CBDT has notified the new and simpler Income Tax Return Forms vide Notification No. 49/2015 dated 22nd June, 2015. A list of the forms notified so far
Though the words - Tax Planning, Tax Avoidance and Tax Evasion - sound connected, yet there is significant difference in the three.
Section 66B of The Finance Act 1994 defines Service Tax and its chargeability. It is a tax levied by Central Government of India on services provided or to be provided excluding services covered under negative list.
The Ministry of Corporate Affairs has come out with relief vide its notification dated 15.09.2015 where it has provided that from 15.09.2015 onwards, a private limited company can accept unsecured loans from a relative(may or may not be shareholder) of Director.
Unlike Companies Act, 1956, the Companies Act, 2013 includes Cash Flow Statements in the very definition of Financial Statements.
Section 195 (6) requires the person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, to furnish the information relating to payment of such sum, in such form and manner, as may be prescribed.
Section 138 of the Companies Act, 2013 read with Rule 13 of Companies (Accounts) Rules, 2014 requires the following classes of Companies to appoint an Internal Auditor, who shall either be a Chartered Accountant, Cost Accountant, or such other professional as may be decided by the Board to conduct.
Ideally everyone should plan their tax saving from start of the financial year but often people tend to overlook this matter. Salaried employees must remember these common tax issues and how to deal with the same.
We are presenting a few basic points to be kept in mind before getting in the field of business. Before starting their own venture one must take proper care to decide on these three aspects very effectively.
The Income Tax Department, along with the other transitions has also brought in amendments with regard to submission of Form 15G/ 15H vide its Notification No. 76/2015 dated 29th September, 2015.
To provide relief to small businessmen, the Income Tax Department has incorporated schemes in the Income Tax Law which exempt the assessees from maintaining proper books of accounts and getting them audited.