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Highlights of Taxation Laws (Second Amendment) Bill, 2016
Lok Sabha passed Taxation Laws (Second Amendment) Bill, 2016 today (29 NOV 2016). Highlights are: # Any income assessed u/s 68/69/69A/69/69C/69D (including share capital, unsecured loans, etc) to be taxed u/s 115BBE, to be increased from 30% to 60% plus 25% surcharge i.e. 75%. #
Analysis of IDS scheme by CA Mahesh Bansal
Government has introduced the IDS scheme recently. This scheme will allow people to deposit their money in bank account and pay a fixed percentage as tax. Some people are thinking why the government has introduced the new tax rate of 50% on black money deposited
New Income Disclosure Scheme by Manoj Agarwal
Proposed Salient Features of New Income Disclosure Scheme for disclosing black money held as cash. This new income disclosure scheme is proposed to be passed in parliament. 1.This income disclosure scheme will be applicable for undisclosed income in the form of Cash or deposits (including
Income Tax ConsultancyHow to Maintain Safe Distance from Income Tax Department :By PCS Sanjeev Shah
Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? *Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention
Financial consultants including Chartered accounts to give their details in ITR of clients
Financial consultants including CA’s will have to provide their names and registration numbers while filing for their client’s income tax declaration from next year.The government will make changes in the forms of ITR to include such information. This will help crack down on fake consultants
Detail guide on every question you have on filing of Income tax returns in 2016
Here we are going to reply all question, doubt and queries related to filing of income tax return. We have tried to answer almost all issues still you can ask your queries via comments or via email at shaifaly.ca@gmail.com Q-1 How I can file and
FAQ on general problems in income tax return (ITR) and Refund by Dr. MK Bhatt
It will be our pleasure to draft you FAQ based on interview of Dr. MK Bhatt, Renowned Income tax practitioner in Delhi ( Associate Member (ACS) of the Institute of Company Secretaries of India (ICSI),Law Graduate (LLB),Master of Business Administration (MBA) in Finance,He has been
Search and Seizure Operations:- Forced confession of undisclosed income in the statement recorded u/s 132(4) of the act during search and seizure operations
Brief Introduction 1. Section 132(1) of the Income-tax Act can be invoked by the Commissioner ofIncome-tax or Chief Commissioner or Director General or Director or any other authorized Additional or Joint Director or Commissioner if “in consequence of information in his possession” he “has reason
No Clear guidelines for seizure of Jewellery found during search and its assessment thereon under Income Tax Act
Brief Background:- Vide CBDT Instruction no. 1916 dated 11-05-1994, it has been clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during the course of search proceedings under Section 132, where the same have been duly declared
FAQs on Life Insurance policies and Income Tax
Here you will find the answer to almost every query related to Insurance premium deduction u/s 80C of Income tax Act. 1) When I can claim the deduction of life insurance premium u/s 80C of Income Tax Act? If you have paid an insurance premium to insure
CA Shafaly GirdharwalLatest updates related to service tax, DVAT,Companies Law, Central Excise and income tax
Service Tax – Seeks to amend Notification No. 25/2012- Service Tax dated 20.06.2012 (b) services by way of renting of immovable property.”. (a) services specified in sub-clauses (i),(ii) and (iii) of clause (a) of section 66D of the Finance Act, 1994; “Explanation:- For the
Updates that Matter: Income Tax,DVAT, DGFT, Customs,Company’s Law
a) Income Tax – Income-Tax (11th Amendment) Rules, 2016. In the Income-Tax Rules, 1962, after rule 26B, there shall be inserted Rule 26C “Furnishing of evidence of claims by employee for deduction of tax under section 192.” There is Amendment in Rule 30, Rule 31A