Author: CA Tarannum Khatri

TDS on contractors under section 194C

TDS u/s 194C (TDS on contractor) While paying to contractor, you should remember provision for TDS on contractor u/s 194C of income tax act. The provision guides to deduct TDS when there is payment exceeding minimum limit of section 194C. What is work contract for section 194C? advertising broadcasting carriage of goods and passengers by any mode of transport other than railway. catering. labour supply for work contract Manufacturing or supplying a product according to requirement of specification of a customer by using material purchased from customer. Who should deduct TDS  u/s 194C? It is not so that all should deduct TDS while making payment to contractor. But specified person mentioned in section 194C  of income tax act should deduct TDS while paying to contractor. Contractor should be resident of India. Central government or state government Local authority Corporation established by or under central, state or provincial act. Company Cooperative society Housing society Any society registered under the societies registration act, 1860 or any other law in India. Any trust University established by central government, state government or under section 3 of the university grants commission act, 1956. Foreign government, foreign enterprise, any association or body established outside India. Any firm Any individual, HUF whose books of accounts are required to be audited under section 44AB during the immediately preceding financial year. AOP or BOI whose books of accounts...

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wealth tax calculation ultimate guide

Wealth tax is levied on properties which are not used by owners. Wealth tax should be paid annually. Wealth tax calculation is based on valuation rules of assets in wealth tax act. How to do wealth tax calculation? Basic thing is that which asset is taxable under wealth tax act. Read my post. Wealth tax exemption and tax ability So wealth tax is levied on some assets and some assets are completely exempt. Value of taxable asset is determined by wealth tax rule.     How to calculate wealth tax on various assets? We have to learn specific rule...

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Concurrent audit empanelment with SBI

SBI has invited application for  concurrent audit empanelment in some states. Concurrent audit empanelment details: The empanelment opportunity covers branches situated in the states of Delhi, uttrakhand, Rajasthan and some states of Uttar pradesh. SBI can include or exclude other branches for empanelment purpose. Chartered accountant firm or LLP should be listed on RBI panel. Experience should be considered for appointment.   Remuneration for concurrent audit: If you get concurrent audit empanelment, your firm will get following remuneration: Grade Deposit of branches Advances Remuneration 3 300 crore and above Less than 400 crore 25000 p.m. 2/3 – 400 crore and above 35000 to 50000 pm Additionally, 500 per month per account will be payable if the bank has fund and non fund basis exposure of more than 10 crore. The remuneration will be paid quarterly and no separate charges like travelling, taxes will be paid separately. Scope of concurrent audit: Compliance with RBI guidelines and guidance of FEDAI/ IBA. Compliance with ARAC norms. Reporting for compliance with RBI guidelines and if any activity is running which is prohibited by RBI. Compliance with banking regulation rules, 1949. Check compliance with norms in section 20 in banking regulation act for granting loan and advances against shares and other matters. Compliance of rule 20A , 24, 452 and 360 of banking regulation act. Verification of forex transactions. Compliance with any guidelines issued...

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Wealth tax exemption and taxability

Wealth tax is direct tax which is collected on properties held. There are taxable assets and  Similarly wealth tax exemption is also available for many assets. In this article, I have given list of taxable assets under wealth tax act in India and exemption available under wealth tax act. What is wealth tax? You can understand from the name that wealth tax is levied to wealth. But interesting thing is that wealth tax is not levied to all the assets of the person but only on idle asset of the person. The assets which are not utilized to generate...

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Extension of time limit for filling gujarat vat return for Q2

Due date for Gujarat vat return: Businessmen can file manual return up to 30/10/2010 for quarter ending 30/9/2010. Application for extension: Lawyers and businessman has applied for extension of time limit for filling gujarat vat return. Reason for extension: The reason for extension of due date is various festivals like diwali etc. coming in october month.   Extension of time limit for gujarat vat return: Finally goverment issued circular dated 15/10/2014 and through it extend the due date of gujarat vat return to 14/11/2014. So tax professionals get relief of 14 days. You can download circular for extension of time limit from the end of the post. Relief for interest and penalties: So there is no interest or penalties levied for return filed up to 14/11/2014 as per Gujarat  vat rules 2003 and Gujarat VAT rules, 2006.    ...

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