Thoughts on Trumps Tax proposal.

1. Trumps 15% Corporate Tax proposal will make US – the next tax haven in reckoning. It is also likely to be a great opportunity for US Companies that have stashed money in overseas tax havens to remit them back to USA at lower tax rates – bringing down US current account deficit and bulging…

Partition of a Hindu Undivided Family

1. What is Partition? per J C Ghose in the Principles of Hindu Law : “Partition is the adjustment of diverse rights regarding the whole by distributing them in particular portions of the aggregate.” 2. What can be the reasons leading to Partition? A partition can may be effected so as to derive the maximum…

Quoting of Aadhar Number.

Section 139AA – Quoting of Aadhar Number. 1. Applies To – Every person who is eligible to obtain an Aadhar Number. From – on or after 1 July 2017 Where to quote – (a) in application form for PAN allotment (Form 49A) (b) in the return of Income (ITR1, ITR2, ITR3, ITR4). If not having Aadhar…

Penalty on Cash Transactions

1. The Finance Act, 2017 has introduced Section 269ST which prohibit receipt of an amount exceeding Rs 2 lakhs by any person in cash and Section 271DA which penalises such receipt with a penalty equal to 100% of such amount. 2. Section 269ST – Mode of undertaking transactions “No person shall receive an amount of…

Deduction under Section 80JJAA

Download a copy of this document in PDF. Sl. No. CRITERIA CONDITIONS 1 Eligible Business 1.        Section 44AB applies to the assessee. 2.        Gross Total Income of the assessee includes any profits and gains derived from business 2 Amount of Deduction 30% of additional employee cost incurred in the course of such business. 3 Period…

Civil Death of a Sanyasi

In Mulla‚Äôs Hindu Law, 15the edition, page 183, the position of a person who enters into a religious order with reference to his natural family is set out thus : “Where a person enters into a religious order renouncing all wordly affairs, his action is tantamount to civil death, and it excludes him altogether from…

Identity of buyers in case of cash sales

The Central Board of Direct Taxes (CBDT) has sought through Centralised Processing of Information received in respect of Cash Deposits sought under Operation Clean Money details about Identity particulars of Buyers in case of Cash sales of goods and services by Assessee. The Bombay High Court has in the matter of R.B. Jessaram Fetehchand vs Commissioner Of Income-Tax…