We all know that, every assessee as per section 208 of Income Tax Act, 1961 (“Act”), is required to pay income tax during a financial year in every case where the amount of such tax payable is ten thousand rupees or more. Such a tax is called as an advance
Overview Of Income Computation & Disclosure Standard (ICDS)- III On Construction Contract
Brief about ICDS: The Finance Act (No.2) 2014 provides in Section 145(2)that the Central Government may notify in the Official Gazette from time to time Income Computation and Disclosure Standards(ICDS) to be followed by any class of assessee or in respect of any class of income. In exercise of the
Depreciation Under IT Act – Some Interesting Issues
Section 32 of the Income Tax Act, 1961 provide deduction for depreciation on assets used for the business or profession. Depreciation is calculated with reference to actual cost either by SLM (undertaking engaged in generation or generation and distribution of power) or WDV method. As per Explanation 5 to Section
Private Family Trust
LEGAL CONCEPT OF TRUSTS The Indian Trusts Act, 1882 governs the private trusts. This Act doesn’t apply to public trusts and private charitable trusts. The distinction between the private and public trusts is that in private trusts, the beneficiaries are defined and ascertained individuals, but in public trusts, interest may
Condonation Of Delay In Filing Refund Claim And Claim Of Carry Forward Of Losses
No Condonation for claim of refund or loss shall be entertained beyond six years from the end of the assessment year for which application or claim is made. The limit of six years is uniform for all authorities considering the application or claim. In case where refund claim has arisen
Procedure For Response To Arrear Of Demand By Taxpayer And Action Of The Assessing Officer
The CBDT Vide Instruction No. 4 of 2014 prescribed Standard Operating Procedure (SOP) for Verification 2 and Correction of Demand available or uploaded by AO in CPC Demand Portal. Online facility has been provided to taxpayers to provided online responses to such demands. Action to be performed by the taxpayer:
Changes Made To Finance Bill, 2015 (Bill Passed In New Avatar)
MAT- Applicability to Foreign Company: Original Proposal in Finance Bill, 2015: The Finance Bill, 2015 presented originally proposed that long-term capital gains and short-term capital gains (on which STT is paid) arising to FIIs would be excluded from the chargeability of MAT. Further, expenditures, if any, debited to the profit
Draft Income Computation And Disclosure Standard (Icds)
This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax
Guidelines For Compounding Of Offences Under Direct Tax Laws 2014
Compounding of Offences Under Income Tax: According to provisions of Section 279(2) any offence under the Chapter XXII (Offences and Prosecutions) may, either before or after institution of proceedings is compounded by the Principal Chief Commissioner or Chief Commissioner or a Principal Director General1 or Director General. Compounding
Tds On Internet, Mobile, Telephone Charges Paid To A Resident
Introduction: Tax Deducted at Source (TDS) is one of the modes of recovery of income tax. Chapter XVII of the Income Tax Act, 1961 contains the provisions relating to deduction of tax at source from salaries, payment to contractors, interest etc… The Finance Act, 2012 has made an amendment to