income from business and profession

News

Time taken for registration of a company cut by 50 percent


Time taken for registration of a company cut by 50 as a part of ease of doing business effort by the Ministry of Corporate Affairs Ministry to soon introduce a new version of Form INC29 incorporating

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Clarification regarding Notices of defective returns issued to FII/FPIs


Notices of defective returns were issued under Section 139 9 of the Income tax Act to Foreign Institutional Investors Foreign Portfolio Investors FIIs FPIs in cases where Balance Sheet and PL account

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New facility of pre-filling TDS data while submitting online rectification


Central Board of Direct Taxes CBDT has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return Taxpayers were required to fill in complete details of the

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Refund pending below Rs 50000 to be expedited


Central Board of Direct Taxes CBDT issues directions for expediting pending refunds below Rs 50 000 for Assessment Year s 2013 14 and 2014 15 in all cases except those selected for scrutiny The Income

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IT deduction from salaries during FY 2015-16


CIRCULAR NO 20 2015 F No 275 192 2015 IT B Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block New Delhi Dated the 2nd December 2015 SUBJECT INCOME

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Experts Opinions

Concealment of income


Dear Sr An assessee has filled his return without incorporating its PGBP income although TDS has been deducted on his entire PGBP income As shown in 26AS Whether its amount to be concealment of income

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Coaching income


Is any income earned in p y from any coaching institution registered in taxable if taxable in which head and if coaching institution is registered as education society than taxability arise or not

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On income tax


A COMPANY NEEDS EUROS URGENTLY AND SPENDS 5LACS IN A SINGLE DAY ON ITS PURCHASE BUT ALL IN CASH NOW HOW DOES THE COMPANY SHOW IT IN THE BOOKS ITS ALL LEGITIMATE AND NOTHING TO HIDE EXCEI THAT THE EXPE

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Dual income


Dears Our head office based at Qatar they have transferred Project Manager to India Operations The issue is he is partly paid by India Company which comes under taxation and partly paid in Qatar in Qa

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Mnc holding company require to file income tax return?


Dear Sir A spain based Holding company holds 70 stake in Indian company Which is acquired by purchasing the Portuguese company The spain company is receiving payment for technical services and guarant

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Discussion

Income tax case

one of my friend has to reply income tax department about the cash he deposited Rs 10 lac on a single day in his bank account in FY 2012 13 How can he justify the transaction In actual it was a commis

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Very nice app for professionals

Very nice App In order to save VALUABLE TIME Here is a very handy and easy to use Android based Mobile App DuTax Referencer Its an excellent and very useful app developed by YOUNG CHARTERED ACCOUNTANT

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Procedure for applying to become an income tax practitioner (itp) and sales tax practitioner (stp)

Please tell me information about procedure and examination to become and ITP and STP Please inform me where to apply for same Regards Sagar

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Tds on professional fees query - urgent

Dear All I have a query regarding TDS to be deducted on professional fees paid by the company director Please refer the points below for a clear picture 1 Director of a compnay is not under audit in l

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Professional / CA Final updates

I have created WHATSAPP GROUPfor CA CS CMA professionals students those who wish to JOIN the group can message me on whatsapp 9630455902 or CLICK HERE TO JOIN CA WHATZUP PROFESSIONAL GROUPS

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File Download

  • Tax Audit

    Audit under Income Tax Act 1961

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  • Business

    pdf

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  • Goods & Services Tax:A Dream of NDA Government (1st Edition)

    This Publication aims to educate the stakeholders about recent efforts of NDA Government to implement the biggest tax reform in the country and to introduce with the issues faced by the government in pushing the constitutional amendment through the upper house of the parliament The government wants to implement GST from April 1 2016 The goods and services tax GST Constitution amendment Bill is likely to be listed for discussion in the Rajya Sabha not before December 14 which would leave the government with eight days of the winter session to get the key tax reform passed by the Upper House and subsequently the amended Bill by the Lok Sabha before the session ends on December 23 Central ministers said they haven t lost hope about the GST Bill being passed in the ongoing session despite no clear indications emerging from the Congress leadership particularly from Congress President Sonia Gandhi and Vice President Rahul Gandhi The Congress has conveyed to the government that while it had agreed that the Rajya Sabha s Business Advisory Committee allocate four hours for a discussion on the Bill the Bill should only be listed in the day s business after the Upper House discusses other issues of urgent public importance especially the drought situation in large parts of the country and the price rise Congress sources maintain the party wants the government to resume threadbare discussions on all stated conditions While 1 inter state tax is being junked there are still hectic bargain on two other conditions of capping GST rate at 18 and framing independent dispute settlement body A government panel last week suggested a standard goods and services tax GST rate of 17 per cent 18 per cent which raised the chances of a consensus on the landmark tax reforms bill to get through in the ongoing session Let s watch out how NDA Government moves further under the vision of our Honorable Prime Minister Sh Narender Modi consistent efforts made by our Honorable Finance Minister Sh Arun Jaitley Best Regards SAURABH CHHABRA Freelance Tax Professional Please write to me at casaurabhchhabra gmail com or WhatsApp me at 91 7838781966 for suggestions Further you can also connect with me at LinkedIn https in linkedin com in saurabh chhabra 611b5b46 Twitter Charteredfriend Blog www taxopinions wordpress com Facebook profile https www facebook com saurabh chhabra 908 Facebook Page GST https www facebook com Goods and services tax 888621187918668

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  • Professional Misconduct Chart

    File is to Quickly Learn the all points of Professional Misconduct 1st and 2nd Schedule of CA Act 1949 Use this as an aid for quickly memorizing all points and file cant be substituted for detailed learning

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  • Income from Business and Profession

    business and profession theory section wise notes

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More Files

Articles

How Asset Light Business Models Enable Scalability?


The Asset Light model refers to a business strategy that pursues capital efficiency by focusing the equity investment on those assets where a companys expertise attains the best return for investors T


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How to report Incomes from India while filing the tax return in USA?


It is often that people take the plea that the law is not known to them and any breach of law therefore is purely due to ignorance However the Latin term ignorantialegisneminemexcusat very aptly and s


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Key roles played by Finance professionals in capital markets


KEY FINANCE PROFESSIONALS ROLES IN CAPITAL MARKET Over the last few years my interest in the capital markets has grown because of all the media coverage in the electronic and print media Capital marke


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E-Sahyog - No more visits to Income Tax Office for mismatch


Great news from Income Tax Department Now you dont need to present yourself in office of Income Tax Authorities for correcting mismatches Income Tax Department has come up with a new initiative in for


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How to File Income Tax Return of a Deceased?


Greeting to all of you In this article I will discuss the step by step process to file Income Tax Return ITR of a deceased For better understanding I have uploaded Screenshots however I have strike th


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Updated on : 12/16/2015 3:27:09 AM



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