tag:blogger.com,1999:blog-20841612228659747272024-11-06T08:33:16.579+05:30All updates and analysis on taxation and financeMRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comBlogger29125tag:blogger.com,1999:blog-2084161222865974727.post-27176749696013721632023-12-02T17:56:00.003+05:302023-12-02T19:58:11.562+05:30

This document discusses a specific rule (Rule 11(g)) introduced under the Companies Act, 2013 in India. The rule focuses on the use of accounting software by companies and requires auditors to report on certain aspects related to the software. In simple terms, this passage is talking about new rules and requirements for companies related to how they maintain their financial records using

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-24898701386001285562023-05-17T00:39:00.001+05:302023-11-22T17:15:52.623+05:30

Just two days back at office, I was discussing with one of my colleagues regarding increased rate of interest and its impact on country’s economy and individual’s finances and in that discussion, I come to know from my colleague that from his home loan’s EMI of ~₹30k, credit towards principal portion is only ~ ₹700...!!!!! Being a finance person, I got furious that how come this possible and

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-91811934216103599752022-06-30T21:56:00.000+05:302023-05-29T12:16:18.836+05:30

A. Brief of Salary Taxability​​​​​​​​​Section 17​​ of the Income-tax Act defines the term ‘salary’.Generally, it includes whatever is received by an employee from an employer (current as well as former) in cash, kind or as a facility (perquisite / allowance).It shall be chargeable to Income Tax, considering the following:Due in previous year, whether paid or not (i.e., salary accrued)Paid or&

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-66951494314997882322022-06-29T13:17:00.001+05:302023-05-29T12:16:35.670+05:30

Dear Readers,Many of you must be aware that the due date of filing Income Tax Returns (“ITR”) for Financial Year 2021-22 (“FY 2021-22”) or say Assessment Year 2022-23 (“AY 2022-23”) for Individual / HUF/ AOP/ BOI, in whose case tax audit is not applicable is approaching and one needs to file the same latest by 31st July, 2022 for timely compliance of the same.However, if the same could not be met

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-27359622142743341962022-01-13T13:33:00.003+05:302023-05-29T12:16:25.077+05:30

Please find the below press note released on 11th January 2021:

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-88081069335188521222021-09-17T23:22:00.000+05:302023-05-29T12:16:31.295+05:30

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section 10(26) of the Act. CBDT Notification No. 110/2021 in S.O. 3815(E) dated 17th September, 2021 issued.Copy of notification:

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-40002554123883101442021-09-09T20:03:00.002+05:302023-05-29T12:16:42.843+05:30

On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued.Copy of press release:If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-37632143770308340632021-09-08T21:15:00.000+05:302023-05-29T12:16:47.131+05:30

Details released by government regarding PLI Scheme for textile:If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com Advisory: Information relates to the law prevailing in the year of publication as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-78306204705617093742021-09-08T21:03:00.002+05:302023-05-29T12:16:52.125+05:30

Government approves Production Linked Incentive (PLI) Scheme for Textiles with a budgetary outlay of ₹10,683 crorePress release details: (adsbygoogle = window.adsbygoogle || []).push({}); Government has approved Production Linked Incentive (PLI) Scheme for Textiles. With this, India is poised to regain its dominance in Global Textiles TradeLeveraging Economies of Scale, the scheme will

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-24845911338945727962021-09-03T21:38:00.000+05:302023-05-29T12:16:56.595+05:30

Regarding the acquisition of Just Dial Limited, Reliance in its statement has said the following:Reliance Retail Ventures Limited acquires Sole Control of Just Dial Limited on September 1, 2021.Reliance Retail Ventures now holds 40.98% in Just Dial Limited. (adsbygoogle = window.adsbygoogle || []).push({}); Further to media release dated July 16, 2021 regarding acquisition of controlling

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-21790974805409162362021-09-01T22:59:00.001+05:302023-05-29T12:17:00.578+05:30

G.S.R. 604(E).- In exercise of the powers conferred by the first proviso to clause (11) of section 10 and the first proviso to clause (12) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- (adsbygoogle = window.adsbygoogle || []).push({});

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-30017457497537166692021-08-29T16:58:00.003+05:302023-05-29T12:17:05.603+05:30

On consideration of difficulties reported by taxpayers & other stakeholders in electronic filing of certain Forms under the IT Act,1961, CBDT has further extended the due dates for electronic filing of such Forms. CBDT Circular No.16/2021 dated 29.08.2021 issued. (adsbygoogle = window.adsbygoogle || []).push({}); Copy of press release:

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-27303250698034511772021-08-29T15:03:00.004+05:302023-05-29T12:17:10.588+05:30

In press release dated 29th August, 2021 the CBDT has extended Date of payment under the Direct Tax Vivad se Vishwas Act, 2020 (without additional amount) to 30th September, 2021. The last date for payment of the amount (with additional amount) remains 31st October, 2021 (adsbygoogle = window.adsbygoogle || []).push({}); Copy of press release:

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-85493141167846257212021-08-28T23:17:00.003+05:302023-05-29T12:17:15.118+05:30

On 28th August, 2021 press release has been issued by the ministry of finance, wherein the CBDT invites comments on the draft notification for framing of rules for the amendments made by the Taxation Laws(Amendment) Act, 2021, which is in connection to nullify the retrospective taxation. (adsbygoogle = window.adsbygoogle || []).push({}); Suggestions can be furnished at ustpl1@nic.in

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-86092896888962513072021-08-17T21:42:00.003+05:302023-05-29T12:17:21.081+05:30

 In today’s scenario, where certain relief/ extensions are being granted by the CBDT regarding reporting/ filing of Income Tax Compliances, it has become somehow difficult to remember the actual due date of the same. One needs to comply with the filing/ reporting requirement within applicable due dates, as failure to which will result into the levy of penalty or interest or both.However,

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-83993424679134149872021-07-05T21:05:00.003+05:302023-05-29T12:17:26.643+05:30

CBDT grants further relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of the forms online on incometax.gov.in. Date for submission of forms in manual format to the authorised dealers is extended to 15th July, 2021.Copy of press release:

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-19357525620921344732021-06-22T15:52:00.001+05:302023-05-29T12:17:31.048+05:30

The Finance Act 2021 has introduced two new sections- Section 206AB & 206CCA, which require to deduct/ colllect tax at higher rate for certain defined class of non-filers of Income Tax Returns of two previous years. The said sections are applicable w.e.f. 01-07-2021 in case where the amount of TDS/ TCS is in excess of Rs.50,000/-Section 206AB & 206CCA are required to be complied by the

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-64735743757682267112021-06-19T20:22:00.004+05:302023-05-29T12:17:35.296+05:30

On 14th June, 2021 the CBDT has provided relaxation regarding submission of form 15CA & 15CB in manual format to authorised dealer till 30th June, 2021.In this reference, we are providing herewith copy of Form 15CA in Excel Format for making compliance easier.You can download the same by clicking the below given link: (adsbygoogle = window.adsbygoogle || []).push({}); Form 15CA in

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-37109982020218949492021-06-14T20:08:00.007+05:302023-05-29T12:17:41.549+05:30

The CBDT in Press release issued today i.e., on 14/06/2021 has provided relaxation regarding e-filing of forms 15CA & 15CB. The same is reproduced hereunder:CBDT grants relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of forms online on the new e-filing portal https://incometax.gov.in. The forms can be submitted in manual format

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-50419163772857859482021-05-20T19:12:00.012+05:302023-05-29T12:17:46.622+05:30

On 20th May 2021 the CBDT vide its circular no. 09/2021 has extended various due dates for compliance under Income tax Act for the Financial Year 2020-21 (Assessment Year 2021-22), whereby among others, due dates for TDS return filing and SFT reporting have also been extended from 31st May 2021 to 30th June 2021. (adsbygoogle = window.adsbygoogle || []).push({});  Below is the

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-42981999673349277852021-05-07T16:46:00.002+05:302023-05-29T12:17:51.258+05:30

  In the Finance Act 2021, the New Section 194Q has been inserted which reads as under: - '194Q. (1) Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-2065068621811548522020-11-09T22:13:00.002+05:302023-05-29T12:17:55.883+05:30

It is well settled law that any amount debited in the Profit & Loss Account which is in the nature of Income Tax paid/ payable is specifically disallowed u/s. 40(a)(ii) of the Income Tax Act. Below is the wordings of the section 40(a)(ii): “any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise on

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-28428882014079411122020-10-29T22:32:00.001+05:302023-05-29T12:18:00.757+05:30

Recent press release issued by government on availing benefit of exemption of LTC to Non-Central Government Employees:The benefit of Income-tax exemption for the payment of cash equivalent of LTC fare now made available to the non-Central Government employees as well.Non-Central Government Employees also can now avail the benefit of income tax exemption on payment of cash equivalent of LTC fare,

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-59176430603732283112020-10-28T19:08:00.004+05:302023-05-29T12:18:06.104+05:30

Introduction:ICDSs were introduced vide notification No. 87/2016 dt. 29.09.2016 applicable from A.Y. 2017-18 onwards [Section 145(2) of the Income Tax Act, 1961]Applicability of ICDSs:Applicable for computation of income under head "Profits and Gains of business/profession" and "Income from Other Sources"Applicable to all the assessees (other than individual/HUF not liable to tax audit u/s. 44AB)

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.comtag:blogger.com,1999:blog-2084161222865974727.post-81857516621524582992020-10-26T19:39:00.001+05:302023-05-29T12:18:10.509+05:30

Recently, the Hon'ble Delhi ITAT has ruled in favor of the assessee by allowing the ground that tax treaty rate to be applied over dividend distribution tax rate. The ruling has been held on the basis of considering the concept of "substance over the form".Following are the synopsis of the said ruling of the Hon'ble Delhi ITAT in case of Giesecke & Devrient (India) Pvt Ltd. Vs. Addl. CIT

MRinkhttp://www.blogger.com/profile/18326731039616001189noreply@blogger.com