Guide to Taxation and Legal Concern |Simplified Laws http://www.simplifiedlaws.com Simplified Laws is not just about tax Laws. but about ‘Laws of Life’. Wed, 21 Feb 2018 03:25:42 +0000 en-US hourly 1 Taxation on Buy-back of shareshttp://www.simplifiedlaws.com/taxation-on-buy-back-of-shares/ http://www.simplifiedlaws.com/taxation-on-buy-back-of-shares/#comments Wed, 07 Feb 2018 11:29:39 +0000 http://www.simplifiedlaws.com/?p=7485 Meaning: Buy-back of shares, in simple terms, means the purchase by a Company of its own shares in accordance with the provisions of law. There are two modes of buy-back: Direct buy-back- i.e. directly from the shareholders (Off-Market deals) Buyback through stock exchange (On-Market deals) Let us understand the various tax implications involved in the ...

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Union Budget 2018 – a brief write uphttp://www.simplifiedlaws.com/union-budget-2018-a-brief-write-up/ http://www.simplifiedlaws.com/union-budget-2018-a-brief-write-up/#comments Mon, 05 Feb 2018 01:13:53 +0000 http://www.simplifiedlaws.com/?p=7481 You would have got many mails or pdf documents covering the highlights of the Union Budget 2018. Hence, I chose to write only the important points here # 1 – Salaried employees – Currently, Rs.15000 per year towards medical reimbursements and Rs.1600 per month towards travelling allowance is available as deduction from the salary income. ...

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TDS on rent of 50000 per monthhttp://www.simplifiedlaws.com/tds-on-rent-of-50000-per-month/ http://www.simplifiedlaws.com/tds-on-rent-of-50000-per-month/#comments Wed, 17 Jan 2018 12:12:19 +0000 http://www.simplifiedlaws.com/?p=7478 If you are an individual, taken a house / flat on a monthly rent of Rs.50000, you have to deduct tax (TDS) at the rate of 5% and pay it to the government. Are you aware of this TDS provision on Rent? If not, here you go- A new Section 194IB is inserted in Income ...

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Period of holding properties to determine Capital Gain Tax in Indiahttp://www.simplifiedlaws.com/period-of-holding-properties-to-determine-capital-gain-tax-in-india/ http://www.simplifiedlaws.com/period-of-holding-properties-to-determine-capital-gain-tax-in-india/#comments Tue, 09 Jan 2018 00:53:20 +0000 http://www.simplifiedlaws.com/?p=7475 Hello My NRI friends, Do you own a property, say House, plot or a flat in India? In case you hold one and decide to sell such property, you are subject to Capital Gain Tax. How much taxes are to be paid? It depends on the period of holding of the asset. If a flat ...

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Will exemption claimed on reinvestment in property be withdrawn if the property is gifted to the children?http://www.simplifiedlaws.com/will-exemption-claimed-on-reinvestment-in-property-be-withdrawn-if-the-property-is-gifted-to-the-children/ http://www.simplifiedlaws.com/will-exemption-claimed-on-reinvestment-in-property-be-withdrawn-if-the-property-is-gifted-to-the-children/#comments Mon, 01 Jan 2018 01:12:36 +0000 http://www.simplifiedlaws.com/?p=7470 Here is a query from one of our clients. His father-in-law sold a flat and reinvested the money in another flat in December 2017 and claimed tax exemption u/s 54 of the IT Act. He wants to know will the tax exemption claimed u/s 54 be withdrawn if he decides to gift the property to ...

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Know about NRIs linking Aadhaar to Bank accounts in Indiahttp://www.simplifiedlaws.com/know-about-nris-linking-aadhaar-to-bank-accounts-in-india/ http://www.simplifiedlaws.com/know-about-nris-linking-aadhaar-to-bank-accounts-in-india/#comments Mon, 01 Jan 2018 01:06:21 +0000 http://www.simplifiedlaws.com/?p=7467 As per the amendment in PMLA rules by the Government, all bank accounts should be linked with Aadhaar before 31st Mar 2018; failing which the accounts will become inoperative till the time the Aadhaar number is submitted and linked to the accounts. So, what about NRIs who are not having Aadhaar number? I am getting ...

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NRIs holding PPF account may be interested to know this informationhttp://www.simplifiedlaws.com/nri-holding-ppf-account/ http://www.simplifiedlaws.com/nri-holding-ppf-account/#comments Fri, 29 Dec 2017 01:16:13 +0000 http://www.simplifiedlaws.com/?p=7464 Why PPF find a place in the investment portfolio of every investor? Simple, the investment in PPF is eligible for deduction u/s 80C of the Income Tax Act (means, if you invest in PPF, you pay less tax), interest earned is exempt from tax (unlike, bank Fixed Deposit interest which is subject to tax), while ...

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Communication of proposed adjustment u/s 143(1)(a) of Income Taxhttp://www.simplifiedlaws.com/communication-of-proposed-adjustment-us-1431a-of-income-tax/ http://www.simplifiedlaws.com/communication-of-proposed-adjustment-us-1431a-of-income-tax/#comments Fri, 28 Jul 2017 01:02:02 +0000 http://www.simplifiedlaws.com/?p=7450 Section 143(1)(a) of income tax is amended to expand the scope of adjustment which can be made while processing income tax return filed for the Asst Year 2017-18 and thereafter. Income tax department is empowered to make following adjustments before processing income tax return. Any arithmetical error in the return Incorrect claim which is evident ...

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Don’t forget to disclose cash deposit in income tax returnhttp://www.simplifiedlaws.com/dont-forget-to-disclose-cash-deposit-in-income-tax-return/ http://www.simplifiedlaws.com/dont-forget-to-disclose-cash-deposit-in-income-tax-return/#comments Fri, 14 Jul 2017 15:59:58 +0000 http://www.simplifiedlaws.com/?p=7441 Information on cash deposited in bank accounts from 09.11.2016 to 30.12.2016 to be disclosed income tax return for the Assessment Year 2017- 2018 Income tax department has started sending email communication for those who have already submitted the online response to the notice received for cash deposit made during the demonstration period, requesting them to ...

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Features of e- way bill under Karnataka GST Acthttp://www.simplifiedlaws.com/features-of-e-way-bill-under-karnataka-gst-act/ http://www.simplifiedlaws.com/features-of-e-way-bill-under-karnataka-gst-act/#comments Tue, 11 Jul 2017 00:36:06 +0000 http://www.simplifiedlaws.com/?p=7436 ‘e-way bill’ should be used for movement of 41 notified commodities. Important commodities are – Arecanut, automobile parts, bitumen, Cardamom, Cashew, Cement, Cement – Concrete Blocks , Chemicals of all kinds , dry fruits, edible oils, electrical goods, electronic goods, furniture , granite/marble blocks, hardware, iron& steel , tobacco products , machinery , paints , ...

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