Category Archives: Income From Business & Profession

Revision in date of commencement of commercial operations

Circular No. DBOD.No.BP.BC.33/21.04.048/2014-15 dated 14 August, 2014, states that: Revisions of the date of commencement of commercial operations (DCCO) and consequential shift in repayment schedule for equal or shorter duration (including the start date and end date of revised repayment schedule) will not be treated as restructuring provided that: The revised DCCO falls within the… Read More »

Section 115A: Tax on royalty and technical service fees in the case of foreign companies

India being a developing economy always encouraged import of technical know-how and technical services to promote and facilitate growth in Indian industry. In line with the same, S. 115A provides for taxation of royalty and fees for technical services (FTS) at a reasonable rate of 10 per cent for a long time before it was amended… Read More »

Section 194J: TDS Rate and Tax Deduction Treatment on Fees for professional or technical services

Any sum payable  to a resident in excess of Rupees thirty thousand during a financial year has to compulsorily deduct TDS @ 10% on the entire amount  for the following payments; (a)  fees for professional services, or (b)  fees for technical services[or] (c)  royalty, or (d)  any sum referred to in clause (va) of section 28… Read More »

Section 194C: TDS Rates on Payments to Contractors and Sub-contractors

Section 194C deals with Tax deducted on payments to contractors and sub-contractor. Any person responsible for making any payment to a resident contractor for a contract to carry out any work has to deduct TDS under section 194C. (adsbygoogle = window.adsbygoogle || []).push({}); Tax should be deducted at the time of credit or payment whichever… Read More »

Meaning of Income to include transfer of Shares in case of Recipient Firms and Companies under Income Tax Act 1961: Section 56(2)(viia)

As Per Income Tax Act, 1961 “Income to include transfer of shares in case of recipient firms and companies” includes: where a firm or a company not being a company in which the public are substantially interested, receives, in any previous year, from any person or persons, on or after the 1st day of June, 2010, any property, being shares… Read More »

Mode of Repayment of Loans and Deposits: Penalty for Failure to Comply with the provisions of section 269T, 271E

Section 269T explains the provisions relating to the mode of repayment of certain loans and deposits whereas Section 269SS deal with acceptance of Loans & Deposits and section 271E deals with penalty for failure to comply with the provisions. The provision says that no branch of a Co-operative bank, a Banking Company or any Company or… Read More »

Download Income Tax Return-4S SUGAM for Presumptive Income Section 44AD: ITR for Business with No Books for AY 2014-15

Download ITR –Income Tax Return – 4S (SUGAM) latest Excel & Schema for E-filing of ITR or PDF format for physical submission of ITR with Income Tax Department.  The Income tax department of India has issued the updated schema for the ITR – 4S (Income tax returns 4 sugam) for the Assessment year 2014-15 i.e. for… Read More »

Income Tax Deduction for LIC Commission: Ad hoc deduction to Insurance Agents of LIC

Income Tax Department through Circular No. 648, dated 30-03-1993, has allowed ad hoc deduction to agents of LIC on commission Income received during the year. Deduction is allowed to agents having total commission (including first year commission, renewal commission and bonus commission) of less than Rs. 60,000 for the year, and not maintaining detailed accounts for the… Read More »