Thakral & Associates

05/10/2019

Job vacancy for accounts background candidate . Must be perfect in tally and knowledge of gst is must. Minimum 3 years experience required . Office in sector 4 panchkula . Mail ur cv with expected salary at [email protected]

06/07/2016

Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onward & are also using the said information to verify under-reporting of income
1. Annual Information Return(AIR)
AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account
AIR-002: Paid Rs. 2,00,000/- or more against credit card bills
AIR-003: Investment of Rs. 2,00,000 or more in Mutual Fund
AIR-004: Investment of Rs. 5,00,000/- or more in Bonds or Debenture
AIR-005: Investment of Rs. 1,00,000/- or more for acquiring shares
AIR-006: Purchase of Immovable Property valued at Rs. 30,00,000/- or more.
AIR-007: Investment in RBI Bond of Rs. 5,00,000/- or more
2. Central Information Branch (CIB)
CIB- 94: Sale of Motor Vehicle
CIB-151: Transfer of immovable property
CIB-154: Transfer of capital assets where value declared for the purpose of stamp duty is more than sale value
CIB-157: Purchase of Immovable property valued at Rs. 5 lakhs or more
CIB-183: Time deposit of Rs 1,00,000/-
CIB-185: Purchase of Bank Draft of more than Rs. 50,000/- in cash
CIB 321: Share Transactions more than Rs. 20,000/-
CIB-403: Investment in Fixed Deposit/Time Deposit exceeding Rs. 2,00,000/-
CIB-406: Payment made against Credit Card more than Rs 2,00,000/-
CIB-410: Cash deposit aggregating of Rs 200000 on a day
CIB-502: Contract of Rs. 10,00,000/-or more in the Commodities Exchange
CIB-514: Interest paid by co operative credit Society
CIB: Payment in connection with foreign travel amount exceeding Rs. 1,00,000/- at one time
CIB: Payment to Hotel and Restaurants exceeding Rs. 1,00,000/- at one time
3. TDS return
TDS-94A: TDS Return – Interest other than interest on security (section 194A)
TDS-92B: TDS Return – Salary to Employees (section 192)
4. Service Tax ReturnEXC-002: Turnover from services reported in Service Tax Return
5. Stock Broker
STT-01: Purchase of equity share in a recognised stock exchange
STT-02: Sale of equity Share (settled by actual delivery or transfer) in a recognised stock exchange
STT-03: Sale of equity Share (settled by otherwise than by the actual delivery or transfer) in a recognised stock exchange
STT-04: Sale of option in securities (derivative) in a recognised stock exchange
STT-05: Sale of Futures (derivative) in a recognised stock exchange.

05/07/2016

* Important Information *

As per new guideline given by RBI spelling should be written in LAKH not LAC on Cheque.

Please note in ur mind .

28/06/2016

Relaxation u/s 206AA to Non-residents

CBDT has issued notification no. 53/2016 dated 24 June 2016 giving relaxation to Non-residents from furnishing PAN no. in India. TDS at higher rate of 20% will not be deducted if following conditions are satisfied by non-resident:-

Provisions of Sec 206AA shall not apply in respect of payments in the nature of
- Interest,
- Royalty,
- Fees for technical services and
- Payments on transfer of any capital asset,

if the non-resident furnishes the following details/ documents

(i) name, e-mail id, contact number;

(ii) address in the country of which the non-resident is a resident;

(iii) Tax Residency Certificate (TRC) from the Government of that country if the law of that country provides for issuance of such certificate;

(iv) Tax Identification Number (TIN) or any other Unique Identification Number of the non-resident of his residence country.

All the above information needs to be furnished in TDS returns as well.

For example:- ABC Pvt Ltd is making payment of Interest to X Inc, a US Company who do not have PAN in India. Higher rate of 20% u/s 206AA will not be applicable if US Company provides Name, E-mail, Contact no, Address of USA, TRC, TIN or SSN of USA.

24/06/2016

The CBDT vide Circular No. 23/2016 dt. 24 June 2016 has clarified on FAQs of stakeholders reg. scope of the provisions and the procedure to be followed in case of the amended provisions of Section 206C of the Income Tax Act, as under:

CBDT Circular No. 23/2016 dt. 24 June 2016

In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees. Subsequent to the amendment, a number of representations were received from various stakeholders with regard to the scope of the provisions and the procedure to be followed in case of the amended provisions of Section 206C of the Act. The Board, after examining the representations of the stakeholders, issued FAQs vide circular.No.22/2016 dated 8th June, 2016. The Board has further decided to clarify the issue as regards applicability of the provisions relating to levy of TCS where the sale consideration received is partly in cash and partly in cheque by issue of an addendum to the above circular in the form of question and answer as under:

Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees.

Answer : No. Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees.

Illustration: Goods worth Rs. 5 lakhs is sold for which the consideration amounting to Rs.4 lakhs has been received in cheque and Rs.1 lakh has been received in cash. As the cash receipt does not exceed Rs.2 lakh, no tax is required to be collected at source as per section 206C (1D).

Question 2: Whether tax collection at source under section 206C (1D) will apply only to cash component or in respect of whole of sales consideration.

Answer: Under section 206C (1D), the tax is required to be collected at source on cash component of the sales consideration and not on the whole of sales consideration.

Illustration: Goods worth Rs. 5 lakhs is sold for which the consideration amounting to Rs.2 lakhs has been received in cheque and Rs.3 lakh has been received in cash. Tax is required to be collected under section 206C (1 D) only on cash receipt of Rs.3 lakhs and not on the whole of sales consideration of Rs.5 lakh.

18/03/2016

Govt: Cuts Interest Rate On Public Provident Fund To 8.1% From 8.7%
Govt: Cuts Interest Rate On Kisan Vikas Patra To 7.8% From 8.7%
Govt: Cuts Interest Rate On 1-Year Time Deposit To 7.1% From 8.4%
Govt: Cuts Interest Rate On 2-Year Time Deposit To 7.2% From 8.4%
Govt: Cuts Interest Rate On 3-Year Time Deposit To 7.4% From 8.4%
Govt: Cuts Interest Rate On 5-Year Time Deposit To 7.9% From 8.5%

29/02/2016

Live updates from the Budget Presentation :-

🇮🇳National Dialysis Services program to be launched across district hospitals. They are to be funded in PPP model.

🇮🇳Health protection scheme to provide insurance up to ₹1 lakh per family. Additional ₹30000 for senior citizens. 3,000 stores to be opened for generic drugs.

🇮🇳Expansion of sarva shiksha abhiyaan. 20 institutions to be supported to become world-class research institutions ₹1000Cr allotted. 62 new navodaya vidyalayas to be set up. _
_

🇮🇳₹5000 cr Stand up India scheme approved for promotion of SC, ST and women entrepreneurs.

🇮🇳The govt will pay EPF contribution of 8.33% for all new employees for 1st three years for salary up to ₹15000 per month.

🇮🇳 FM calls for small shops should be allowed to open 7 days a week. Model Shops and Establishments Bill to be circulated, for voluntary adoption by states.
[2/29, 12:08 PM] +91 84272 03320: 🇮🇳Union Budget💰 2016: Infrastructure Sector

🔰 Govt to allocate ₹55000 cr for roads and highways. Total investment in Road Sector would be ₹97000 crore. A total of ₹2,18,000 cr allocation for roads and railways.

🔰 Around 70 languishing projects are 85% on track. Highest road building contracts given in 2015 - ₹55000 cr + ₹15cr NHAI bonds.

🔰 Govt to incentivise gas production, deep sea gas exploration

🔰 Govt to partner with state governments to revive some airports to increase regional connectivity. Govt drawing action plans for 160 airports and airstrips that can be developed at cost of ₹50-100 cr each.

🔰 Govt to amend Motor Vehicle Act to open up road passenger sector.

🔰 Total outlay for infrastructure is at ₹2.31 lakh crore.

💡 Sensex down 82 points as of now.

29/02/2016

🇮🇳Union Budget💰 2016: Live Updates

🇮🇳2.87 lakh cr stationed as grants to gram panchayats for development of rural economy

🇮🇳Deendayal Antyoday Mission for drought affected blocks.

🇮🇳₹38500 crore for MNREGA in 2016-17, highest ever in a year.

🇮🇳5542 villages have been electrified already & Govt targets 100% Rural electrification by 1st May 2018. ₹8500 Cr allotted.

🇮🇳₹9000 crore allocated for Swachh Bharat Abhiyaan

29/02/2016

🇮🇳Union Budget 2016: Live Updates

Union Budget to have 9 pillars - agriculture sector, rural sector, social sector including healthcare, education & job creation, infrastructure, financial reforms, Ease of doing business, prudent government finances, tax reforms

Govt targets to cover 14 crore farm holdings by 2017, Paramparagat Krishi Vikas Yojana to bring 5 lakh acres under organic farming.

Big outlay for irrigation - ₹86500 cr over next 5 years. 28.5 lakh hectares to be brought under irrigation.

Dedicated irrigation fund of ₹20,000 crore to be set up under NABARD

₹15,000 cr for loan repayment for farmers. Rs 19,000 crore to be allocated for Pradhan Mantri Gram Sadak Yojana

Rs 19,000 crore to be allocated for Pradhan Mantri Gram Sadak Yojana.

A path-breaking farm insurance scheme PM fasal bima yojana alloted ₹5500 cr

03/01/2016

Your Facebook account is checked by Income Tax authorities. Buying new cars, foreign trips, party picks etc all are now answerable .

02/01/2016

01/01/2016

CBDT has issued Notification dated 30/12/2015, amending Rules 114B, 114C, 114D, 114E.

W.e.f. 01/04/2016, all assessees (Liable for Tax Audit u/s 44AB), will have to file Annual Information Return in Form 61A, in case of receipt of Cash payment exceeding Rs. 2 lacs for Sale of Goods/Services of any nature.