Applicability:
The Finance (No. 2) Act, 2019 has inserted a new section 194N, with effect from 01 September, 2019, provides that every person, being-
Taxation In Hong Kong for Individuals
More disclosures are required in the Income tax returns which are recently notified in the new ITR Forms. This underlines the Government's stated objective of increasing the tax net and reducing the possibility of tax evasion.
The highlights are as follows:-
Form No.:ITR-1 SAHAJ - For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs. 5,000/-.
This Form is not applicable –
Section 194J is for Fees for professional or technical services.
(ba) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of any remuneration or fees or commission by whatever name called, other than those on which tax is…
For NRIs, certain special tax rate short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15% and long term capit…
Various representations have been received regarding the scope of sections 172, 194C and 195 of the Income-tax Act, 1961, in connection with tax deduction at source from payments made to the foreign shipping companies or their agents.
The clarification is as follows:-
Section 172 deals wit…
The provisions of Section 234F (Fees for default in furnishing return of income) of the Income Tax Act,1961 are:-
Where a person required to furnish a return of income under section 139, fails to do so within due date, he shall pay:-
| (a) | Rs. 5,000/- if the return is furnished… |
1. What is Section 234F?
With reference to Section 234F of Income Tax Act, if it is mandatory for an individual/entity to file Income Tax Return (ITR forms i.e. ITR-1,2,3,4,5,6,7) as per the provisions of Income Tax Law [section 139(1)] but does not file it within the prescribed time limit, then …
Health Care means the maintenance and improvement of physical and mental health, especially through the provision of medical services.
Health Care services include diagnosis or treatment or care for illness, injury, deformity, abnormality or pregnancy in any recognized system of medicines i…
A trademark is a symbol, design, word, or phrase that identifies one’s business goods or services from those of another. A company may come up with a design that is unique, to stand as a symbol of the company, or a product. Trademark protects them from being used by others to promote their own agen…
There is no age limit for freelancing. A plethora of work opportunities, and the favourable tax rules, ensure that freelancing is now more fruitful than before, for those who wish to make a living out of it, or who do it part time.
The term "Freelancing" relates to self employment and consultancy…
In old Companies Act, 1956 Ministry had issued name availability guidelines by way of (Companies (Name Availability) Rules, updated in 2011). In the new Companies Act, 2013 name availability guidelines for Company are given under Rule 8 of the Companies (Incorporation) Rules, 2014.
In dete…
As per the Name Availability Guidelines 2011, while selecting the company name, the following should should be considered:
The proposed name should not be undesirable or identical with or too nearly resembling with the name of a Company / LLP (Limited Liability Partnership) alrea…
Commencement of Business Certificate
As per Companies (Amendment) Ordinance 2018, obtaining Certificate of Commencement of Business is mandatory for every Company within 180 days of incorporation. A director has to declare that every subscriber to the memorandum has paid the value of shares agree…
As per Section 149(1)of the Companies Act, 2013, every company shall have a board of directors consisting of individual directors. In case of a public company a minimum of 3 directors are needed and in case of a private company, a minimum of 2 directors are needed to ensure smooth functioning of the…
Filing of Appeal
An appeal is a procedure by which an assessee/tax payer can fight against the assessment order and/or notice of demand given by the Income tax department.
It may so happen that in an assessment, the data given in the Income tax return is not accepted by the Income Tax departme…
Unexplained money, Deposits & Investments
Section 68 - Cash credits: Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion o…
Companies registered under Section 8 can close their company by surrendering their license to operate as a charitable company. Such license can be surrendered by converting the company into a normal company other than a Section 8 company.
Section 8 company cannot be converted to One Person Co…
RESIDENTIAL STATUS
Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of a person who is a resident, not ordinarily residents and non residents. However, it is important to firstly determine the residential status of the assessee because the scope of total income var…