A Comprehensive Approach to Direct Tax Laws

2021-02-01T13:53:00.005+05:30

Key Budget Proposals, Fin Bill, 2021

Income Tax

1. Relaxation in filing the returns for senior citizens of 75 years or more having Pension income and Interest income; However, TDS would be done;

2. Dispute Resolution Committee proposed to be established: [Assesses having Taxable income up to Rs 50 lakhs and Disputed amount up to Rs 10 lakhs can approach the same]

3. Faceless ITAT Announced; Personal hearing will be given in appropriate cases;

4. Clarity in taxation of the foreign PF and other funds when the NRs have migrated their residence to India;

5. The limit under Sec 44AB is enhanced to Rs 10 Cr from Rs 5 Cr where the cash receipts / exp is up to 5% of gross receipts / total payments;

6. Dividend is considered for calculating advance tax only on receipt basis / declaration basis;

7. TDS on foreign dividend shall be allowed as a credit; new set of rules proposed;

8. Affordable housing scheme - Threshold extended till 31st March 2022;

9. Some more tax incentives for IFSCs; Tax holiday for aircraft leasing; banking etc;

10. Pre filing of the returns with details of Cap gains; Interest; etc,;

11. Trusts having Edu institutions / hospitals: Automatic exemption is raised from Rs 1 Crore to Rs 10 Crore;

12. Late deposit of employees contributions shall be disallowed permanenetly;

13. Eligible start ups: Period is extended; Cap Gains also exempted;

GST

1. Rationalize the inverted duty structure.

Upcoming batch for CA Final DT May 2020 / Nov 2020 at SR.Nagar

2019-12-26T07:19:00.004+05:30

Upcoming batch for CA Final DT May 2020 / Nov 2020 at SR.Nagar

{20^th Jan 2020 to 31^st March 2020}: Batch Timings: 5.45 PM to 9.00 PM

Venue: Sri Aadarsh College, SR.Nagar

Contact: 9963 250 500

Fees: Rs 7500 plus GST

CA Final DT; IDT and Intl Taxation batches for May 2020

2019-11-20T07:08:00.005+05:30

Pl find the schedule for CA Final DT; IDT and Intl Taxation batches for May 2020:

IDT (Customs + GST)	DT	Intl Taxation (Optional Paper)
May 2020 CA Final Examinations
24^th Nov 2019 to 20^th Jan 2020: 6.00 AM to 9.15 AM {Morning Batch} Venue: Hindi Maha Vidyalaya; Room Number # 1; Nallakunta; Hyderabad	2^nd Jan 2020 to 15^th Mar 2020: 6.00 PM to 9.00 PM {Evening Batch} Venue: Will be updated.	To be announced post results
Contact: 9963 250 500

Snippets from Budget 2019

2019-07-05T13:09:00.001+05:30

High lights of Budget 2019

1. Corporate tax : 25% where the annual turnover is up to Rs 400 Crores; [99.3% of the companies are covered]

2. 35AD benefit is extended for Semi Conductor industry; computer servers; etc,. [Indirect tax benefits are also promised]

3. Electric vehicles - GST Rates will come down from 12% to 5%;

4. Loans taken from electric vehicles - additional interest benefit of ~~Rs 2.50 lakhs~~ Rs 1.50 lakhs

5. Funds raised by Start Ups; No intervention by the IT dept; Discretionary powers to the AOs is removed; valuation of shares of the start ups - not liable for scrutiny; Sale of residential house and invest into start up up to 31st March 2021 and the benefit of capital gains is extended.

6. NBFCs treated on par with banks: Interest income to be taxed on receipt basis.

7. IFSC - 100% Profit linked incentive: 10 out of 15 years; No DDT, etc,.

8. Inter changeability of Aadhar and PAN for IT Purposes; Filing return through Aadhar is also permitted without PAN;

9. Pre filled returns will be made available to tax payers by collecting the information from various sources;

10. Faceless assessment in E-Mode is being launched this year in a phased manner. [AO shall be annonymous]

11. TDS of 2% on cash withdrawals exceeding Rs 1 Crore in a year from a bank account;

12. Highest income level; Individuals earning more than 2 Crore to 5 Crores; More than 5 Crores shall attract surcharge;

Time table for CA Final Nov 2019 DT; IDT and Optional Paper Intl Taxation

2019-05-06T19:34:00.001+05:30

DT (Old and New Syllabus)	IDT (GST + Customs)	Intl Taxation (Optional Paper)
November 2019 CA Final Examinations
15^th June 2019 to 20^th Aug 2019: 6.00 AM to 9.15 AM	21^st Aug 2019 to 30^th Sep 2019: 6.00 AM to 9.15 AM [GST] 1^st Sep 2019 to 20^th Sep 2019 6.00 PM to 9.00 PM [Customs]	1^st Aug 2019 to 31^st Aug 2019 6.00 PM to 9.00 PM
Venue for the batches : Hindi Maha Vidyalaya; Room Number # 1; Nallakunta; Hyderabad
Contact: 9963 250 500

Circulars and Notifications during Jan 2018 and Dec 2018 on Direct Tax Laws

2019-04-20T17:36:00.000+05:30

Pl find the key circulars and notifications during Jan 2018 and Dec 2018 on Direct Tax Laws.

Thanks
Rp sir.

Amendments made by the Fin Act, 2018 in Direct Tax Laws

2019-04-20T17:33:00.001+05:30

2019-04-19T18:55:00.002+05:30

RP Sir's Summary module for CA Final DT - June 2019 / Nov 2019 is available now at
Praveen Xerox, [98484 - 44834]
Ambica Xerox, [94400-22235]
Ayyappa Xerox, [ 90522-28440]
S.V. Xerox [95506-26022]

at Sr Nagar. Pl share to the needy.

2019-04-19T13:59:00.000+05:30

The DT amendments class for June 2019 CA Final will be on sunday morning from 6 am to 9 am at Hindi Mahavidyalaya, Nallakunta i.e on 21st april 2019. Pl share to the needy. It is a free session. Open to all. Thanks.

2019-02-13T20:09:00.001+05:30

At the request of many students the classes are rescheduled from 11th Feb to 15th Feb 2019. The DT would be in the evening at Ameerpet while IDT would be in the morning at Vidyanagar. Thanks
Rp

Key takeaways from interim budget 2019

2019-02-01T12:50:00.001+05:30

Some of the key takeaways from the Interim Budget 2019 with regard to taxes:

1. Exemption for Gratuity increased from Rs 10 lakhs to Rs 30 Lakhs

2. All assessments are to be e-processed going forward

3. IT returns are to be processed in 24 hours of filing going forward

4. The first slab is increased to Rs 5 lakhs

5. Standard deduction under salaries is hiked from Rs 40 K to Rs 50K

6. Going forward 2 houses under self occupation shall be exempted

7. TDS threshold on interest increased from 10K to 40K

8. TDS threshold on rent increased from Rs 180,000 to Rs 240,000/-

9. Sec 54 benefit available for two houses in stead of one house in certain cases

10. Sec 80-IBA extended by one year

11. No need to pay tax on rent on unsold houses lying as inventory for a period of 2 years in stead of 1 year.

Thanks

Rp

The bill says that Rebate U/S 87A is amended. Hence, the first slab is not increased but the rebate U/S 87A is increased.

Thanks
Rp

Upcoming batches for CA Final DT and IDT May 2019 / Nov 2019

2019-01-25T15:27:00.001+05:30

Upcoming batches for CA Final DT and IDT and International Taxation May 2019 / Nov 2019

Thanks
Rp

Batches are rescheduled to 1st Dec 2018

2018-11-26T08:45:00.001+05:30

At the request of many students who are stuck in other classes, the DT and IDT batches at Hindi Maha vidyalya are rescheduled to 1st Dec 2018. However, there is no change in the batch timings.
All the best.
RP sir.

Revised Schedule for DT; IDT and Intl Taxation for CA Final May 2019 and Nov 2019

2018-11-23T09:05:00.002+05:30

At the request of many students, IDT classes are advanced.

Schedule for CA Final DT and Intl Taxation - May 2019

2018-10-09T05:04:00.000+05:30

DT and International Taxation Batches for May 2019 CA Final by RP Sir.

Morning at Vidyanagar: [6.00 AM to 9.15 AM]

DT Including International Taxation: 25^th Nov 2018 to 31^st Jan 2019.

Optional Paper: International Taxation [1^st Feb 2019 to 28^th Feb 2019]

Venue: Hindi Mahavidyalaya; Room No # 1; Nallakunta.

Note: GST Batch will be announced (post results) in the month of Jan 2019.

Contact: 9963 250 500

Schedule for Nov 2018 CA Final DT and IDT and Optional paper [International Taxation]

2018-05-09T17:29:00.001+05:30

Hi,

Pl find the updated schedule for DT, IDT and International Taxation for CA Final NOV 2018.

Morning at Vidyanagar: [6.00 AM to 9.15 AM] [Room No. 1; Hinidmahavidyalaya; Nallakunta]	Evening at Ameerpet: [5.45 PM to 9.00 PM] [5th Floor, Cognizant College, Lane: Opp to Big Bazar, Adj: Anil Trading Co; Ameerpet]
DT Including International Taxation: 28^th May 2018 to 31^st July 2018:	DT Including International Taxation: 28^th May 2018 to 31^st July 2018:
GST and Customs: 6^th Aug 2018 to 30^th Sep 2018	-
Optional Paper: International Taxation [Weekend Batch: Saturday and Sunday] [10.30 AM to 4.30 PM] [Hindi Mahavidyalaya Campus] [4^st Aug 2018 to 30^th Sep 2018] [9 Weekends]

Thanks
Rp Sir.
98495 79413
9963 250 500

Think Taxes - Think RP sir

80CCD(1) limit is increased from 10% to 20% of GTI for self employed persons

2018-04-06T13:53:00.001+05:30

The deduction U/s 80CCD(1) for self employed assesses is increased from 10% of GTI to 20% of GTI. The same is wrongly printed as 10% of GTI in the summary module. Readers may please note the same.

Updated schedule for Nov 2018 CA Final DT and IDT and Optional Paper: Intl Taxation

2018-04-02T16:24:00.002+05:30

Hi,

Pl find the updated schedule in the following link for DT and IDT and Optional Paper International Taxation for Nov 2018 CA final Students.

https://bit.ly/2pZFJxs

Thanks
Rp Sir.

2018-03-31T16:17:00.002+05:30

Hi,

Questions and Answers module [Direct Taxes] for May 2018 / Nov 2018 CA Final is available at the following places from Tomorrow onwards [i.e From 1st April 2018]. you can buy the same at those places.

1. Hindi Mahavidyalaya. [Available up to 9.00AM]

2. Law sales corporation, Khairatabad, [Mobile: 98491-79322]

3. Praveen Xerox; SR.Nagar [Mobile: 98484-44834]

4. Ambica Xerox Sr.Nagar [94400-22055]

5. Ayyappa Xerox, Sr.Nagar [90522-28440]

Note: You can get summary modules also from the aforesaid places.

Thanks,

Rp

The price is Rs 170/-.

DT CA Final - May 2018 - Amendments class today i.e 26th March 2018

2018-03-26T11:40:00.000+05:30

DT amendments class for CA Final May 2018 attempt will be held today. Admission is free. All are welcome.

Venue and time:
Hindi Mahavidyalaya;
5.30 PM;
26th March 2018.

Summary module for May 2018 is ready

2018-03-10T14:11:00.002+05:30

Hi,

Summary module [Direct Taxes] for May 2018 / Nov 2018 CA Final is available at the following places from Tomorrow onwards [i.e From 11th March 2018]. you can buy the same at those places.

1. Hindi Mahavidyalaya. [Available up to 9.00AM]

2. Law sales corporation, Khairatabad, [Mobile: 98491-79322]

3. Praveen Xerox; SR.Nagar [Mobile: 98484-44834]

Thanks,

Rp

The price is Rs 170/-.

Books for May 2018 CA Final Attempt

2018-02-21T23:33:00.001+05:30

The main module for May 2018 and Nov 2018 CA Final DT authored by me is available at Hindi Mahavidyalaya. Students who are interested can buy this at Hindi Mahavidyala. [Morning 8 AM on any day.] Price would be Rs 720/-. The summary module and Q&A edition is likely to be released by 1st Week of March 2018.

Thanks
Rp Sir

Key snippets for FY2018-19

2018-02-01T13:15:00.000+05:30

Key Proposals in Direct Tax Laws For FY 2018-19

1. 80JJAA - Requirement of 240 days reduced to 150 days for Foortware and Apparel
2. Circle rate - Up to 5% deviation permitted in the case of immovable properties
3. Tax rate to be 25% if the turnover of the company does not exceed Rs 250 Crores
4. 44ADA - To be rationalized
5. Salaried employees: Rs 40K fixed deduction in lieu of [Transport Allowance; Medical Allowance]
6. Senior Citizens - FD Interest not to be taxed up to Rs 50K;
7. Wrong TDS - 30% shall be disallowed;
8. LTCG on account of equity shares to be taxed @ 10% without indexation benefit; Gains up to 31st Jan 2018 is exempted;
9. Equity oriented MFs to suffer Income Distribute Tax @ 10%;
10. Health and Education Cess to be at 4% in lieu of existing 3% of Education Cess.

DT and IDT schedule for May 2018 and Nov 2018 CA FINAL

2017-11-19T16:19:00.001+05:30

Hi,

Pl find the updated schedule for DT and IDT CA Final - May 2018 and Nov 2018.

Thanks
Rp

DT batch for May 2018 and Nov 2018 CA Final

2017-11-06T06:31:00.001+05:30

CA Final DT (New and Old Syllabus) batch by me will start from 27th Nov 2017 from morning 6.00 AM to 9.15AM at Hindi Mahavidyalaya. Pl share to your friends. Thank You. [RP Sir]; [Based on Fin Act, 2017 and Relevant for May 2018 and Nov 2018 exams]