what emerges is that the assessee who was engaged in manufacturing textile products, had expended the amount in question for product development undertaken by a sister concern of the assessee on its behalf. The research work did not involve development of a new product or even a new technique or technology to manufacture existing product… Read More »
Encashment of bank guarantee for non performance is Capital Expenditure or revenue Expenditure Video Tutorial by CA Satbir Singh (Voice in Hindi , Slides in English) explaining Encashment of bank guarantee for non performance allowed as exp under income tax Issue involved in this appeal is whether the bank guarantee encashed by the Delhi transport Corporation… Read More »
Income Tax On Salary : Free Study Material Here is the Free Study Material on Income Tax on Salary Income Tax on Salary : Relevant articles Form 24Q (Annexure II) :Revised Salary TDS Return : Tutorial Salary TDS Certificate : New Process to issue Form 16 Salary TDS certificate part B to be issued from TRACES… Read More »
Presumptive Taxation under Income Tax : Free Study Material Free Study Material on Presumptive Taxation under Income Tax Presumptive taxation U/s. 44AD, 44ADA, 44AE of Income Tax FA 2019 Income Tax on Presumptive Basis u/s 44AD, 44ADA and 44AE [ FA2018] : Analysis Presumptive taxation u/s 44AD Income Tax: Audit Limit w.e.f AY 2017-18 Presumptive… Read More »
Paragraph 6 of the order passed by the Commissioner of Income Tax (Appeals), it has been stated that it can be inferred that the machines “computer printers” under consideration can either be called computers-printers, since a lot of independent functions done by the computers are done by these printers and they can be called an… Read More »
Income Tax Depreciation : Free Study Material We have compiled Free study material on Income Tax Depreciation [ Join GST Online Course by CA Satbir Singh] Free study material on Income Tax Depreciation New Income Tax Depreciation Rates for Motor Vehicles : CBDT Notification No 69 /2019 dated 20.09.2019 Income Tax Depreciation Rate Chart [… Read More »
GST Settlement of Funds (Second Amendment) Rules 2018 Govt. has notified the GST Settlement of Funds (Second Amendment) Rules, 2018 wherein Rule 11(3) has been substituted in which collected IGST (which has not been settled so far) will be adjusted in subsequent months, based on the returns filed by taxpayers. MINISTRY OF FINANCE (Department of… Read More »
Income Tax Collection at Source (TCS) : Free Study Material TCS u/s 206(1G) will not apply to NRI : TCS on overseas tour package : NOTIFICATION S.O. 1494(E) TCS on overseas Tour Package & Foreign Remittance in Income Tax I Section 206C(1G) CBDT Clarification on TCS on goods from 01.10.2020 : Dated 30.09.2020 CBDT Circular… Read More »
TCS Rates for FY 2018-19 (AY 2019-20) RATES FOR TAX COLLECTION AT SOURCE Notes on TCS Rates for FY 2018-19 (AY 2019-20) :- During the financial year 2018-19, tax shall be collected under section 206C of Income Tax Act at the rates given in the table (infra). If PAN of collectee is not intimated to the collector, tax will… Read More »
Counsel for the petitioner has submitted that in view of the decision taken by the Government that if the goods are transported within a distance of 50 km in the case of intra-state transaction, there is no requirement to fill up ‘Part B’. Notification no.12 of 2018 dated 07-03-2018 craves out an exception and provides… Read More »