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Income Tax filing of Non Profit Organizations

September 30, 2017

Which NPOs/ Trusts needs to file their Income Tax Returns:-

  • All NPOs having their income during the previous year exceeding the maximum amount which is not chargeable to income tax are required to file their Income tax returns. Currently Rs. 2.5 Lakhs per year is the maximum amount which is no…

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Which is better as a start-up: LLP or Private Limited Company or Partnership?

September 22, 2017

An entrepreneur planning a start-up usually have a common question : which is better for a start-up? LLP, Private Limited Company or partnership firm? So here’s a comparison chart to make it easier for you to decide the same for yourself.

Particular

Limited Liabil…

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Can HUF become a partner in LLP

September 17, 2017

What is LLP?

A Limited Liability Partnership (LLP) is a contract or agreement made between the partners of a LLP to establish a fair relationship between them and to protect their investment for carrying on any such business. A Limited Liability Partnership (LLP) is like a body corporate, wit…

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ICDS and it's implications

September 3, 2017

There are 5 heads of income under which the whole income of an assessee have to be reported under the Income Tax Act, 1961. The disclosure and computation of income under various heads of income, and in particular, under the head “Profits and Gains of Business or Profession” was the subject to numer…

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Section 44ADA – Presumptive Taxation Scheme for Professionals

September 1, 2017

About: After the introduction of section 44AD of the Income Tax Act, section 44ADA was introduced from Financial Year 2016-17 to give relief to small professionals as well. Under this section, an assessee is neither required to main books of accounts U/S 44AA nor the audit of accounts U/S 44AB o…

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New rules and circular on IEC code

August 28, 2017

As per the latest circular on IEC, as enclosed, the importer/exporters need NOT apply for separate IEC code for import/Export in India. As per the latest trade circular by the DGFT, the PAN shall be construed as new IEC code for the purpose of import and export and the DGFT department shall also is…

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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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