Monthly Archives: February 2018

[A] Rule 114B – [i] TRANSACTIONS FOR QUOTING PAN MUST and  [ii] IF NO PAN BUT TRANSACTIONS ENTERED INTO THEN INFORMATION IS SENT TO INCOME TAX [CRIMINAL & INVESTIGATION] DEPARTMENT   S.N. PAN TO BE QUOTED FOR Value of Transaction 1   Sale or purchase of a motor vehicle or vehicle, which requires registration, other than two wheeled vehicles […]

Queries:- 1] On conversion of a company into an LLP, can the partnership ratio be changed by including a new partner in the LLP. If yes, what is the upper limit of percentage of holding the new partner can hold in the converted LLP so that exemption u/s 47[xiiib] is qualified. 2] Does the new […]

A] TAX RATES There is no change in income tax rates, except as under:- [a] The rate of income tax for a domestic company will be 25%, if the total turnover or gross receipts of the previous year 2016-17 does not exceed Rs.250 crores. [b] Education cess of 3% replaced by Health and Education cess and […]

In regard to winnings from horse racing issue arises whether TDS is to be deducted both on betting money and prize money for participation of a horse in a race. In this context the following is noticeable:- 1] That section 2[24][ix] of the IT Act defines income to include any winnings from lotteries……races including horse races……..and other games of any […]

As a businessman, self assessment is a sure recipe to success in the long run. But as digitization overtakes business organizations, business practices that included retrospection and paperwork are gradually being reduced or quantified to nil. RealBooks caters to many small organizations and hence has an in depth understanding of its various nuances. Merely providing […]