imcasunilgarg-blog

[imcasunilgarg-blog]

Attention:- Last date to declare your black money is going to expire on 31stmarch, 2016 under the scheme of Pradhan Mantri Garib Kalyan Yojna.

[imcasunilgarg-blog]

#Tax #Update - #CBDT issues clarifications/ 25 FAQs on #Income Computation and Disclosure Standard (#ICDS) u/s 145(2) of the #Income #Tax Act, 1961 vice Circular No. 10/2017 dated 23rd March, 2017.

[imcasunilgarg-blog]

Nebula Jewellery watch is characteristic as jewellery (value of jewellery at almost 90% to 95% whereas the value of watch is hardly 5%) as it is more a jewellery than a watch as decided in case of State of Gujarat Vs M/s. Titan Industries Limited (Gujarat High Court)

[imcasunilgarg-blog]

Urgent Tax Reminder: - Attention all Tax Payers, Today 15.03.2017 (Wednesday) is the last date for payment of 100% Advance Income Tax by all assessees including 44AD cases.

[imcasunilgarg-blog]

Tax Update -Nebula Jewellery watch is characteristic as jewellery (jewellery at almost 90% to 95% whereas the value of watch is hardly 5%) as it is more a jewellery than a watch as decided in case of State of Gujarat Vs M/s. Titan Industries Limited (Gujarat High Court)

[imcasunilgarg-blog]

Wish You & Your Family #HappyHoli

[imcasunilgarg-blog]

CBDT to issue of notice under section 133(6) of the Income Tax Act, 1961 for verification of cash deposit under ‘Operation Clean Money’ who have not deposited respond of cash verification vide Instruction No.4/2017 dated 3rd March 2017.

http://www.casango.org/cbdt-to-issue-legal-notice-to-taxpayers/

[imcasunilgarg-blog]

Section 234E Fee cannot be levied on TDS deducted prior to 1.6.2015 [Sri Fatheraj Singhvi & Ors Vs. Union of India & Ors (Karnataka HC)]

[imcasunilgarg-blog]

Do You Know Section 50C is not applicable on transfer of leasehold land & building:- As per recent case law of CIT Vs Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court) Dtd. 24/10/2016 which held that Section 50C is not applicable while computing capital gains on transfer of leasehold rights in land and buildings.

[imcasunilgarg-blog]

JOINED PHD CHAMBER OF COMMERCE AND INDUSTRY , New Delhi as Direct Tax Committee Member..

[imcasunilgarg-blog]

Budget Update - Carry forward and set off losses (GOOD NEWS FOR START UP)  As per the existing provision loss cannot be carry forward if there is change in the 51% of the shareholding in any year  This condition has been relaxed for eligible start up and now the company is eligible to carry forward the loss even after change in the shareholding, provided promoter holding is intact.

[imcasunilgarg-blog]

Budget Update - Relief to Builder (No notional income on flats held as stock in trade).  There has always been dispute regarding the notional rental income on vacant flats held as stock in trade held by real estate developer.  Now it has been clarified that if the property/flats are not actually rented out than no notional rent will be deemed as income up to one year from the end of financial year in which completion certificate has been received. In our opinion it is bad law. When the income of builder is taxes under profit and gain from business and profession, it is wrong to tax under income from house property, moreover there is lot of idle inventory with builder due to slow in housing market, and hence it is going to be blow to the builders.

[imcasunilgarg-blog]

Budget Update - Relief to Builder/ Building Contractors(GOOD NEWS)  There has been a trend in big cities where land owner enters into contract with builder for developing immovable property. The land owner generally receives flats or built up area in lieu of sale consideration. There have always been disputes between land owner and income tax department regarding the time and amount capital gain tax. The dispute has been clarified in this budget vide, insertion of section 45(5A).Now the capital gain will be levied in the year in which completion of the property is received and the valuation will be done at stamp duty value.  If the land owner receives any amount other than circle rate, it will add to sale consideration. It means if the land owner receives rs 50 lacs and two flat, which have circle rate of rs 1.25 cr, than total consideration will be 1.75 cr. the builder has to deduct tax @ 10 % on 50 lcas u/s 194 IC.

[imcasunilgarg-blog]

2017 Budget Update - Relief to BUILDERS (GOOD NEWS)  The budget has made change in 80IBA which provides 100% deduction in profit from making affordable housing.  The budget has extended the completion period from 3 to 5 years  The built up area of 30/60 sq. meter. Has been replaced with carpet area which means the size of flat under affordable housing will be more now.

[imcasunilgarg-blog]

2017 Budget Update - Excessive power to the income Tax Officers(BAD NEWS)

[imcasunilgarg-blog]

2017 Budget Update - Relief for Domestic Companies from Transfer Pricing Norms  In order to reduce the compliance burden of taxpayers, it is proposed to provide that expenditure in respect of which payment has been made by the assessee to a person referred to in under section 40A(2)(b) are to be excluded from the scope of section 92BA of the Act. Analysis Now the domestic transfer pricing provisions will be applicable only if one of the related party is taking benefit of tax relief u/s 80IA or 10AA (Industries situated in backward area and Special Economic Zone). For any clarification, you can mail us at casunilkgarg@gmail.com ssaaudit1992@gmail.com caro c450@gmail.com Or contact our team member. CA Sunil K Garg 9811015509 Adv. Sanjay Goel 9312020811 Adv. Pramod Chopra 9953806342 CA Vinay Sharma 9990407498 CA Meenakshi 9891787238 CA Rahul Bansal 9711821200 CA Koyal Garg 9873879419 Geeta Gandhi 9911000536 Ruchi Goyal 7838713661

[imcasunilgarg-blog]

2017 Budget Update - For Small Companies (Good News)  The corporate tax for MSME companies has been reduced from existing 30 % to 25 %.