What is related party as per various laws? – Companies Act, Ind AS, GST, Income Tax
As per 2(76) of Companies Act: a. a director or his relative; b. a key managerial personnel or his relative; c. a firm, in which a director, manager or his relative is a partner; d. a private company in which a director or manager or his relative is a member or director; e. a public...
What is the information you required from clients to file Income Tax returns and Form 3CA and 3CB?
1. Pan Card 2. Aadhar Card (linked with Pan) 3. Form 16 (Part-B) in case of Salaried Person 4. Bank Statement in case of Salaried Person 5. Books of Account with reconciliation of GST Portal in case of Business return. 6. In capital Gain income required purchase and Sale deed. 7. In House Property Head...
Why Equalization levy Introduced?
Many online Advertisement portals are non-resident and do not have permanent establishment in India. Many resident assessee make payment to this non-resident for advertisement and claim as business expenditure u/s 37. Now India is losing its revenue since payer gets the deduction and amount received by payee is not taxable, so Finance Act 2016 w.e.f....
Any important recent judgements you’ve read about?
Supreme Court’s Landmark Judgement on Income Tax Exemption for Profit Oriented Educational Institutions (trust or societies etc.) Supreme Court overruled two previous judgements – Profit Oriented Educational Institutions (trust or societies etc.) can not Claim Income Tax Exemption u/s 10(23C) New Noble Educational Society vs Chief Commissioner of Income Tax. (Hon. CJI Uday Umesh Lalit,...
Recent Amendment in sec 147?
Sec 147 : Income escaping Assessment or Reassessment If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance or any...
What do you know about Faceless assessment?
Faceless assessment means carrying out of income tax assessment procedure without human interface with the use of technology. The Cases shall be assigned to the department through automated allocation system. There will be no direct contact of A.O with assessee. a) The provisions of the proposed Section 144B will apply to assessment, reassessment, or re-computation...