Income Tax Update-No TDS on Reimbursement of expenses
- April 7, 2017
- Posted by: SosAdmin)
- Category: Income Tax
No CommentsIn income tax act, there is practice not to deduct TDS on reimbursement of expenses, if there is no income element. However, time and again assessing officers try to add reimbursement of expenses to income of the assesse In recent judgement, same view was upheld by ITAT Kolkata in case of Assistant Commissioner of Income
How to Correct Wrong Assessment Year in TDS Challan
- April 2, 2017
- Posted by: SosAdmin)
- Category: Income Tax
Many times it happens that we select wrong assessment year while making TDS payment. So now the question arises how to correct this error? There are two approaches to solve this problem Direct Approach: When TDS is paid online and there is error in selecting assessment year while remittance, then assessee can contact his assessing
How to Revise Financial Statement under Companies Act 2013
- March 17, 2017
- Posted by: SosAdmin)
- Category: Income Tax
There will be times when directors of the company will be of the opinion that financial statement or report given by the board do not reflect true and fair view of state of affairs of the company or the report of the board do not comply with requirements laid out in Companies Act 2013 So
What Kind of Proof or Details an Employer should take from Employees while Deducting TDS?
- March 15, 2017
- Posted by: SosAdmin)
- Category: Income Tax
In any company collecting, verifying and maintain the information for investment proof is a challenge. This can be only done if you have the clarity on the kind of information and what evidence need to be collected from the employee Rule 26 C of Income Tax sheds some light on this topic without clear cut
Situations where Cash expenditure of INR 10000 and above would not be disallowed under Income Tax Act
- March 14, 2017
- Posted by: SosAdmin)
- Category: Income Tax
With recent changes in budget, cash expenditure limit has been brought down from INR 20000 to INR 10000. However as per rule 6DD of Income Tax, for following transaction this limit wont appl Where the payment is made to RBI, Banks as defined under Banking Act 1949, State Bank of India and subsidiaries, cooperative bank
How to Get Income Tax Clearance Certificate
- March 13, 2017
- Posted by: SosAdmin)
- Category: Income Tax
There are situations when it is mandatory to get income tax clearance certificate. For example when one leaves India permanently or when a non-resident who want to return back to his home country after completing business or who was under employment in India The process of getting income tax clearance certificate is regulated by Section 230
Taxation of Free Meals and Food in Income Tax Act 1961
- March 10, 2017
- Posted by: SosAdmin)
- Category: Income Tax
Normally if food expense is incurred by employer on behalf of the employee, then it has to be treated as perquisite. However, there are certain exceptions to this provision Food, non-alcoholic beverages provided by an employer to employees during the work hours at office or business premises location is not treated as perquisite Therefore if
Taxation of Approved Gratuity Trust Under Income Tax Act 1961
- March 7, 2017
- Posted by: SosAdmin)
- Category: Income Tax
When it comes to taxation of approved gratuity fund, there is lot of confusion on topics such as tax slabs, income tax exemption. So all these questions can be tackled from following perspectives Status of Approved Gratuity Fund A Separate PAN number is required to file income tax return of approved gratuity fund. In the
Equalization Tax Aka Google Tax Could Burn A Hole in Your Pocket?
- October 19, 2016
- Posted by: SosAdmin)
- Category: Income Tax, Service Tax
With Finance Act 2016, advertising services and goods online will become expensive with introduction of Equalization Levy Tax. The reason for introduction of this levy as lot of multi-national companies engaged in business of media and advertising are earning profits without paying any income tax in India as well as it was increasingly become difficult