Have you received notice from the office of commissioner of income tax (CIT ) for revision of the assessment order passed in a case which was earlier selected under CASS ? As you know , this power to revise the order vests in CIT under section 263 of the Income Tax Act . But it seen that this provision (that is enacted to protect the interest revenue) is callously invoked by the authorities . More so , when Finance Act
2 Strategies to Tackle Scrutiny When Stamp Duty Valuation u/s 50C of Your Property is Much Higher Than Actual Value?
The stamp duty valuation of an immovable property is done by the state government and usually accepted by the parties to a sale transactions. But the impact of stamp duty on property affects both buyer and seller. Buyer of the property, if Individual or HUF, is now affected due provision under section 56(2)(vii) of the Income Tax Act. Then seller is affected by section 50C of the Income Tax Act under which the stamp duty is taken as deemed
Have you earned income in foreign exchange ? How do you convert in rupees for accounting for the purpose showing income in your tax return. Similarly , the issue of conversion of foreign exchange to rupees will come up if you are required to deduct tax amount of credit to the accounts of a foreigner who is required to be paid in foreign exchange . How will you convert liability in foreign exchange to rupees and pay the TDS
The SIT i.e Special Investigation Team set up to tackle Black money menace has finally have some recommendation under which it has advised Ministry of Corporate Affairs action against 2627 directors of companies who have violated the provision under section 165 of the Companies Act 2013 . It looks assuring for common person that the people involved in black money will get some kind of punishment , a closer look in the law ( Companies Act) seems to suggest
The new information exchange regime - FATCA or Foreign Account Tax Compliance Act - which is almost exclusively for the benefit of Uncle SAM ( It should be noted that udner Agreement India will also get information from USA about Indians having income sourced in USA) is reality and now -firms, AOP or companies or Non-Banking Financial Companies , Trust , Mutual Fund companies, insurance companies -are responsible for filing an annual return with Income Tax Department which will
Sovereign Gold Bond Scheme has been notified under which now you can invest in government securities denominated in grams of gold. The scheme is launched as a substitute for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India. The government has made it attractive for investor by allowing the indexation of cost on these bonds