Posted On:  5 days ago


Review of position of cash collection from current demand- Achievement of Action Plan target- CBDT

As you are aware, the Central Action Plan, 2016-17 has fixed the target of cash collection out of current demand as 20% of the current demand raised during the year. In this regard. a review of the current demand raised in various Regions up to November. 2016 was carried out and the position in respect of various Pr. CCsIT is given in the attached chart. It may be noted that at the all-India level, current demand of Rs.97,033 crore has been raised till November, 2016. after reducing the pre-paid taxes amounting to Rs.59,410 crore. At the rate of 20% of the net current demand, an amount of Rs.19.407 crore needs to be recovered collectively from demand raised till November. 2016.

article author One Roof Consultant

Posted On:  6 days ago


Got Cashback from wallet or credit card transaction? You may be liable to pay Tax

The Demonetization has lead us to the cashless society where we are bound to use credit cards and wallets more often. Every bank, financial institution and wallet companies do provide cash back on various transactions to incentivize customers and attract more customers. Online shopping websites like Flipkart, Snap deal, Amazon, etc and some stores like Big Bazar, Dmart, etc are offering cashback on use of certain credit cards or mobile wallets to pay for the goods. Travel websites like Goibibo, Make my trip, expedia, etc are offering cashbacks on booking tickets, hotels or holidays by using credit cards or mobile wallets. Online taxi aggregators Ola and Uber are offering cashbacks on taxi rides. Online food delivery order booking websites Zomato, are offering cashbacks on orders. You can get cashbacks even on payment of your utility bills by using certain credit cards or mobile wallets link Paytm, Freecharge, etc . The amount of cash back if we calculate from all the sources can be more than few thousands in a year. So, are such cashbacks taxable?

article author CA Chirag Chauhan

Posted On:  6 days ago


New design of PAN card w.ef. 1st January 2017

All TEN-FCs & PAN Centres are hereby informed that the Income Tax Department (ETD) has prescribed certain changes in the existing design of the PAN Card. Accordingly, with effect from January 1, 2017, PAN cards are being printed as per the new design specifications approved by ITD.

article author One Roof Consultant

Posted On:  6 days ago


Companies to furnish Statement of Financial Transactions to Income Tax Department`

As per Rule 114E of the Income Tax Rules 1962, for and from 2016-­17, all companies have to be furnish SFT in respect of certain specified transactions as tabulated below

article author CS Perila Sheth

Posted On:  6 days ago


Launch of Post Assessment – Revision u/s 263/264 Proceedings module of Income Tax Business Application (ITBA)

This is in reference to the subject mentioned above. The functionality for passing revision order is now available in the Revision module of ITBA. 2. The Revision u/s 263/264 Proceedings module of the ITBA can be accessed by entering the following URL in the browser: https://itba.incometax.gov.in The path for Revision module is: ITBA Portal -> Login -> Modules -> Revision

article author One Roof Consultant

Posted On:  6 days ago


Launch of Income Tax Business Application (ITBA) – TPO Proceedings Module

This is in reference to the subject mentioned above. The functionality for TPO Proceedings (Process flow from recording the reference particulars and initiation of TPO Proceedings to passing of TPO order) is now available in the TPO Proceedings Module of Income Tax Business Application (ITBA).

article author One Roof Consultant

Posted On:  7 days ago


Direct Tax Collections up to December, 2016 show Growth of 12.01 %

The figures for Direct Tax collections up to December, 2016 show that revenue net of refunds is Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding period last year. This collection is 65.3% of the total Budget Estimates of Direct Taxes for Financial Year 20 16-17.

article author One Roof Consultant

Posted On:  2 weeks ago


TATA Translational Cancer Research Centre notified U/s. 35(1)(ii)

It is hereby notified for general information that the organization TATA Translational Cancer Research Centre (‘TTCRC’) under the aegis of TATA Medical Centre Trust (PAN:- AABTT2222Q) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Rules, 1962 (said Rules), from Assessment year 2016-2017 onwards in the category of ‘Scientific Research Association’, subject to the following conditions, namely

article author One Roof Consultant

Posted On:  2 weeks ago


Latest changes in new passport rules

In order to streamline, liberalize and ease the process of issue of passport, the Ministry of External Affairs has taken a number of steps in the realm of passport policy which is expected to benefit the citizens of India applying for a passport. According to press information bureau the steps introduced will benefit the process of issue of new passport. The official notification will be soon published by the government in the official gazette to give effect to the change. The details of the new rules of passport application are given below

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Procedure for registration under Societies Registration Act 1860 – It’s Advantages, rights & duties & other relevant matter’s

Individuals who want to come together for doing something for the betterment & upliftment of the larger section of the society usually come across a number of hindrances. They are at times misguided or are ignorant of how to go about to work as a non-profit organization. One of the ways to get over this hindrance is formation and registration of a society.  However, most of us are not really aware of the process of the registration of society or how it is to be registered. Moreover, whether it is to be registered or not and what is the procedure etc are other question which come across are minds.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Step wise NPO Registration as Section 8 of Company

Intends to prohibit the payment of any dividend to its members, the Central Government may, by license issued in such manner as may be prescribed, and on such conditions as it deems fit, allow that person or association of persons to be registered as a limited company under this section without the addition to its name of the world “Limited”, or as the case may be, the words “Private Limited”, and thereupon the Registrar shall, on application, in the prescribed form, register such person or association of persons as a company under this section.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


How much Gold you can Hold? Limit on domestic possession of gold in India

In current scenario the government is not giving any chance to the black money holders to escape from the black money radar, which can be generated through cash or gold. On 1st December 2016 CBDT clarified the common man regarding the limit of gold every person must own under his custody. The clarification was also earlier provided by the circular No dated 11-05-1994

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Procedure for registration for statement of financial transactions (SFT) as per section 285BA of Income-tax Act

Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 (hereunder referred as the Rules) specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A.

article author One Roof Consultant

Posted On:  3 weeks ago


Receive digital payment for business and pay Zero Tax for sales up to 1 Crore - Section 44AD

The government on 19th December 2016 issued a press release for encouraging and Promoting Digital Payments & Creation of Less-Cash Economy. One of the measure was to reduced rate in presumptive taxation for transaction in digital mode. The rate of presumptive income of 8% will be reduce to 6% if receipts are done in digital form like wallets, NEFT, RTGS, etc

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Top 9 landmark cases and judgments that brought a change in India

Vodafone was embroiled in a $2.5 billion tax dispute over its purchase of Hutchison Essar Telecom services in April 2007.  The transaction involved purchase of assets of an Indian Company, and therefore the transaction, or part thereof was liable to be taxed in India as per the allegations of tax department. Vodafone Group entered India in 2007 through a subsidiary based in the Netherlands, which acquired Hutchison Telecommunications International Ltd’s

article author Dharmesh Jain

Posted On:  3 months ago


Know all about Tax Planning – What, Why and How?

Tax planning can be defined simply as planning your cash outflow towards payment of taxes in legitimate manner most beneficial to you. It draws attention to “Payment of taxes”, here question to be answered is how one can reduce that taxes or one can postpone it to future date using tax planning tools. “Legitimate Manner” means it should not be tax evasion using illegal tools of tax saving and hiding certain transactions.

article author CA Chirag Chauhan

Posted On:  3 months ago


CBI arrests an Income tax officer and Inspector of income tax in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer for accepting a bribe of Rs. Three Lakh and an Inspector of Income Tax for accepting a bribe of Rs.5000/- from the Complainant. A case was registered U/s 7 of the PC Act, 1988 against the ITO 30(1)(3) BKC, Mumbai for demanding an amount of Rs.3 lakh for himself and Rs.5000/- for his staff from the complainant for passing a favourable Assessment Order and not imposing penalty in scrutiny of ITR of the complainant for the AY 2014-15. CBI laid a trap and caught the two accused red handed. Searches were conducted at the official

article author CA Nikesh Sheth

Posted On:  3 months ago


Income Computation and Disclosure Standard VII relating to government grants Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In case of conflict between the provisions of the Income Tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  3 months ago


Income Computation and Disclosure Standard II relating to valuation of inventories Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of Business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of Income Tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  4 months ago


Generation of scrutiny notices u/s 143(2) for PAN selected in CASS-2016 regarding. (Time barring matter)

Kindly refer to letter No. F.No.System/ ITBA/Instruction/ Assessment/2015-16 dtd.15/03/2016, F.No.System/ ITBA/Instruction/ Assessment/CASS Cycle 2/2016-17 dtd. 25/07/2016 and F.no. DGIT(S)-2/ADG(S)-2ICASS 2016-17/93 dated 16/09/2016 requiring Assessing officers to generate scrutiny notices u/s 143(2) for PANs selected in cycle 1, cycle 2 and cycle 3 of CASS-2016. 2. It is seen that till 28-09-2016, notices have not been issued in 625 cases. 3. These 625 cases include 62 cases which are lying with inactive codes.

article author One Roof Consultant