Others Archives - Neeraj Bhagat & Co.

April 26, 2022 / Others

Legitimate Foreign Currency while travelling Abroad

Slowly and steadily after a long gap, several countries have opened their door for foreign tourist. Last two years have been worse hit for travelling both domestic & international whether for fun or for business and education etc. But now since this restriction is almost over so for those who intend to pack their bags & head to for destination – a covid respite here is some information in relation to permissible limit of foreign currency that they can carry …

March 28, 2022 / Others

Should you buy a property through a limited company?

Property purchases using companies have become increasingly popular in recent years.

If you are a business owner, contractor, or independent professional who operates through a company, you may have contemplated purchasing property through your company. Property purchases using companies have become increasingly popular in recent years. For most higher-rate taxpayers, acquiring rental properties through a company makes sense. It offers complete tax savings on mortgage interest, as well as lower tax rates and more flexibility.

Key considerations before purchasing property …

January 25, 2022 / Others

Budget 2022 | From tax break to endowment funds, a pre-budget wish list of some Indian startups

In the last two years, startups in our country faced unprecedented challenges due to the ongoing pandemic. Funds dried up for most, many entrepreneurs reeled under the multiple taxes, and quite a few shut down operations.

Now, all eyes are on Finance Minister Nirmala Sitharaman as this year’s Union Budget is about to be unveiled. Start-ups are looking for policy changes that will help them surge ahead and boost recovery from the long drawn-out pandemic.

Let’s take a look at …

January 8, 2022 / Others

Delhi High Court dismisses 1,346 reassessment notices issued after March 31, 2021

The Division bench of the High Court of Delhi in the case of Mon Mohan Kohli Vs Assistant Commissioner of Income Tax & Anr. quashed all reassessment notices on 15^th Dec, 2021 issued by taxmen under the old regime on or after April 1, 2021, bringing in a huge relief for the taxpayers. They made it clear that the revenue cannot use the administrative power ‘undermining the expression of Parliamentary supremacy in the form of an Act of Parliament.’ …

December 23, 2021 / Others

How to cancel an SRN No. Approved by ROC?

An approved SRN can be cancelled and the entire process is offline and consists of following steps and documentation: –

Visit the respective ROC of the States, where the registered office of the Company is situated.
Submit few documents such as an

application,
Affidavit,
Undertakings
Declaration duly signed by any of the director of the company along with the challan which needs to be cancelled.

After submitting the aforesaid documents, the ROC will scrutinise the form in respect of which …

October 26, 2021 / Others

Electoral Trust (ET)

As per Section 17CA of Income Tax Rules (1962), an Electoral Trust (ET) is a non-profit organization established for orderly receipts of voluntary contributions from any person for distributing the same to political parties, registered under Section 29A of the Representation of People Act, 1951.

Objective of Electoral Trust
Electoral Trusts are designed to bring in more transparency in the funds provided by corporate entities to the political parties. The objective of an Electoral trust is not to receive …

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 …