INCOME TAX

INCOME TAX

RULES,PENALTIES,METHODS,DOCUMENTATION REQUIRED IN TRANSFER PRICING

RJA 10 Sep, 2018

Transfer pricing refers to the prices that related parties charge one another for goods and services passing between them. The most common application of the Transfer pricing rules is the determination of the correct price for sales between subsidiaries of a multinational corporation. These prices can be used to shift ...

INCOME TAX

REBATE U/S 87A

RJA 31 Jul, 2018

Rebate u/s 87A of the Income Tax Act was introduced in the year of 2013 with the objective of reducing the tax liability of the assessee whose income is not more than Rs 3,50,000 You can claim the rebate u/s 87A if you fulfil the following conditions: You are individual ...

INCOME TAX

CORPORATE AND PROFESSIONAL UPDATES

RJA 23 Jul, 2018

  Direct Tax : Allahabad HC reverses ITAT order and rules in favour of Revenue for AY 1997-98, upholds AO’s addition of excise duty payable to the value of closing stock; Rejects ITAT’s view that since the excise duty was payable on goods lying in bonded warehouse, ...

INCOME TAX

BE AWARE OF SEC-234F (FEES) OF ITR

RJA 22 Jul, 2018

  Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. It is likely to be increased from 1st April 2018 onward as per Section 234F of the Income Tax Act. Provisions of the Section 234F of the Income Tax Act are as follows.&...

INCOME TAX

OVERVIEW OF GOOGLE TAX/ EQUALISATION LEVY

RJA 21 Jul, 2018

Over the last decade, Information Technology has gone through an expansion phase in India and globally. Consequently, this has given rise to various new business models, where there is heavy reliance on digital and telecommunication networks. As a result, the new business models have come with a set of new ...

INCOME TAX

AMENDMENTS IN TAX AUDIT UNDER SECTION-44AB

RJA 21 Jul, 2018

Income Tax Audit Form No. 3CD amended by The Central Board of Direct Taxes through Notification No. 33/2018, dated. 20 July, 2018. The new features of Form 3CD will be in effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST), Transfer pricing, Statement of Financial Transactions, ...

INCOME TAX

GET AWARE FOR PENALTY OF SECTION 234F FOR LATE FILING OF ITR

RJA 13 Jul, 2018

In Budget 2017 our honorable Finance Minister, Mr. Arun Jaitley introduced a new section 234F to ensure timely filing of returns of income. As per section 234F of Income Tax Act, if a person is required to file Income Tax Return (ITR forms) as per the provisions of Income Tax Law [...

INCOME TAX

HOW TO RESPONSE INCOME TAX DEMAND NOTICE

RJA 11 Jul, 2018

IF a taxpayer income tax return differ from the assessment made by INCOME TAX OFFICER then taxpayer issued income tax demand notice. This notice is issued when the taxpayer has deposit less Tax for which he is liable to pay. IF You received demand notice then here are the steps ...

INCOME TAX

LIMIT APPLICABLE FOR INCOME TAX AUDIT (U/S 44AB) IN INDIA

RJA 09 Jul, 2018

Objective if tax audit:-  Objectives of tax audit is to report the requirements of Form Nos. 3CA/3CB and 3CD. Other than the reporting requirements of Form Nos. 3CA/3CB and 3CD a proper tax audit for will ensure that the books of account and other records are ...

INCOME TAX

CHANGE IN LAW OF BELATED RETURN IN INCOME TAX FROM A.Y. 2017-18 BELATED RETURN U/S 139(4)

RJA 03 Jul, 2018

Old provision up to assessment year 2016-17 :- Any person who has not filed his return within the time allowed us 139(1) he can filed his return at any time before the expiry of one year from the end of the relevant assessment year or completion of Assessment whichever is earlier. ...

INCOME TAX

QUICK REVIEW ON “INCOME COMPUTATION AND DISCLOSURE STANDARDS (ICDS)”

RJA 30 Jun, 2018

CBDT issued 12 drafts of Income Computation and Disclosure Standards (ICDS) after taking suggestions from stakeholders and the draft ICDS were open for comments and suggestions till 8 February 2015. After taking suggestion 10 ICDS is finalized by CBDT on 31st march 2015. It will applicable from AY 2017-18. APPLICABILITY RULES OF ICDS:- ...

INCOME TAX

WHETHER THESE COMMON MISTAKES IN ITR HAVE BEEN DONE BY YOU UNKNOWINGLY ?

RJA 17 Jun, 2018

Mistakes that are commonly done by taxpayers in filing ITR are listed below. These mistakes may create some problems or may bring tax notice for the tax payers. So it is beneficial to avoid such mistakes that are given below:- Filing ITR using the wrong form as per rules ...

INCOME TAX

COMMON MISTAKES IN ITR

RJA 17 Jun, 2018

Mistakes that are commonly done by taxpayers in filing ITR are listed below. These mistakes may create some problems or may bring tax notice for the tax payers. So it is beneficial to avoid such mistakes that are given below:- Filing ITR using the wrong form as per rules ...

INCOME TAX

National Committee i.e. the Finance Ministry said That Deduction benefit under section 35AC is not available from April 1, 2018 onwards for carrying-out any eligible project or scheme.

RJA 02 Jun, 2018

This is to update about Deduction benefit under section 35AC, the Government today said the benefit of deduction under section 35AC of the IT Act will only be available till March 31, in respect to the payments made to association or institution approved by the National Committee for carrying-out any ...

INCOME TAX

RESIDENTIAL STATUS UNDER INCOME TAX and FEMA

RJA 09 Apr, 2018

  Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in India (or outside India) ...

INCOME TAX

IMPORTANT ANALYSIS OF ALL MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19

RJA 02 Apr, 2018

Maintenance of Books of Accounts Change in limits for Maintenance of Books of Accounts (Section 44AA): If your net income* from Business or Profession in the financial year 2017-18 is more than Rs 2,50,000 OR if your total sales from Business or Profession in the financial year is more than 25,00,000, then ...

INCOME TAX

NEEDED TO FILE INCOME TAX RETURNS FOR YOUR BITCOIN PROFITS EARN:

RJA 17 Mar, 2018

Profited from Bitcoins or other Crypto currencies and not sure how to file your income tax returns? Did you know gains from bitcoin is treated as capital gains and hence taxed? We are India’s leading tax filing portal to help you to file your returns ...

INCOME TAX

RESIDENTIAL STATUS UNDER INCOME TAX

RJA 14 Mar, 2018

Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in India (or outside India) is ...

INCOME TAX

DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT

RJA 17 Feb, 2018

Income Tax Act, 1961 provides various tax deductions under Chapter VI-A for contribution to pension plans. Such deductions are available u/s 80C, 80CCC and 80CCD. This guide talks about section 80CCD. This section provides tax deductions for contribution to the pension schemes notified by Central Government, i.e., National Pension ...

INCOME TAX

A QUICK GLANCE ON IMPACTED THE ECONOMY & TAXATION ON BUDGET 2018

RJA 01 Feb, 2018

Arun Jaitey recalls the measures — like GST, FDI, demonetisation, etc. — taken by the NDA government in the past four years that have impacted the economy of the country.  The government estimates 7.2-7.5% GDP growth in second half of the current FY18. Fiscal deficit for 2017-18 at 3.5% and ...

INCOME TAX

FEW WAYS THROUGH - DEPARTMENT IS MONITORING YOUR HIGH-VALUE TRANSACTIONS

RJA 28 Jan, 2018

To check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, Mutual Fund Company and Credit Card Company feed the ...

INCOME TAX

VALUATION OF UNQUOTED SHARES –AN ANALYSIS

RJA 11 Jan, 2018

Finance Act, 2017 inserted two new provisions under the Act- clause (x) under Section 56(2) and section 50CA. The said sections were inserted to deal with a situation where the property, including unquoted shares, are being transacted for inadequate consideration much below the FMV of such property. Insertion of clause (x) in ...

INCOME TAX

ELECTORAL BOND SCHEME 2018

RJA 09 Jan, 2018

Electoral Bond is a financial instrument for making donations to political parties. These are issued by Scheduled Commercial banks upon authorization from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash). These bonds shall be redeemable in the designated ...

INCOME TAX

HOW TO BITCOIN TAX IN INDIA

RJA 12 Dec, 2017

Tax authorities in India have expressed money laundering concerns with investments and trading of cryptocurrencies like bitcoin. Indian tax authorities fear that trading of cryptocurrencies ‘could become conduits for illicit flows and the movement of black money.’ As awareness and adoption of bitcoin grow in India, ...

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