Income Tax Update-No TDS on Reimbursement of expenses
In income tax act, there is practice not to deduct TDS on reimbursement of expenses, if there is no income element. However, time and again assessing officers try to add…
How to Correct Wrong Assessment Year in TDS Challan
Many times it happens that we select wrong assessment year while making TDS payment. So now the question arises how to correct this error? There are two approaches to solve…
How to Get Income Tax Clearance Certificate
There are situations when it is mandatory to get income tax clearance certificate. For example when one leaves India permanently or when a non-resident who want to return back to his…
Situations where Cash expenditure of INR 10000 and above would not be disallowed under Income Tax Act
With recent changes in budget, cash expenditure limit has been brought down from INR 20000 to INR 10000. However as per rule 6DD of Income Tax, for following transaction this…
What Kind of Proof or Details an Employer should take from Employees while Deducting TDS?
In any company collecting, verifying and maintain the information for investment proof is a challenge. This can be only done if you have the clarity on the kind of information…
How to Revise Financial Statement under Companies Act 2013
There will be times when directors of the company will be of the opinion that financial statement or report given by the board do not reflect true and fair view…
Taxation of Free Meals and Food in Income Tax Act 1961
Normally if food expense is incurred by employer on behalf of the employee, then it has to be treated as perquisite. However, there are certain exceptions to this provision Food,…
Equalization Tax Aka Google Tax Could Burn A Hole in Your Pocket?
With Finance Act 2016, advertising services and goods online will become expensive with introduction of Equalization Levy Tax. The reason for introduction of this levy as lot of multi-national companies…
Taxation of Approved Gratuity Trust Under Income Tax Act 1961
When it comes to taxation of approved gratuity fund, there is lot of confusion on topics such as tax slabs, income tax exemption. So all these questions can be tackled…