Taxation – Neeraj Bhagat & Co.

January 1, 2021 / Taxation

Online unblocking of E-Way Bill (‘EWB’) facility is now made available to the taxpayers

Facility of unblocking EWB has now been provided to the taxpayers on the GSTN Portal. To avail this facility, the taxpayer would be required to file Form EWB-05. The application so filed will be auto-populated on the dashboard of jurisdictional tax official, who can issue a Notice for personal hearing to the taxpayer and pass its order for unblocking as per the law. So far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation …

October 7, 2020 / Taxation

CBDT further extends due date for filing of ITR for AY 2019-20 to 30-11-2020

Taking in view the genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT has further extended the due date for furnishing of belated and revised ITRs for Assessment Year 2019-20 from 30th September 2020 to 30th November 2020. As per the Twitter handle of CBDT, the Order Under section 119(2a) has been issued.
For those who had failed to file on time, the due date was March 31, 2020, which was later extended to June 30, 2020, …

January 1, 2021 / Taxation

Valuations and Taxation aspects for start-up

VALUATION OF SHARES FOR COMPANY REGISTERED UNDER STARTUP INDIA WITH MINISTRY OF COMMERCE & INDUSTRY: –

Valuation of equity shares is generally required for regulatory or financial reporting purposes for a business. In valuation of shares, the underlying asset is the business and per share value is calculated to arrive at the final valuation.

Methods of Valuation to be followed by Registered Valuers for a Startup Valuation:
There are several commonly used and accepted methods for determining the fair …

January 1, 2021 / Taxation

GST & income tax implication on non-resident sportsmen coming to India

When a non-resident sportsman comes to India for participating in any game or sport then a question arises which country has right to charge tax on such income earned by sportsmen by participating in game or sport and what are the tax implications on such income earned.

Non-Resident Sportsmen means he is not the Citizen of India.

Nowadays, it becomes very important to know about the tax Implications in case of non-resident Sportsmen due to increase in number of sports …

June 12, 2018 / Taxation

Income Tax Returns Activated For E-filing

E-filing of taxation come for all class of filers for the assessment year 2016-17 has been operationalized.

“All ITRs as well as ITR half-dozen and ITR seven for AY 2016-17 square measure on the market for e-Filing,” the taxation Department aforesaid. The various class of ITRs were operationalized in an exceedingly phased manner beginning Apr two.

The Central Board of Direct Taxes (CBDT) had notified the new forms on March thirty and ITRs is filed until the stipulated point of …

June 12, 2018 / Taxation

IT Department Introduced Aadhar and Net Banking e-filing System

It will be a boon for taxpayers because the tax Department has activated the Aadhar and web banking-based e-filing verification system for taxpayers to file 1st charm before a tax officer. The tax Department has reduced the interface between tax-payer and tax man by activating this facility on the official e-filing portal.

One Electronic Verification Code is wont to validate one type regardless of the assessment Year. ECV are going to be hold on against the PAN Card and alternative …

June 12, 2018 / Taxation

Government needs to come clear on new tax ‘equalisation levy’

The finance minister in his budget for 2016-17 announced the introduction of a new tax called ‘equalisation levy’ on the online advertisement revenue of non-resident companies from B2B transactions. The Finance Bill, 2016, has proposed to insert a separate Chapter VIII in the bill titled ‘Equalisation Levy’ to provide for a new levy of 6% on a non-resident, on the consideration for any “specified service” received or receivable of Rs 1 lakh or more in any previous year from a …

June 12, 2018 / Tax Consultancy

Benefits of filing income tax returns – Tax consultant in India

Here are some advantages of filing ITR:

Loans

Having filed the ITR will help individuals, like the one in the example above, when they have to apply for a vehicle loan (two-wheeler or four-wheeler). All major banks can ask for a copy of tax returns.

State Bank of India asks vehicle loan applicants for the latest salary-slip showing all deductions, TDS certificate / Form 16, copy of ITR for last two financial years.

Additionally, showing a copy of ITR receipts …

June 12, 2018 / Tax Consultancy

File your Income Tax Return for Assessment Year 2014-15 and 2015-16 by 31st March 2016

The Central Board of Direct Taxes (CBDT) has notified the Income Tax Returns (ITR) for Financial year 2014-15 (Assessment Year 2015-16). The new ITR forms have been released by CBDT for FY 2014-15 Income Tax Returns Filing.

What is Assessment Year & Financial Year?

Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2014-15. For example, if you have had an income between …