Proposed amendment to Related Party Transaction under Companies Act, 2013 INTRODUCTION 1. With an objective of addressing and resolving the ‘shoe-pinching’ issues in Companies Act, 2013 (‘the Act’), the Government on 4th June, 2015, constituted 8 members’ Company Law Committee. The said Committee was headed by Secretary, Ministry of Corporate Affairs. On 1st February, 2016, […]
Tag Archives: Income Tax updates
Legal Heir Registration on Income Tax e-filing website A legal Heir is An individual who receives an interest in, or ownership of, land, tenements, or hereditaments from an ancestor who has died intestate, through the laws of Descent and Distribution. At Common Law, an heir was the individual appointed by law to succeed to the […]
How to account Income Tax Provision, TDS & Advance Tax The actual taxation entries are most important things as they clears the Balance sheet picture and gives real result. Before going to understand the taxation entries, we should clear the various heads relating to Income Tax.
Basics of Section 195 of Income Tax Act, 1961 Sec 195 (1) -Scope -Deduction on the earlier of credit or payment of sumchargeable at the rates in force 195(2) – Application by payer to AO for determination of the portion of sum chargeable 195(3 & 4) – Application by payee to AO for no deduction […]
Analysis of draft rules for grant of Foreign Tax Credit Computation of Foreign Tax Credit (‘FTC’) in case of assessee’s with cross border tax payments has been a major hassle for tax professionals. Absence of well-defined set of rules, coupled with few judicial precedents had resulted in diversified practices. The proposed draft rules regarding grant […]