Category Archives: Income Tax

Tax Audit Process by IRS: Analysis of Rules & Guidelines to Audit

Tax audit is a process. There are systematic steps and discipline involved. Tax audits can potentially affect anyone, including self-employed individuals and corporate entities. Though many business owners worry about potential audits, the audit procedure is most often not as stressful as popular culture makes it out to be. Not all returns selected for audit contain… Read More »

Payment of TDS subsequently

PAYMENT OF TDS SUBSEQUENTLY The procedure for paying the TDS amount into the Bank subsequently, i.e. not immediately after furnishing the purchase transaction details online: Using this facility deductor (Buyer) can furnish the details online and make the payment of taxes subsequently either through net-banking account or by visiting any of the authorized bank branches.… Read More »

Payment on TDS on property

PAYMENT THROUGH e-TAX PAYMENT OPTION IMMEDIATELY The procedure for furnishing TDS through the e-tax payment option immediately after providing the transaction details: E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks. Please follow the steps as under… Read More »

TDS on Property

What is TDS on property? The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Who is responsible to deduct the TDS on… Read More »

Details for deferment of implementation of ICDS

As we are kindly aware that ICAI, being a partner in nation building, has always supported the efforts of the government to achieve its objectives to optimize tax collection and prevent tax avoidance/evasion on one hand and to ensure timely compliance of statutory obligations by the tax payers on the other hand. It has also… Read More »

Income Computation Disclosure Standards (ICDSs)-2

Para 9 of ICDS VI provides for the procedure for translation of financial statements of nonintegral foreign operations i.e. foreign branch. It provides that the assets and liabilities, both monetary and non-monetary, of the foreign branch shall be translated at the closing rate and resulting exchange differences shall be recognized as income or expenses in… Read More »

Income Computation Disclosure Standards (ICDSs)-1

ICDS is not meant for passing entries in the books of accounts or preparing financial statements. Its scope is restricted to computation of total income. Taxpayers are required to prepare financial statements as per Generally Accepted Accounting Policies applicable to them. For example, companies are required to maintain books of account and prepare financial statements… Read More »

Section 145(2): Applicability of Income Computation and Disclosure Standards

Applicability of Income Computation and Disclosure Standards notified u/s 145(2) of the Income-tax Act, 1961 from Assessment Year 2017-18. The Central Board of Direct Taxes has vide Press Release dated 6.07.2016 clarified that the Income Computation & Disclosure Standards shall be applicable from 1.4.2016 i.e. previous year 2016-17 (Assessment Year 2017-18). It is pertinent to inform… Read More »