Simplifying Tax for C.A's and Taxpayers

Amendment in Section 206C vide Finance Act 2016

Amendment in Section 206C vide Finance Act 2016

Amendment in Section 206C vide Finance Act 2016

Circular no. 23/2016 dated 24.06.2016

Clarifications regarding Section 206C of the Income-tax Act, 1961 (hereafter referred to as ‘Act’)

In order to curb the cash economy, Finance act, 2016 has amended section 206C of the act to provide that seller shall collect tax @1% from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees. Read More

Notification No. 47/2016 Income Tax dated 17.06.2016

Notification No. 47/2016 Income Tax dated 17.06.2016

No tax to be deducted at source on bank guarantee commission, underwriting services charges, CMS service charges, etc, paid to bank, clearing corporation of India, national payment corporation of India, American express Banking Corp., USA, Western Union Financial services Incorporated, USA, Itz cash card ltd., Paymate India Private Limited, Sodexo SVC India Pvt ltd., Tech Mahindra Limited, Muthoot finance Limited, Vakrangee Limited, Weizmann Impex Service Enterprises Limited, etc. Read More

Amendment in Section 206C vide Finance Act 2016

Amendment in Section 206C vide Finance Act 2016

Amendment in Section 206C vide Finance Act 2016 –

Circular no. 22/2016 dated 08.06.2016

Clarifications regarding Section 206C of the Income-tax Act, 1961 (hereafter referred to as ‘Act’)

Prior to amendment by Finance Act,20 16 it was provided that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tender leaves, mineral being coal or lignite or iron ore etc. Read More

Checklist for Compliance Of Accounting Standards

Checklist for Compliance Of Accounting Standards

Checklist for verifying the maintenance of accounting records and preparation and presentation of financial statements as per Accounting standards is given below. I hope that it will be found in order and useful while executing audit function of company auditees.

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What is Cost inflation index?

What is Cost inflation index?

Cost inflation index for the purpose of computing the indexed cost of acquisition or indexed cost of improvement for the purpose of the income tax act, 1961

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