run?

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018

Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income tax under clause (38) of section 10 of the Act.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Rationalisation of provisions relating to Country-by-Country Report as per Budget 2018

Section 286 of the Act contains provisions relating to specific reporting regime in the form of Country-by-Country Report (CbCR) in respect of an international group.

article author One Roof Consultant

Posted On:  2 weeks ago


Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 as per Budget 2018

Section 46 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for the procedure for imposing penalty. Sub-section (4) of the said section provides that an order imposing a penalty shall be made with the approval of the Joint Commissioner, in the circumstances specified therein.

article author One Roof Consultant

Posted On:  2 weeks ago


Royalty and FTS payment by NTRO to a non-resident to be tax-exempt as per Budget 2018

Section 195 requires a person to deduct tax at the time of payment or credit to a non-resident. Given the business exigencies of the National Technical Research Organisation (NTRO), it is proposed to amend section 10 so as to provide that the income arising to non-resident

article author One Roof Consultant

Posted On:  2 weeks ago


Exemption of income of Foreign Company from sale of leftover stock of crude oil on termination of agreement or arrangement as per Budget 2018

Clause (48A) of section 10 provides that any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India shall be exempt.

article author One Roof Consultant

Posted On:  2 weeks ago


Tax treatment of transactions in respect of trading in agricultural commodity derivatives as per Budget 2018

Clause (5) of section 43 defines speculative transaction. The proviso to the said clause, however, stipulates certain transactions to be non-speculative nature even though the contracts are settled otherwise than by the actual delivery or transfer of the commodity or scraps.

article author One Roof Consultant

Posted On:  2 weeks ago


Incentive for employment generation as per Budget 2018

At present, under section 80-JJAA of the Act, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who have been employed for a minimum period of 240 days during the year.

article author One Roof Consultant

Posted On:  2 weeks ago


Meassures to promote start-ups as per Budget 2018

Section 80-IAC of the Act, inter alia, provides that deduction under this section shall be available to an eligible start-up for three consecutive assessment years out of seven years at the option of the assessee.

article author One Roof Consultant

Posted On:  2 weeks ago


Should you hold or Sell Equity Shares and Mutual Fund before 31 March 2018 to save LTCG?

The exemption of LTCG will continue till 31 March 2018. LTCG Tax of 10% will be applicable from 1 April 2018. A new section 112A is introduced into the Income-tax Act, 1961 to tax the long term capital gains on the listed shares and units of equity oriented mutual funds transferred on or after 1st April, 2018

article author CA Chirag Chauhan

Posted On:  2 weeks ago


How to calculate Long Term Capital Gain Tax on Equity Shares and Mutual Fund from 1st April 2018

The Long Term Capital Gain Tax on Shares and Equity oriented Mutual Funds were exempt since 2004. The government has introduce Securities Transaction Tax from 2004, to simply the tax regime, and introduce section 10(38) to provide exemption to long term capital gains on transfer of shares listed on a recognised stock exchange (BSE & NSE) provided STT was paid on them. Short term capital gains on such a transfer would be taxed @ 15%. The Budget 2018 has proposed to tax Long Term Gains on Equity Shares and Mutual Funds without withdraw of securities transaction tax (STT), which was introduced as an alternative to LTCG tax.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Download the Budget Memorandum 2018 for Financial Year 2018-19

The provisions of Finance Bill, 2018 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act') to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, reducing the corporate tax rate for micro, small and medium enterprises, promoting horizontal equity in personal income-tax and enhancing the effectiveness, transparency and accountability of the tax administration. With a view to achieving the above, the various proposals for amendments are organised under the following heads

article author CA Chirag Chauhan

Posted On:  3 weeks ago


How much income tax Senior Citizen can save from Budget 2018 in Interest (80TTB), Insurance (80D) and Medical Expenditure (80DDB) for FY 2018-19

Budget propose several benefits to Senior Citizens. Though there are no change in Slab rates applicable for senior citizen, government has increase exemption limit and provided standard deduction for pensioners. Following are relief to Senior Citizens proposed:-

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Latest TDS Tax Deducted at Source Rate Chart for FY 2018-19 AY 2019-20

TDS is to be deducted on payment made as prescribed by Income Tax Act by persons who are liable to deduct TDS. It is the duty of the deductor to deduct TDS as given in Income Tax Act. Following are the revised rate of TDS applicable for Financial Year 2018-19 Assessment Year 2019-20

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Income tax slab rates applicable for Financial Year 2018-19 or Assessment Year 2019-20

This article will give full detail about the slab rates that are applicable for the Assessment year 2019-20 for each individual. Where the assessee is an individual:

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Download Budget speech and Finance bill for 2018 by FM Arun Jaitely FY 2018-19

Madam, four years ago, we pledged to the people of India to give this nation an honest, clean and transparent Government. We promised a leadership capable of taking difficult decisions and restoring strong performance of Indian economy. We promised to reduce poverty, expedite infrastructure creation and build a strong, confident and a New India. When our Government took over, India was considered a part of fragile 5; a nation suffering from policy paralysis and corruption. We have decisively reversed this. The Government, led by Prime Minister, Shri Narendra Modi, has successfully implemented a series of fundamental structural reforms. With the result, India stands out among the fastest growing economies of the world.

article author CA Chirag Chauhan

Posted On:  3 weeks ago


100 Key Highlights of Union Budget 2018 presented by FM Arun Jaitely FY 2018-19

No changes in person tax structure for salaried class and No change in Slab Rates 1.44 lakhs crores paid by salaried tax payers.  Standard deduction of Rs 40,000 for salaried taxpayers, in lieu of transport and medical reimbursements for salaried classes Govt will have a scheme to give every enterprise in India a unique ID

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Online Registration Mechanism and Filing System for Stock Exchanges

. In order to ease the process of application for recognition / renewal, reporting and other filings in terms of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and other circulars issued from time to time, SEBI has introduced a digital platform for online filings related to Stock Exchanges

article author One Roof Consultant