Which is the best capital protection investment plan?

Finance - Protecting your capital, a BIG task, Isn’t it? You have your higher studies planned, EMI to take care of and a huge college fees for your children awaiting to empty your purse in couple of years. And, of course, unwanted emergencies like health issues and uncertainty at work which can lead to unexpected personal finance problems....

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How India will be affected by BREXIT (Britain Exit)?

Finance - Aditi Bhavsar Bagul 1. The biggest drawback of the Leave Campaign is that they have not mapped out the future course of action. Markets across the world will tank. The pound will depreciate against most major economies. India cannot remain immune to this. Sensex and Nifty will tumble in the short-run. 2. The immediate fallout […]...

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Guide for students looking for higher education abroad

Finance - There has been a recent trend towards students opting for studying in foreign countries. Generally, it’s because it improve the student’s employment prospects. But like all things in foreign, even the cost of education is also very high. But that doesn’t meant that you cannot have access to these courses abroad. Most lenders look at...

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Queries related to Selling/buying of goods & services in excess of Rs. 200,000/-

Income Tax - Vide Finance Act 2016, tax at source is required to be collected by a seller at the rate of 1%, if consideration for goods/services in cash exceeds INR 2,00,000/-. The said provisions have raised a lot of flak considering the ambiguity involved in the drafting and forced CBDT to issue time to time clarification on various issues involved....

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Deduction for Hypothetical Tax – Is it Fair??

Income Tax - An individual is usually accustomed to the tax rates and tax structure of his/her home country. Tax rates are different in different countries. If an employee is deputed from his home country to another country certainly his net income will be impacted because of difference in tax rates. e. g. If an Indian employee (effective tax rate is ...

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Improve skills to build fairer, more inclusive societies: OECD

Finance - Poor skills severely reduce a person’s chance of a better-paying and more-rewarding job, and have a major impact on how the benefits of economic growth are shared within societies. In countries where large shares of adults have poor skills, it is difficult to introduce productivity-enhancing technologies and new ways of working, which ...

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Highlights of recommendations of 7th Central Pay Commission

Corporate Law - The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits. It will come into effect from 01.01.2016....

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ICAI President’s Message July 2016

CA CS ICWA - I wish all of you a very happy CA Day. All arrangements have been made to celebrate the legacy of the Indian accountancy profession with great enthusiasm in the form of flag hoisting and events that enhance and impart knowledge to the professional fraternity. Indian accountancy profession that had started its journey with a vision has bee...

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Highlights of draft Model Shops and Establishments Bill, 2016

Corporate Law - • It will cover only establishments employing ten or more workers except manufacturing units. • The Bill provides for freedom to operate 365 days in a year and opening/closing time of establishment. • Women to be permitted during night shift, if the provision of shelter, rest room ladies toilet, adequate protection of their dignity ...

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Survey claims Attitudinal change in CBEC senior functionaries

Custom Duty, Excise Duty, Service Tax - Tax payers Survey got conducted by Central Board of Excise & Customs (CBEC) for garnering a feedback on impact that reforms undertaken during the last two years; Responses showed that 45% of the respondents saw an attitudinal change in senior functionaries (Commissioner level and above); and 51% acknowledged an improvement at the ground l...

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Auditor’s opinion on Section 80P Interpretation, cannot be a Information for Reopening U/s 147

Jaipur Sahakari Kraya Vikraya Samiti Ltd. Vs. ITO (ITAT Jaipur) -  The  case of assessee was reopened and the assessment under section 144 read with section 147 of the IT Act, 1961. While framing the assessment, the AO restricted the deduction claimed u/s 80P(2)(c)(i) of the Act  and also confirmed the disallowance u/s 40(a)(ia)  consequent to  deposit of TDS a...

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CIT cannot revise assessment for issues already examined by AO

M/s. Rachana Finance & Investments Pvt. Ltd. vs. CIT (ITAT Mumbai) I.T.A. No. 2795/Mum/2014 -  ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised. ...

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Can Non Resident Assessee avail 10% Tax rate on LTCG?

DDIT Vs. Mitsubishi Motors Corporation (ITAT Delhi) -  The assessee had applied tax rate of 10% in the terms of the proviso to section 112(1) of the Income Tax Act. However, the AO has applied tax rate of 20% as the proviso below section 112(1)(c) was not applicable in the case of non-residents. Does as per ITAT - the long-term capital gain earned by th...

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No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT vs. M/s Sess Resources Ltd. (ITAT Panaji) -  The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agen...

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Reopening invalid if AO records satisfaction in mechanical manner & without application of mind

M/S Banke Bihari Properties Pvt. Ltd Vs ITO (ITAT New Delhi) -  While the CIT may have proceeded on the basis that the reopening of the assessment was valid, this does not satisfy the requirement of law that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Asses...

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CBDT notifies rules for Foreign Tax Credit

Notification No. 54/2016-Income Tax - (27/06/2016) -  Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or ass...

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Clarification regarding grandfathering of ODI issuers

Circular No. CIR/IMD/FPI&C/61/2016 - (29/06/2016) -  ODIs have been issued to unregulated funds under the FII Regulations. Whether these ODI positions can continue under the FPI regime? Whether the existing ODI subscribers can continue to subscribe to ODIs?...

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Procedure to authorise for export to Iran of specified items in SCOMET list

Public Notice No. 19/2015-2020 - (29/06/2016) -  Authorization for export of items in Categories 0, 3 (other than 3D), 4, 5 and 7 of the SCOMET list to Iran would be subject to the relevant provisions contained in Annex B to the UN Security Council resolution 2231 (2015). The licensing authority, i.e. DGFT or Department of Atomic Energy...

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Validity of SCN issued by Preventive, DGDRI & DGCEI officers: Reg

F.No.276/104/2016-CX.8A (Pt.) - (29/06/2016) -  Amendment in Section 28 (11) of the Customs Act, 1962 was brought out by the Government, after the decision of Supreme Court in Commissioner of Customs vs Sayed Ali (2011) 3 SCC 537, wherein it was held that Customs Preventive Officers are not proper officers to issue Show Cause Notice u/ s 28 of Cu...

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Govt lifts Sanctions on Trade from Iran

Notification No. 13/2015-2020 - (29/06/2016) -  The prohibition on direct or indirect export to Iran or import from Iran of specified items is lifted. Direct or indirect export to Iran or import from Iran is now permitted subject to UN Security Council Resolution 2231(2015) and IAEA specified documents....

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FAQs

This FAQ explains about Income Tax, administrative framework of Income-tax, Return Filing Period, who is suppose to pay Tax, how to pay tax, precaution in Tax Payment , when to pay Tax, Advance Tax Calculation, Income Tax Challans, Form 26AS, Exempt Income Taxable, Income, Assessing Officer, Revenue receipt, Capital receipt, Agricultural ...
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The Central Government has decided to levy Krishi Kalyan Cess @ 0.5% on the value of taxable services from 01/06/2016. As a result, there are bound to be questions as to how this levy will get integrated into the existing dynamic structure of the Service Tax provisions....
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How do I apply for a name for a company? You can use the services of check name availability for first-hand information on whether the proposed name is available and then apply for it in form INC-1 with six alternative names with deferent prefix word or INC-29 (composite Incorporation Form)....
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In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of money for sale of goods or provision of services exceeding Rs.2 lakh. In such cases, besides the sale price, the seller is required to collect an additional 1% from the purchaser, and pay it to the government....
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Whether a member of the Institute in practice can accept such assignment where advertisement of tender was issued prior to 7th April, 2016? The notification is effective for all tenders issued/hosted on or after 7th April, 2016. Therefore, a member of the Institute in practice can accept such assignment where advertisement of tender was i...
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Income Tax Planning

Child worried about Education, Parents worried about its taxation

Krishna, as it is the time of schools and colleges reopening, admission of students are going on everywhere. All parents want that their children should be educated from the ...

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Tax benefits you can avail by investing in an apartment

Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied ...

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Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is ...

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Income Tax Deductions

Tax Benefits of Health Insurance – Invest in Your Heath to Save More

Every financial year, taxpayers look for legal ways to protect their savings and minimise tax liability. The pressure to keep up with the costs of living, the skyrocketing pro...

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An Overview on Different Types of Income Tax Deductions in India

Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of t...

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Guide to meet TDS / TCS Obligations for deductor/Collector

WHAT IS TDS/TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However, in certain...

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Calculators

Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Calculate Tax for AY 2016-17 & Get Ready to file your Tax Returns

In this article Author has Provided three Income Tax Calculator in Excel Format for Calculation of Tax by Individuals below the Age of 60 Years, 60 or above but less than 80...

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Income tax Calculator for F.Y. 2015-16 A.Y. 2016-17

Income tax Calculator for Financial Year 2015-16 Assessment Year 2016-17 in Excel Format Attached is the Income tax calculator with flexi allocation kit for the FY 2015-2016. ...

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Rate Charts

Rates of Depreciation as Per Income Tax Act,1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being...

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Income Tax Rates / Slab / Chart for A.Y. 2016-17 & 2017-18

This article contains Income Tax Rates/Slab/ Chart for Assessment Year 2016-17 & 2017-18 payable by Individual (resident or non-resident) or HUF or Association of Person o...

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Service Tax Rates as applicable from 1st June 2016

In this article we have compiled Generic Service Tax Rate Applicable on all Taxable Services, Service Tax on Non Taxable Services , Wholly Exempted Services, Rate of Service T...

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