TDS on Transfer of Immovable Property

TDS on transfer of Immovable Property came into effect from 1st June 2013 with the introduction of Section 194-IA by the Finance Act 2013. The law was introduced to keep track of real estate transactions which are either not brought under the purview of taxes or shown at a lesser value than it is actually…

Types of Companies under the Companies Act 2013

Starting a Company in India requires one to choose a type of company. A company formed under the Companies Act can be Classified based on their Incorporation, Ownership, Membership, control and Liability. Based on incorporation companies are classified into Chartered Companies, Statutory Companies, Registered Companies and Body Corporate. Based on Ownership they are classified into…

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Cost Inflation Index – Capital Gain

Know the Cost inflation index rate for the calculation of capital gain in India updated till 2017. we have prepared a cost inflation chart as notified by the central government in this regard.

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Origin and Journey of the Companies Act in India

Company’s legislation in India owes its origin to The English Company’s law. The First law regulating the companies took its birth in 1850 as The Joint Stock Companies Act modeled on the British Companies Act of 1844. The principle of limited liability was not incorporated in this act, though the concept of separate legal entity…

Sections of the Income Tax Act 1961

The Following contains the List of Section under the Income Tax Act, 1961 Sections of the Income Tax Act, 1961 CHAPTER – I PRELIMINARY 1 Short title, extent and commencement 2 Definitions 3 “Previous year” defined CHAPTER – II BASIS OF CHARGE 4 Charge of income-tax 5 Scope of total income 5A Apportionment of income…

Tax Deducted at Source (TDS) on Salary – Illustrated

TDS applies to payments like salary, interest, dividend, rent, commission, technical/professional fees, compensation, royalty, brokerage, transfer of immovable property, lottery winnings, winnings of races, and payment to non-residents/foreign companies covered by sections 192 to 196D of the Indian Income Tax Act 1961. This article focuses on ‘TDS on salaries’ u/s 192. Annual Income of every…

Capital Gain Tax in India – When you need to Pay

An Infographic explaining When you need to Pay Capital Gain Tax in India. STCA – Short Term Capital Asset LTCA – Long Term Capital Asset STCG – Short Term Capital Gain LTCG – Long Term Capital Gain HP – Holding Period  

Bank Audit – Major Points to be Considered

Break Even Date for NPA is 01.01.2013 for the year 2012-2013 Auditor Report should be in New Format (Download New Audit Report Format). Banks may not sent new format in their Guidelines for the year 2012-13. Once an account has been classified as NPA, all the facilities granted to the borrower will be treated as…

Revise Income Tax Return Filed Earlier – What you need to Know

Contents Introduction Time Period to Revise the Income Tax Return Filing Revised Return Revised Return – Important Points to be Noted FAQ’s on Revised Return If an assessee has filed the original or first return before the due date, then he may revise the original return. In case of revising the original return, the assessee…

Bank Audit Report New Format–Illustrative

The New Auditor’s Report Format for Bank Audits as Given is SA700 Forming an Opinion and Reporting on Financial Statements has been given for preview and Download. You can Download the File at the End of the article. An Illustrative Format of Report of the Auditor of a Nationalised Bank To The Statutory Central Auditors…