Blog posts : "Income Tax MCA"

All you need to know about a Nidhi Company

February 9, 2018

Nidhi Definition:Nidhi company is a non-banking Finance company which is approved by the Central Government by notification in official gazette. As per section 406 of the Companies Act 2013, “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of th…

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Regarding Dormant Status of companies

January 22, 2018

The Companies Act, 2013 has given an opportunity of dormant status to future oriented company or inactive company to remain in existence without being wound up and / or liquidated.

  • According to Section 455 of the said Act, where a company is formed for a future project or to hold an asset or i…

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PPF A/c’s will be deemed to be closed on the day the investor becomes a non-resident

November 3, 2017

PPF A/c’s will be deemed to be closed on the day the investor becomes a non-resident

Under the rules of the Government, NRI’s cannot open a new PPF account in India. But they were allowed to keep contributing to their existing PPF accounts as per a 2003 notification. This was for the PPF ac…

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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.


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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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





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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File your Income Tax return within 31st March 2017

March 21, 2017

20 blog posts