One of our client companies has received share application money in April 2015 but shares have not been allotted so far. And now company doesn’t want to allot shares on the amount so received. Kindly advice whether we can return that amount now. Answer: As per Rule 11 of Companies (Prospectus & allotment of securities) rules… Read More »
Suzlon Energy Limited v. ACIT [Ahmedabad ITAT] ITA No. 3773 of 2008, 113, 2052 of 2009, 3475 & 3476 of 2010 Date of Decision: September 03, 2015 Facts of the Case The assessee, an Indian company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) at various units, Daman and Pondicherry Dhule. The… Read More »
Reporting of frauds by Auditor What is the limit of Reporting of frauds by auditor of Company to the Central Government ? Reporting of frauds by auditor and other matters: (1) If an auditor of a company, in the course of the performance of his duties as statutory auditor, has reason to believe that an… Read More »
Fill Income Tax return before Due Date The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing the return of income : Loss (other than house property loss) cannot be carried… Read More »
Income Tax Return : Common Questions and Answers What is Income Tax Return ? It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing… Read More »
Save Income Tax by Tax Planning Save Income Tax by Tax planning if you have Girl Child Save Income Tax by Tax planning by using Sukanya Samriddhi Account Scheme for girl child of parent /legal guardian under section 80C :- Pursuant to the Budget announcement in July 2014, a special small savings instrument for the welfare of… Read More »
Various Examples to Calculate Income tax for Employee for FY 2015-16 (AY 2016-17) Example 1 For Financial Year 2015-16 Assessment Year 2016-17 (A) Examples to Calculate Income tax for Employee (Male or Female) below the age of sixty years and having gross salary income of: i) Rs.2,50,000/- , ii) Rs.5,00,000/- , iii) Rs.10,00,000/- iv) Rs.20,00,000/-. and… Read More »
Procedure to calculate income tax in case of Employee with handicapped dependent For Financial Year 2015-16 ( Assessment Year 2016-17) Calculation of Income Tax in the case of an employee below the age of sixty years having a handicapped dependent (With valid PAN furnished to employer). S.No. Particulars Rupees 1 Gross Salary 4,20,000 2 Amount… Read More »
Rebate of income tax under section 87A of Income Tax Act 1961 Section 87A has been Inserted by the Finance Act, 2013 in Income Tax Act w.e.f. 1-4-2014 to allow rebate of Income Tax Rebate of income tax in case of certain individuals. An assessee, being an individual resident in India, whose total income does… Read More »
Income Tax : Common Questions What is Income Tax ? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income tax Law are given in the Income-tax Act, 1961. What is the period for charging… Read More »