Others Archives - Neeraj Bhagat & Co.

September 23, 2021 / Others

Income Tax Deduction on Donation

Section 80G of the Income Tax Act, 1961 enables an assessee to claim deduction for donation made by him to certain organizations. This deduction is subject to certain conditions. The motive of Government of India behind introduction of 80G deduction is to encourage donation towards worthy causes. Under 80G, the amount donated to notified funds or institutions can be claimed as deduction at the time of filing income tax return. Only donations made to institutions registered under section 80G or …

May 29, 2021 / Others

Tax Implications In Case of A Deceased Assessee

Amid the verge in COVID 19 cases in this second wave of the deadly pandemic, unfortunately, we have faced a lot of deaths in this second wave. Therefore, it is pertinent to discuss the tax implications in case of a deceased Assessee

Computation of Income of the Deceased
All the income earned from the start of the year till death would be considered as the Income of the deceased. Any income earned from the assets inherited from the deceased is …

May 26, 2021 / Others

3 recent MCA circulars to reduce compliance burden & other risks

Ministry of Corporate Affairs in view of COVID-19 has taken the following measures to reduce the compliance burden and other risks

General Circular No. 08/2021 : TIME GAP BETWEEN TO BOARD MEETINGS

Please note that in view of the difficulties arising due to resurgence of Covid-19, the gap between two consecutive meetings of the Board may extend to 180 days during the Quarter 1 i.e. April to June 2021 and Quarter 2 i.e. July to September 2021 richa, instead …

May 11, 2021 / Others

Lower Tax Deduction Certificate: How to Apply

Section 197 of Income Tax Act, 1961 contains the provisions for Lower Deduction Certificate. Generally, where the actual income tax liability on the income of the assessee is less than the TDS which has been deducted by the payer as per Chapter-XVII, then it may cause a major problem of working capital management for the assessee. The solution is, file an application for LDC i.e. Lower Deduction Certificate with Income Tax Authorities.

Before understanding the proceeding, I would like to …

May 12, 2021 / Others

From the Founder’s desk

Dear Clients,

On 4th May 2021, our team suffered a terrible and an irreparable loss, Mr. Neeraj Bhagat- Founder, Neeraj Bhagat & Co. passed away. He was the pillar of the organization and he shall always remain alive in our hearts. We understand this message may be difficult to process, however, courage is the most important of all the virtues.

In this difficult times, we’d like to take the opportunity to thank all NBC’s loyal supporters, all our clients …

February 9, 2021 / Others

Checklist for Visa Extension under FRRO

WHAT IS FRRO REGISTRATION:
Registration under FRRO is a mandatory requirement by the Government of India under which all foreign nationals (excluding overseas citizens of India) visiting India on a long term visa (more than 180 days) are required to register themselves with a Registration Officer within 14 days of arriving in India.

Pakistani nationals visiting India are required to register within 24 hours of arrival regardless of the duration of their stay.

Foreign registration was mandated and is regulated …

February 5, 2021 / Others

Key Highlights of Union Budget 2021

The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st February 2021 in the Parliament. This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. Several regulations around the securities market are proposed to be merged as a single code. Several direct taxes and indirect taxes …

January 1, 2021 / Others

Valuation by special valuation branch in custom

The valuation of goods is always a matter of concern especially where the goods are imported into India. The value determination may influence the price of goods in India and may impact the competition environment in India. Therefore, proper valuation by custom officer becomes more important and challenging.

As per Custom Act, 1962, the value of goods imported or exported shall be the transaction value i.e. price actually paid or payable subject to condition that,

i) the buyers and sellers …