Mr. Sameer (hereinafter referred to as SR) is engaged in business of sale of Jewellery. He wishes to bring some personal jewellery to his business. He approached Taxingtax (hereinafter referred to as TT), his tax consultant for advice. Check out their conversation.
In June 2016, the Central Board of Direct Taxes (CBDT) repealed angel tax for startups. This article provides an overview on the same.
There are various types of audits prescribed under different laws like company law requires a company audit; cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law. Read More
Many of you must have noticed while filing income tax return (ITR) for the financial year 2015-16 that now ITR includes some new sections. One such section is “Schedule PTI”. Let us discuss the same. Read More
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. People should read more at Derwent Finance website and other legitimate websites to be aware of basic economic and financial information. Read More
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 –
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 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.
