Posted On:  6 hrs ago


Standard Operating Procedure (SOP) to be followed by the Assessing Officers in verification of Cashtransactions relating to demonetisation

Post demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016, several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’) . In such cases, it has been decided to undertake on -line verification of select transactions through jurisdictional Assessing Officers

article author One Roof Consultant

Posted On:  23 hrs ago


Online Process for Gumasta License, documents required, fees under Shop & Establishment Act 1948.

Registration of Shops and establishment in Mumbai is mandatory under Maharashtra Shops and Establishment Act. Gumasta is governed by the Municipal Corporation of Greater Mumbai under the Maharashtra Shops and Establishment Act 1948 for other regions there are state government Municipal Corporation responsible for providing license. This act enables the registration and obtaining of certificate from Municipal Corporation for your new shop/ business.

article author CA Chirag Chauhan

Posted On:  24 hrs ago


Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2017-18 AY 2018-19

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. Adding this year an amendment in section 119(2) to include levy of penalty under section 271C or 271CA w.e.f  1st June, 2017

article author CA Chirag Chauhan

Posted On:  2 days ago


Professionals will require Tax Audit if they are showing Income less than 50% of Receipts - Section 44ADA

Introduction of presumptive scheme for Professionals The Justice Easwar Committee has recommended a new scheme for professionals in line with existing Presumptive Scheme for person engaged in Business. The Committee was of the view that this scheme is quite popular amongst small traders. It was felt that there is a strong case for introducing a similar simplified presumptive income scheme for professionals.

article author CA Chirag Chauhan

Posted On:  2 days ago


Privilege Fees for a liquor License

The  privilege fees is  required to be collected, at the time of an extension / renewal of  an agreement after  the expiry of previous one. The Provisions in different rules under the Bombay Prohibition Act refer to the sanction of different types of agreements.  Rule 5A of  The Bombay Prohibition (privileges fees) Rules 1954 states that the fee payable by any licensee for the privilege of having the lease or sub-lease of his licence in Form ‘CL-I’ under the Maharashtra Country Liquor Rules, 1973 and in Form ‘PLL’ or ‘I’ under the Maharashtra Distilation of Sprit and Manufacture of

article author Varsha Kewalramani

Posted On:  5 days ago


Having second property and claiming unlimited interest setoff? You cannot claim after Budget 2017

The Budget 2017 had made a lot of changes in the income tax provision whether it is the changes made in the slab rates, TDS provisions, changes in penalty and rate of surcharge etc. One of the changes I am going to discuss in this article will changes made in the house property provisions.

article author CA Chirag Chauhan

Posted On:  1 week ago


GST daily Update: Section 104 interest on refund of pre-deposit:-

This section pertains to refund on mandatory pre-deposit made at first appellate authority and tribunal. This section states that where an amount deposited by the appellant under sub-section (6) of section 98 or under sub-section (9) of section 101 is required to be refunded consequent to any order of the First Appellate Authority or of the Appellate Tribunal, as the case may be, interest at the rate specified under section 50 shall be payable in respect of such refund from the date of payment of the amount till the date of refund of such amount. This provision is similar to present provisions contained in section 35F

article author CA PRADEEP JAIN

Posted On:  2 weeks ago


GST daily dose of updation Appeals- part I section 101 appeals to appellate tribunal

The provisions relating to filing of appeal to the appellate tribunal are discussed in this update. The appeal provisions prescribing time limit for filing appeal to Tribunal are similar to that for filing appeal to first appellate authority with the distinction that the first appellate authority can condone delay in filing appeal upto one month but Tribunal can condone delay in filing appeal for any duration. The provisions regarding mandatory pre-deposit are similar to that of filing appeal to first appellate authority that have already been discussed in our earlier update.

article author CA PRADEEP JAIN

Posted On:  2 weeks ago


Deposited Cash from 9 Nov to 31 Dec 2016 and received Notice ? Read FAQ

The basic information required is: PAN, Full Name, Date of birth/incorporation, communication address, valid e-mail id, mobile number and digital signature certificate (if applicable). For persons other than individuals, in addition to the above mentioned information, PAN details and contact details of the principal contact are required.

article author One Roof Consultant

Posted On:  2 weeks ago


CBDT: Honest taxpayers will be treated with dignity and courtesy

It is the collective vision of the Income Tax Department to partner in the nation building process through progressive tax policy, efficient and effective administration and improved voluntary compliance. A taxpayer friendly service delivery mechanism provided by a disciplined, motivated and enthused workforce is one of corner stones to achieve this vision. When seen in the back drop of the overarching agenda of “Transform, Energise and Clean India” as conveyed by the Hon. Finance Minister during his budget speech , 2017, it becomes all the more necessary to integrate our

article author One Roof Consultant

Posted On:  2 weeks ago


Interest rates for Small Savings Schemes

Please refer to our circular DGBA.GAD.881/15.02.005/2016-17 dated October 13, 2016 on the above subject. The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated December 30, 2016 advised the rate of interest on various small savings schemes for the fourth quarter of the financial year 2016-17 (copy enclosed).

article author One Roof Consultant

Posted On:  2 weeks ago


How forming a Company instead of LLP or Partnership can save tax for you after Budget 2017 ?

Budget 2017 has given companies an advantage over partnership and Limited Liability Partnership in terms of Income Tax. The maximum marginal tax rates including surcharge will be following

article author CA Chirag Chauhan

Posted On:  2 weeks ago


Launch of Appeal Register & CSR module of Income Tax Business Application (ITBA)

This is in reference to the subject mentioned above. The functionality for generating the Central Scrutiny Report (CSR) on orders of CIT(A)/ITAT/High Court is now available in Appeal Register & CSR module of ITBA. 2. The Appeal Register & CSR module of the ITBA can be accessed by entering the following URL in the browser: https://itba.incometax.gov.in

article author One Roof Consultant

Posted On:  2 weeks ago


RBI keeps policy repo rate unchanged at 6.25 percent

Global growth is projected to pick up modestly in 2017, after slowing down in the year gone by. Advanced economies (AEs) are expected to build upon the slow gathering of momentum that started in the second half of 2016, led by the US and Japan. However, uncertainty surrounds the direction of US macroeconomic policies with potential global spillovers. Growth prospects for emerging market economies (EMEs) are also expected to improve moderately, with recessionary conditions ebbing in Russia and Brazil, and China stabilising on policy stimulus. Inflation is edging

article author One Roof Consultant

Posted On:  2 weeks ago


The Specified Bank Notes (cessation of liabilities) bill, 2017

to provide in the public interest for the cessation of liabilities on the specified bank notes and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Sixty-eighth Year of the Republic of India as follows:— 1. Short title and commencement. (1) This Act may be called the Specified Bank Notes (Cessation of Liabilities) Act, 2017. (2) It shall be deemed to have come into force on the 31st day of December, 2016.

article author One Roof Consultant

Posted On:  2 weeks ago


CBDT issues Certificates of appreciation to nearly 3.74 lakh tax payers for their contribution towards Nation building

In continuation of the initiative of the Government to acknowledge the contribution of tax payers by paying taxes towards nation building and promptness in filing of Income Tax Returns, CBDT has issued the third round of Certificates to nearly 3.74 Lakh tax payers. With this, the total number of certificates issued by CBDT now stands at approximately 23 Lakh.

article author One Roof Consultant

Posted On:  2 weeks ago


Claim of reliefs under BIFR Schemes by sick companies in their ITRs

The BIFR Unit of Directorate of Income Tax(Recovery) looks after the work relating to sick companies who had have filed references under the erstwhile Sick Industrial Companies (Special Provisions) Act, 1985(SICA) which has now been repealed w.e.f. 01-12-2016. On the date of repeal, the processing of reliefs envisaged in the Rehabilitation Schemes approved by BIFR is

article author One Roof Consultant

Posted On:  3 weeks ago


How to submit online response to Income Tax for Cash Deposit in Bank Account

Income Tax Department (ITD) intends to leverage technology and data analytics for effective utilization of demonetisation data i.e. transactions related to cash deposits during 9th Nov to 30th Dec 2016.

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Income Tax Slab Rates for Financial Year 2017-18 Assessment year 2018-19

This article will give full detail about the slab and flats rates that are applicable for the Assessment year 2018-19 for each person whether company, HUF or individual.

article author CA Chirag Chauhan

Posted On:  3 weeks ago


The Finance Bill 2017 - Union Budget

At the time of presentation of the Annual Financial Statement before the Parliament, a Finance Bill is also presented in fulfillment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. It also contains other provisions relating to Budget that could be classified as Money Bill. A Finance Bill is a Money Bill as defined in Article 110 of the Constitution. It is accompanied by a Memorandum explaining the provisions included in it.

article author CA Chirag Chauhan