AAKR ASSOCIATES

Taxation & Accounting

Category: Income Tax (page 3 of 7)

Meaning and Scope of ‘Supply’ Under revised GST law

Whilst the Government is keen to make Goods and Services Tax (“GSTâ€) a reality by envisaged April 1, 2017 deadline, efforts put in by the Government to look into the voluminous suggestions submitted by various stakeholders, on First cut Model GST Law (put on public domain on June 14, 2016), is indeed commendable. Honest attempt of the Government to eradicate the daunting provisions in the earlier…

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89 (1) relief calculator for Arrears received in FY 2016-17

If you have received arrears of salary/pension in Financial year 2016-17 related to previous years then your tax liability will be on higher side due to arrears but do you know that you can bifurcate your income  from arrears in respective years on notional basis and can avail relief u/s 89(1) of Income tax Act ,1961.

We have prepared a small excel calculator which will be helpful in calculate…

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Jewellery found during search and its assessment thereon

Brief Background:- 
Vide CBDT Instruction no. 1916 dated 11-05-1994, it has been clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during the course of search proceedings under Section 132, where the same have been duly declared in the Wealth-tax Returns filed by the taxpayer or where such ornaments are within the prescribed limits of 100, 250…

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Benefits of Debit Card Activation – FAQs

QUESTION 1: Why it is important to have active debit cards?
ANSWER: Debit Card makes your payments much more convenient and secure through an electronic payment facility directly from your bank account. Debit card can be used for purchases online or at shops by directly debiting your Bank account. Debit cards can also be used to withdraw cash from an ATM. 
QUESTION 2: How is a customer…

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GOVT DEPRT. SHALL MAKE E PAYMENT >RS 5000

In order to attain the goal of complete digitization of Government payments, the Ministry of Finance, Government of India has again reviewed the existing limit of Rs. 10,000/-(Rs. Ten Thousand only) prescribed regarding e-payment to Suppliers etc. It has now been decided to lower this threshold limit from Rs. 10,000 to Rs. 5,000 (Rupees Five Thousand only).The last review in this regard was made…

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Card Not Present transactions – Relaxation in Additional Factor

A card not present transaction (CNP) is a payment card transaction made where the cardholder does not or cannot physically present the card for a merchant’s visual examination at the time that an order is given and payment effected.Reserve Bank has issued additional factors of authentication (AFA) for such transaction from time to time .But after demonetisation by Cent. Govt all are going…

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7 lakh letters to be issued in respect of High Value Non PAN Transactions

Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more, etc

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NOW GET PAN & TAN IN ONE DAY ONLINE PAPER LESS APPLICATION

CBDT has enabled a new feature to apply online  PAN and TAN with the introduction of Aadhaar based e-signature .In new procedure the PAN may be applied online without submission of document with Aadhaar based e sign option.The CBDT has issued press release in this regards as under
For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based.
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Defective Income Tax return Meaning & How to correct defective return

Section 139(9) Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion,.
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New Features Released For NPS Subscribers

Pension Fund Regulatory and Development Authority (PFRDA) takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, recently many new functionalities have been released to.
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