Demonetisation Error: Income-Tax Dept Errors, Mixes Up Note Ban Data
The recently launched Operation Clean Money has received ample response from taxpayers through the e-filing window. However, an error occurred in the 18 lakh communications sent by the Income Tax (IT) department for cash deposits made post-demonetisation (November 8). The Indian Express reports that banks and financial institutions have submitted data for cash deposits made […]
Deduction on Capital Gains Under Section 54F Can Be Extended
In ACIT v. Sri B. Surendra Choudary, the division bench of the ITAT, Hyderabad bench held thatthe new property registered in the name of assessee’s wife is eligible to get deduction under section 54F of the Income Tax Act even if the wife is having independent income. The decision was based on the judgment in […]
Consideration Received On Sale of ‘Patent’ Is Taxable Under The Head ‘Capital Gain
In M/s. Bharat Serums & Vaccines Ltd. v. ACIT, the division bench of the Mumbai Income Tax Appellate Tribunal held that the sale consideration received on the sale of patent is taxable under the head “capital gains” under the provisions of the Income Tax Act. The Assessee-company, is engaged in the business of manufacturing and […]
Composition dealer allowed to supply services
There are two major amendment in GST amendment act 2018 with respect to composition scheme, Earlier the threshold limit of turnover for the taxpayer to be eligible for the composition scheme is INR 1 Crore. However, after amendment with effect from 01st Feb 2019 registered person having turnover up to INR 1.5 crore can opt […]
Company Registration: Mandatory KYC Of Existing Directors
As a part of amendments of MCA, the ministry has decided to done all theKYC of existing directors who has had din before 31 March 2019, it is mandatory for all the director weather qualified or disqualified director to done there KYC before the due date as decided by government (30 April 2019). We have seen that […]
Common Causes of Rejection of DIN
The Name should be expanded even if the ID proof contains the name in abbreviated form. Any mismatch in Name, including spelling mistake, may lead to rejection of application. Minor spelling deviations in the father’s name may be accepted, if such deviations do not materially impact the name. Prefixes like Mr. / Ms. / Kumari […]
As Per IT Act Co-owner, Who Invests Major Share In Property
Recently, in ShriIsola Srinivas v. ACIT, the Hyderabad bench of the ITAT held that a Co-owner, who invests major share in a property and if there are evidence that the income from that property accrues to him only, then he shall be deemed as the real owner of the property for the purpose of income […]
Checklist For Annual Filing of Company
While doing annual filing of company we need to file many forms to the department and all are confused for their attachments or for filing of forms. Here is annual filing checklist of roc for companies. Annual filling Checklist for ROC FORMS FOR ANNUAL ROC FILLING 1) ADT-1 (Appointment of Auditors) 2) AOC-4 (Balance Sheet and […]
Cashless and Digital Transactions to boost GDP
Digital and cashless transactions would boost GDP growth of the country in a meaningful transition for Indian economy, said Mr Arjun Ram Meghwal, Hon’ble Minister of State for Finance and Corporate Affairs, Government of India, while addressing a conference on ‘Digital & Cashless Economy: A new paradigm for NextGen Businesses’ organised by Confederation of Indian […]
What are the five benefits of company registration in india ?
For doing business there are many way but every business registration type have their own pro and cons. So even in Company there are several things which are in favor. So we analyses 5 benefits of company registration. Separate legal entity: In the eyes of law, Company is separate from the owners of the Company which means […]
