Highlights of Key changes in new ITR Forms 1,2 3, 4, 5, 6 and 7 Summary of ITR Form Applicability – AY 2025–26 Salary Income Nature ITR-1 ITR-2 ITR-3 ITR-4 Salary/Pension (Ord. Resident) ✅ ✅ ✅ ✅ Salary/Pension (Not Ord. Resident/Non-Resident) ❌ ✅ ✅ ❌ Director in a company ❌ ✅ ✅ ❌ ESOP deferred …
Service tax shall not liable in respect of the packaging of fertilizer Recently, the Supreme court in the case of Commissioner of Central Excise, Goa. v/s M/s. New Era Handling Agency, (2015) 59 438 (SC), has held that manufacturing is not complete without packaging and therefore, packaging would be essential part of manufacturing and Service tax shall not …
Cost Inflation Index The Cost Inflation Index (CII) is a tool used in India to adjust the purchase price of assets for inflation, primarily for the purpose of calculating capital gains tax. The index is published annually by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance. The CII plays a crucial …
Due date of filing return (e-commerce business) On 26th June, 2015 Notification No. F.3(515)/Policy/VAT/2015/330-41 has been issued to prescribe a return for the dealers located in Delhi, supplying goods either to customers of Delhi or outside Delhi and dealers located outside Delhi, supplying goods to customers of Delhi, for the persons engaged in providing facility …
CBDT – INCOME TAX DEPARTMENT NOTIFIES FORM 6 –TO ENABLES ONLINE DECLARATION OF BLACK MONEY OUTSIDE INDIA All Basic Steps for Electronic filing of Form 6 are as under: Download and Fill Form 6 from Income Tax E-filing Website Generate xml file of Form 6 Go to and login at https://income tax india e-filing.gov.in/ Under …
Act of non-payment of service tax after its collection can’t beclaimed to be done under a bona fide belief In the recently concluded case of Indsur Global Ltd. Versus Additional Commissioner of service Tax, Vadodara (2015) (Gujarat) tribunal held that act of non-payment of service tax after its collection can’t be claimed to be done under a …
Here are the salient features of the Black Money Bill The Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Bill, 2015, popularly known as Black Money Bill passed by both the Houses of Parliament, requires all Indians to declare undisclosed foreign assets and income. This bill will be effective from 01.04.2016. It is …
STATUTORY DATES FOR THE MONTH OF JULY’ 2015 05-07-2015 Service Tax – Service Tax Payment by Companies for June. – Service Tax Payment by Other than Companies for April to June. Central Excise – Payment of Excise Duty for all Assesses (other than SSI Units) for June.( if Excise Duty / Service Tax paid electronically …
Mandatory Compliance before Annual Filling As per Companies Act, 2013 following are the mandatory compliance: Preparation of MBP-1(Disclosure of interest of Director), DIR-8(Disqualification of director) as per Section-184 & 164 respectively of the Companies Act, 2013. Adoption of Memorandum & Articles as per Companies Act-2013. Recording of minutes as per Secretarial Standard-1(Board Meeting Minutes) & Secretarial Standard-2(General …
Proactive Actions & Expectations of Indian Company Goods and Service Tax (‘GST’) is an efficient, effective and modern mode of taxation which facilitates effective tax administration with minimum tax collection cost. The globe is having around 195 countries and out of that, around 140 countries are working on the GST model. Few developed countries like …