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Introduction of Form 15CA & 15CB

August 17, 2017
  • Finance Bill 2008 introduced the process of e-filing of information pertaining to payment to non-resident via certificate and undertaking.

 

  • Earlier, the person making a remittance to NR was required to furnish certificate in a specified format circulated by RBI.

 

  • Basic p…

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New Amendment u/s 143 (1)(a) of Income Tax Act: More clarity required for claiming Refund

August 12, 2017

With the recent amendment under Section 143 (1)(a) of the Income Tax Act, the Department has limited the scope of taxpayers in showing less income than the Form 16 which is issued. The recent escalation of the taxpayers taking credit of House Rent Allowances, Medical Allowances, Leave Travel Allowan…

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IMPACT OF GST ON GOLD INDUSTRY

August 12, 2017

On the historic midnight of 30th June, when India’s labyrinth of taxes was replaced by GST, all sectors – wholesellers, retailers and consumers, et al, have been more or less affected by this fiscal reform.

Gold industry was not left behind. Even as consumers will face a slightly higher tax r…

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Section 80EE: Deduction in respect of interest on loan taken for residential house property

June 28, 2017

Section 80EE: Deduction in respect of interest on loan taken for residential house property


CBDT has introduced section 80EE of Income Tax Act, 1961 w.e.f. 01.04.2017 i.e., deduction under this section is available from A.Y. 2017-18 and also available for subsequent Assessment years. 

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Can a Karta pay rent to his HUF

June 12, 2017

 

Our valuable client asked us:-

Question. I am a salaried employee and want to purchase a flat for my residence. From the taxation point of view, will it be advisable to purchase the same in my name or in my HUF’s name. My further query is whether the HUF can charge any rent from me? If …

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Benefit of Section 54F in case of sale of shares of a Private Limited Company

June 11, 2017

Benefit of Section 54F in case of sale of shares of a Private Limited Company

Section 54F of the Income Tax act deals with exemption from Capital gains tax arising on transfer of certain capital assets and subsequent investment in a residential house.

 If an assessee has sold a capital asset …

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New ITR Forms by CBDT for A.Y. 2017-18 (F.Y. 2016-17)

June 8, 2017

The ongoing months – June to September is the harbinger of income tax filing season. Taxpayer needs to furnish the particulars of their income to IT Authority.

This time CBDT has revamped the ITR Forms. Board has also showed up with comparatively lesser number of ITR Forms. Some key points are …

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Taxation on sale of Co-operative Flat

May 30, 2017
Date of possession of the co-operative flat is not relevant for determining whether it is a Long term capital asset or not.
 
The words "held" and "possessed" were not synonymous. Both the words are having different meanings. According to us, the word used by the Legislature is "held" and, t…

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Section 44ADA for professionals

May 20, 2017

PRESUMPTIVE TAXATION FOR PROFESSIONAL SERVICE PROVIDERS

 

Introduction:

 

With the start-up boom and globalization, lots of working professionals are getting into full time profession or on part-time basis.

 

Then the logical question arises, how the income will be taxed?

 

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Aadhaar Card mandatory for Income Tax filing

April 9, 2017

From 1st of July 2017, Aadhaar number becomes a mandate for tax filings in India. As per the Finance Act 2017, tax payers have to put in their Aadhaar ID or enrolment number for filing income tax returns (ITR). It has also been made mandatory for all new PAN applications with effect from 1st July’17…

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