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 »
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 »
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 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. Tax should be deducted at the time of credit or payment whichever is earlier. Work for Section… Read More »
As Per section 2(26) of Income Tax Act 1961 “Indian company” Means: “Indian company” means a company formed and registered under the Companies Act, 1956 (1 of 1956), and includes— (i) A company formed and registered under any law relating to companies formerly in force in any part of India other than the State of… Read More »
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 »
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 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 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 »
Taxability of Share of Profit received by Partner from Partnership Firm under Income Tax Act of India Section 10 deals with exempt income which does not form part of total income. As per section 10(2A), share of profit received by partners from a firm is not taxable in the hands of partner. A partner receives… Read More »