In spite of efforts made, few debtors refuse to pay either intentionally of unintentionally. Bad debts are common in each and every business and there is a separate treatment of Bad Debts under the income tax act. Few years back when we used to written off the bad debts in books of accounts, onus was …
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Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015, provided that a company is said to be resident in India in any previous year, if it is an Indian company or if during that year, the control and management of its affairs is situated wholly in …
The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum, in such form and manner, as may be prescribed Rule 37BB defines the manner to furnish …
Who can claim benefit of Section 54? Benefit is available to an Individual or a Hindu undivided family (HUF), Firms, LLP’s and companies cannot claim benefits of this section. What are the conditions to avail the benefit of exemption under Section 54? The asset sold, means Buildings or Lands appurtenant thereto, and a residential house, …
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Private Limited Company will have to file detail of Loans standing in their books of accounts. Ministry of Corporate Affairs (MCA) on 22nd January 2019 issued a rule not notified yet, state that every company other than Government Company shall file onetime return of outstanding loan from 1stApril 2014 to the date of notification in …
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1. Applicability of Section 54EC: Long-term capital gain arises from the transfer of a capital asset [, being land or building or both,] is exempt under section 54EC if assessee has, at any time within a period of 6 months after the date of such transfer, invested the whole or any part of capital gains in …
Continue reading “Capital gain not to be charged on investment in NHAI and REC bonds.”
Government has enacted’’ The Micro, Small and Medium Enterprises Development Act, 2006’’ (MSMED Act 2006) with the object of promotion of MSME. This act contains many sections which may benefit you. One the important section I read recently is elaborated below: Section 15 of MSMED Act 2006 which states that Buyer shall make payment to …
Guidance note in audit of banks has been issued by Institute of Chartered Accountant of India (ICAI) on 21st January 2019. “Guidance Note on Audit of Banks” to provide detailed guidance to the members who undertake audits of banks and bank branches. The Guidance Note on Audit of Banks is issued by the Auditing and Assurance …
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Have you ever thought raising money from investors would be easier than convincing income tax official? Have you ever thought you would be collecting Income proof and Net worth of investors? We never thought rising funds would be taxable for those struggling for funds. From past few years startups get notices from income tax department …
Now delay in processing of income tax return and refund could soon become a thing of past. The union government has awarded a project to Infosys, which emerged as lower bidder. The proposal is to upgrade Efilling portal of income tax that would ease income tax return filling and processing. It will take one day …
Continue reading “Soon you will get Income Tax Refund in a day.”
