Author Archives: Pradeep Kumar Jain

[1] TAN number: TAN [TDS/TCS deduction/collection account number] has to be obtained by all persons deducting TDS by applying in form 49B, except for sections 194-IA [purchase of immovable property] and 194-1B [rent payment by an individual/HUF]. [2] Tax Deposit Date: Tax deducted/collected, whether credited or paid, should be deposited within 7 days of month […]

[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 […]