Blog Posts - Income Tax Updates



India leads the globe in payment processes with UPI

India leads the globe in payment processes with UPI The huge convenience of not having to log into multiple secure websites and applications is supplemented by security further. While we tend to still deliberate on consumers’ dynamical tastes i...
by TCS On Cash Sale on Sep 3, 2016

India leads the globe in payment processes with UPI

India leads the globe in payment processes with UPI The huge convenience of not having to log into multiple secure websites and applications is supplemented by security further. While we tend to still deliberate on consumers’ dynamical tastes i...
by TCS On Cash Sale on Sep 3, 2016

Doctrine of considerable compliance

Doctrine of considerable compliance Indirect tax laws has prescribed overplus of processes to be followed at completely different purpose of your time to avail of various advantages. However, over and over assessee didn’t abide by procedures in...
by TCS On Cash Sale on Aug 30, 2016

About online Payment of Direct Taxes

About online Payment of Direct Taxes An Assessee can also must pay Income-tax, company tax (i.e., Income-tax paid with the aid of a enterprise),Tax deducted at supply (TDS),Tax collected at supply (TCS),Securities Transaction Tax (STT) ,Wealth-tax an...
by TCS On Cash Sale on Aug 2, 2016

a piece of an professional advice earlier is really worth more than a frantic haste

a piece of an professional advice earlier is really worth more than a frantic haste shifting AN IMMOVABLE belongings There are five most important classes of belongings transfers namely sale / purchase, loan, hire, gift and trade. those 5 categories...
by TCS On Cash Sale on Aug 1, 2016

Carry Forward and Set Off of Losses

Carry Forward and Set Off of Losses whilst one endeavors to derive earnings, the opportunity of incurring losses cannot be dominated out. based at the ideas of herbal justice, a fixed-off must be to be had for loss incurred. The earnings tax legal g...
by TCS On Cash Sale on Jul 29, 2016

Presumptive earning under income Tax Act, 1961

Presumptive earning  under income Tax Act, 1961 Presumptive earnings is the idea introduced with the aid of the earnings Tax department beneath the Presumptive Taxation Scheme with a view to permit the assessee to disclose his profits on presumptive...
by TCS On Cash Sale on Jul 22, 2016

Bar of Application for Advance Ruling Where Matter Pending Consideration before income tax Authorities

Bar of Application for Advance Ruling Where Matter Pending Consideration before income tax Authorities Section 245R (2) provides for the rejection of application for advance rulings. The said section provides that the Authority may, after examining t...
by TCS On Cash Sale on Jul 12, 2016

Rich farmers are under Income Tax deptt Scanner

Rich farmers are under Income Tax deptt Scanner IT department has identified rich farmers, who have declared more than Rs one crore as agriculture income, in both the states. “There are many assesse who fall in this category. But, as of now, IT dep...
by TCS On Cash Sale on Jul 9, 2016

Undisclosed Income : CBDT to issue notification to ensure secrecy

Undisclosed Income : CBDT to issue notification to ensure secrecy CBDT is likely to issue a fresh notification making it clear that information about those who declare their black money under the compliance window which ends on September 30 will be k...
by TCS On Cash Sale on Jul 9, 2016

Presumptive taxation : ITR 4S

Presumptive taxation : ITR 4S ITR 4S is a ITR which is applicable for businesses where income is calculated on ‘presumptive method‘. In simple words the presumptive method lets you report your income as 8 per cent of your gross receipts (...
by TCS On Cash Sale on Jul 7, 2016

Patent Box Regime for Intellectual Property

Patent Box Regime for Intellectual Property A Patent Box Regime is a special tax regime for Intellectual Property (IP) revenues. It is also known as IP-Box or Innovation-Box. The concept of Patent Box was first introduced by Irish and French Tax Auth...
by TCS On Cash Sale on Jul 7, 2016

Applicability of wealth tax from assessment year 2016-17

Applicability of wealth tax from assessment year 2016-17 As per my understanding, wealth tax is not payable from assessment year 2016 in view of amendment brought vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016. After amendment, the applicab...
by TCS On Cash Sale on Jul 5, 2016

Income Declaration Scheme: Government assures complete confidentiality

Income Declaration Scheme: Government assures complete confidentiality Income Declaration Scheme not be extended beyond September 30 ,2016 : Revenue Secretary The Government has assured complete confidentiality to those declaring their income under t...
by TCS On Cash Sale on Jul 2, 2016

IFRS Impact on Oil and Gas Sector

IFRS Impact on Oil and Gas Sector Introduction International Financial Reporting standards (IFRS) are a set of accounting standards developed by the International Accounting Standard Board (IASB). IFRS is based more on principles when compared with U...
by TCS On Cash Sale on Jul 1, 2016

Pullovers for Start-ups

Pullovers for Start-ups With the unveiling of “Start-up India, Stand up India Scheme”, the Hon’ble Indian Prime Minister boosted the spirit of entrepreneurs and potential entrepreneurs & business managers to define their talents, skills and...
by TCS On Cash Sale on Jul 1, 2016

IAS 101 for deemed cost of Property, Plant and Equipment

IAS 101 for deemed cost of Property, Plant and Equipment Issue: Ind AS 101 provides that the net carrying amounts of all of its Property, Plant and Equipment as per previous GAAP can be used as deemed cost on the date of transition to Ind AS. In that...
by TCS On Cash Sale on Jun 30, 2016

Prime Minister speaks (Mann Ki Baat) on Income Declaration Scheme

Prime Minister speaks (Mann Ki Baat) on Income Declaration Scheme The Honourable Prime Minister, Shri Narendra Modi, in his radio programme, Mann ki Baat aired on Sunday, 26th June, 2016, advised his countrymen about the benefits of declaring hithert...
by TCS On Cash Sale on Jun 30, 2016

Income Tax Returns you should file or Not ?

Income Tax Returns you should file or Not ? The New Financial year has been started so far and the due dates of efiling of Income tax returns for last financial is now close for individuals and those are not in 44AB,so every one wants to know that th...
by TCS On Cash Sale on Jun 28, 2016


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