ITR notified for AY 2016-17 with extra burden on ultra-rich

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If you have a high profile income which exceeds Rs. 50 lakh per annum then you got to hold all your valuable assets tightly. As the Finance Ministry published a gazette order indicating that- People with an income of more than Rs 50 lakh per annum and having the pleasure of owning a yacht, aircraft … Continue reading ITR notified for AY 2016-17 with extra burden on ultra-rich

Taxability of Gifts received by an Individual / HUF

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The term “Gift” implies – any sum of money or property received by an individual or a HUF without consideration or a property acquired for inadequate consideration. From the taxation point of view, the Taxability of Gifts received by an Individual / HUF can be classified as follows: Any sum of money received without consideration, it … Continue reading Taxability of Gifts received by an Individual / HUF

What 100-pc FDI in marketplace model spells for e-commerce companies as well as their customers

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The government recently permitted 100 percent foreign direct investment (FDI) in the marketplace format of e-commerce retailing, with a view to attract more foreign investments.       According to the press note issued by the Department of Industrial Policy and Promotion (DIPP) on FDI in e-commerce, FDI has not been allowed in inventory-based model … Continue reading What 100-pc FDI in marketplace model spells for e-commerce companies as well as their customers

Foreign payments are now easy with changes in Form 15CA/CB

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Form 15CA is submitted online if there is a foreign remittance to non residents and Form 15CB is a certificate issued by a CA after examining the remittance having regard to provisions of Double tax Avoidance Agreements with the Recipient’s Residence Country. CBDT has made some changes in Rule 37BB to reduce the compliance burden … Continue reading Foreign payments are now easy with changes in Form 15CA/CB

ITR Forms for AY 2016-17 notified but not yet released

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CBDT vide its Notification No. 24/2016 dated 30-03-2016 (F.No.370142/2/2016-TPL) as notified new forms for Filing Income Tax Return for A Y 2016-17. In line with the promises made by the CBDT, this time the CBDT has notified new ITR forms for AY 2016-17 well in time through Income-tax (9th Amendment) Rules, 2016.   In exercise … Continue reading ITR Forms for AY 2016-17 notified but not yet released

Dividend income is now an expense

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A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, it can re-invest it in the business (called retained earnings), and pay a fraction of the profit as a dividend to shareholders. A dividend is allocated as a fixed amount per share, with shareholders receiving a dividend … Continue reading Dividend income is now an expense

Start and Exit easy for startups with Insolvency Act

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The current structure of Bankruptcy law in India is outdated and not efficient for a fast track exit for ailing companies. The government on 28th march introduced in the parliament “Insolvency and Bankruptcy Code, 2015” that would provide for speedier delivery of insolvency cases. Recently there has been a boom in the number of startups … Continue reading Start and Exit easy for startups with Insolvency Act

Revision of Sukanya Samridhi Account Rules

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Recently government has revised the rules of Sukanya Samridhi Account. Finance Minister in his budget speech 2014-15 has announced a new scheme named “Sukanya Samridhhi Account” vide Notification No.GSR No.863 (E), dated 2nd December, 2014. Such an announcement was made for the benefit and security of minor girl child. The major highlights of rules made … Continue reading Revision of Sukanya Samridhi Account Rules

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