Deepak & Associates

09/08/2021

Tax Returns Filing, Tally Essential, MS Office

21/04/2021

Tally, Msoffice, Internet, GST, TDS, Inc Tax Knowhow preferred

18/06/2016

13/03/2016

DoPT has has done it.
You can go and create your account at first link. therefter login to your account and you are all set to file online RTI Application. www.rtionline.gov.in

17/02/2016

Non-resident Indians can also purchase house in India

National Consumer Disputes Redressal Commission (NCDRC): “It cannot be made a ‘rule of thumb’ that every NRI cannot own a property in India. NRIs do come to India, every now and then. Most of the NRIs have to return to their native land. Each NRI wants a house in India. He is an independent person and can purchase any house in India, in his own name,” observed NCDRC while directing Supertech Ltd to pay around Rs 64 lakh to two NRIs for denying possession of a flat in Greater Noida in Uttar Pradesh. Earlier, the complainants had booked a flat in seven Star luxurious flat/ apartment in Czar Suites, measuring 2490 sq.ft super area with Supertech Ltd. in 2008. The said apartment was to have 4-BHK with servant quarter and modern facilities. The complainants made payment of Rs.63,99,727/-, i.e., about 86.66% of the agreed value of the flat, by September, 2008, within four months of the allotment letter. The installment, due in September, 2009, was to be paid only when the flat appeared to be almost ready and it was apparent that its possession would be handed over in December, 2009. As no construction commenced for the flat till March 2011, complainants approached NCDRC for refund and damages. In its defence, Supertech Ltd. claimed that the flat which was booked in the name of an NRI, was not for residing purpose but solely to earn profit and the complainants could not claim themselves to be a “consumer”. Supertech Ltd. also contended that an alternative flat was offered to the complainants by the Builder but they rejected it. While rejecting both the submissions of the Builder, NCDRC observed that every non-resident Indian, who returns to the country “every now and then”, can purchase a house in India, hence is a consumer. The Commission further noted that any other flat cannot be imposed upon the consumers and they have got their free will to accept or reject the other flats offered by the Builder. While deciding in favour of the Complainants, NCDRC directed Supertech Ltd. to return the amount of Rs.63,99,727/-, to the Complainants along with interest @ 18% p.a., from the date of its deposit(s), till its recovery. [Reshma Bhagat v. Supertech Ltd.,2016 SCC OnLine NCDRC 68, decided on January 4, 2016]

26/01/2016

Prime Minister Narendra Modi had announced the ‘Startup India, Standup India’ initiative on Independence Day the 15th Day of August, 2015. Startup India is a flagship initiative of the Government of India, intended to build a strong Eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities.
The Government through this initiative aims to empower Startups to grow through innovation and design. The scheme has defined reporting and other requisite compliances and measure to achieve the privileges of being a Start-Up in India.
This initiative aims at promoting bank financing for start-up ventures to boost entrepreneurship and encourage start-ups with jobs creation.
On January 16, 2016, Government of India has announced Action Plan that addresses all aspects of the Startup ecosystem, in order to meet the objectives of the initiative. The highlights of the said plan are as follows:
A. Primary Conditions
To obtain benefits under the scheme you should be an entity which could be a Private Limited Company, Registered partnership or a Limited Liability Partnership incorporated or registered in India and not more than 5 years old with annual turnover not exceeding INR 25 Crores in any preceding financial year. You should be working towards innovation, development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property.
To avail benefits including tax benefits, such entity should not have been formed by splitting up, or reconstruction, of a business already in existence and should have obtained certification from the Inter-Ministerial Board, setup for such purpose.
A business is covered under the definition if it aims to develop and commercialize
a new product or service or process; or
a significantly improved existing product or service or process, that will create or add value for customers or workflow.
The mere act of developing
products or services or processes which do not have potential for commercialization; or
undifferentiated products or services or processes; or
products or services or processes with no or limited incremental value for customers or workflow would not be covered under this definition.
B. Secondary conditions
In order for a “Startup” to be considered eligible, it should be
supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator established in a post-graduate college in India; or
supported by an incubator which is funded (in relation to the project) from Government of India (hereinafter referred to as “GOI”) as part of any specified scheme to promote innovation; or;
supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator recognized by GOI; or
funded by an Incubation Fund/Angel Fund/ Private Equity Fund/ Accelerator/Angel Network duly registered with SEBI* that endorses innovative nature of the business; or
funded by GOI as part of any specified scheme to promote innovation; or
have a patent granted by the Indian Patent and Trademark Office in areas affiliated with the nature of business being promoted.
* DIPP may publish a ‘negative’ list of funds, which are not eligible for this initiative.
C. Key Benefits
I would like to mention highlights of the benefits being offered by this initiative:
a. Compliance regime based on self certification: The startups can now conduct their business without worrying about the nuances of labour and environments laws which require stringent compliances. The start-ups now have an option of self-certification through the Start-up mobile app which would be available from April 01, 2016
b. Legal support and fast track patent examination: To promote awareness and adoption of IPRs by Startups and facilitate them in protecting and commercializing the IPRs by providing access to high quality Intellectual Property services and resources, including fast-track examination of patent applications and rebate in fees

c. Faster Exit: In case of failure of a startup enterprise, the government aims at providing speedy winding up ensuring that the capital and resources are reallocated to more productive avenues than regulatory compliances.
d. Providing Funding support with a Fund of Funds: Government plans to provide funding support to startups within an initial corpus of INR 2,500 crores and a total of INR 10,000 crores over 4 years.
e. Credit Guarantee Fund: Credit Guarantee comfort for startups would convert into increased flow of venture debt from formal banking system
f. Tax exemption on Capital Gains: Exemption will be given to persons who have capital gains during the year, if they have invested such capital gains in the Fund of Funds recognized by the Government. In addition, existing capital gain tax exemption for investment in newly formed manufacturing MSMEs by individuals shall be extended to all Startups.
g. Tax Exemption for 3 years: This will promote growth and ensure working capital availability. The exemption shall be available subject to non-distribution of dividend by the Startup.
h. Tax Exemption on investments above Fair Market Value: The step aims to encourage seed investment in startups. Currently, investment by venture capital funds in Startups is exempted from operations of section 56(2) (viib). The same shall be extended to investment made by incubators in the Startups
By this scheme government will cut taxes on start-ups and help pump more than a billion dollars into new Indian companies. The efforts as expressed in Mr. Modi’s Start-up India Action Plan are designed to remove regulatory hurdles that entrepreneurs generally suffer in new businesses or establishments.

30/12/2015

The Negotiable Instruments (Amendment) Act 2015 came in to force with retrospective effect. According to the notification published in the official Gazette

08/09/2015

Dated: 04th September, 2015
To - All Pr.CCsIT/CCsIT/Pr.DOsIT/DGsIT
Sir/Madam,

Subject: Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets —reg.

1. Doubts have been expressed by the field formation as to whether offences relating to undisclosed foreign bank accounts/assets could be compounded as per the extant guidelines of the Board dated 23.12.2014. The matter has been examined in consultation with the Special Investigation Team (SIT).
2. In this regard, the undersigned is directed to convey the following:
(i) Such cases can be compounded only after filing the Prosecution complaint(s) and shall not be compounded at the stage of show cause notice and/or without filing the complaint in the court.
(ii) The cases in which the assessee has not admitted the foreign bank account(s)/assets and/or has not cooperated with the Department in the assessment, penalty & recovery proceedings shall not be compounded.
(iii) The cases in which the assessee has admitted accounts/assets either fully (all accounts with which he is associated) or partially (only a few accounts out of all accounts with which he is associated), paid taxes and penalty and cooperated with the Department may be considered for compounding as per the guidelines dated 23.12.2014, only after filing the complaints.
3. This clarification is issued in continuation to the Board’s guidelines for compounding of offences dated 23.12.2014. The Pr.CCsIT/CCsIT/Pr.DGsIT/DGsIT are requested to circulate the same among all the officers of their region for necessary action.
4. It is clarified that there is no provision for compounding of offences under the newly enacted Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Consequently, the above clarifications will not apply to cases coming under the purview of this Act.
Yours faithfully,
(Under Secretary (Inv,V),
CBDT, New Delhi

12/06/2015

Arun Bokil , one of the key member of 'Arthakranti Sansthan' was given time to share to PM Modi. He was given 9min for sharing but Mr Modi heard him for 2 hrs.

ARTHAKRANTI PROPOSAL

What is Arthakranti Proposal and who hasgiven the proposal?

“Arthakranti Proposal” has been given by a Pune (Maharashtra) based “Arthakranti Sansthan” which is an Economic Advisory body constituted by a group of Chartered Accountants and Engineers. This funda has been patented by the Sansthan.

Arthakranti Proposal is an effective and guaranteed solution of Black Money Generation, Price rise and Inflation, Corruption, Fiscal Deficit, Unemployment, Ransom, GDP and industrial growth, terrorism and good governance.

What is in the Proposal ?

“Arthakranti Proposal has FIVE point of actions simultaneously.

(1) Scrap all 56 Taxes including income tax excluding import duty.

(2) Recall and scrap high denomination currencies of 1000, 500 and 100 rupees.

(3) All high value transaction to be made only through banking system like cheque, DD, online and electronic.

(4) Fix limit of cash transaction and no taxing on cash transaction.

(5) For Govt. revenue collection introduce single point tax system through banking system – Banking Transaction Tax (2% to 0.7%) on only Credit Amount

Important Points to note:

(1) As on today total banking transaction is more than 2.7 lakh crores per day say more than 800 lakh crores annually.

(2) Less than 20% transaction is made through banking system as on today and more than 80% transaction made in cash only, which is not traceable.

(3) 78% of Indian population spend less than 20/- rupees daily why they need 1000/- rupee note.

What will happen if All FIFTY SIX Taxes including income tax scrapped :

(1) Salaried people will bring home more money which will increase purchasing power of the family.

(2) All commodities including Petrol, Diesel, FMCG will become cheaper by 35% to 52% .

(3) No question of Tax evasion so no black money generation.

(4) Business sector will get boosted. So self employment.

What will happen if 1000/ 500/ 100 Rupees currency notes recalled and scrapped :

(1) Corruption through cash will stopped 100%.

(2) Black money will be either converted to white or will vanish as billions of 1000/500/100 currency notes hidden in bags without use will become simple pieces of papers.

(3) Unaccounted hidden huge cash is skyrocketing the prices of properties, land, houses, jewellery etc and hard earned money is loosing its value; this trend will stop immediately.

(4) Kidnapping and ransom, “Supari killing” will stop.

(5) Terrorism supported by cash transaction will stop.

(6) Cannot buy high value property in cash showing very less registry prices.

(7) Circulation of “Fake Currency” will stop because fake currency printing for less value notes will not be viable.

What will happen when Banking Transaction Tax (2% to 0.7%) is implemented :

(1) As on today if BTT is implemented govt can fetch 800 x 2% = 16 lakh crore where as current taxing system is generating less than 14 lakh crore revenue.

(2)When 50% of total transaction will be covered by BTT sizing 2000 to 2500 lakh crores, Govt will need to fix BTT as low as 1% to 0.7% and this will boost again banking transaction many fold.

(3) No separate machinery like income tax department will be needed and tax amount will directly deposited in State/Central/District administration account immediately.

(4) As transaction tax amount will be very less, public will prefer it instead paying huge amount against directly/indirectly FIFTY SIX taxes.

(5) There will be no tax evasion and govt will get huge revenue for development and employment generation.

(6) For any special revenue for special projects, govt can slightly raise BTT say from 1% to 1.2% and this 0.2% increase will generate 4,00,000 crores additional fund.

Effect of if implemented today :

(01)Prices of all things will come down.

(02)Salaried people will get more cash in hand.

(03)Purchasing power of Society will increase.

(04)Demand will boost, so will production and industrialisation and ultimately more employment opportunity for youth.

(05) Surplus revenue to the govt for effective health/ education/ infrastructure/ security/ social works.

(06) Cheaper and easy loans from banks, interest rate will come down.

(07) Tendency of society will changes from scarcity to quantity.

(08) Spare money for political system for clean politics,

(09) Prices of land/ property will come down,

(10) No need to export beef to cover up trade deficit

t11) Sufficient fund for research and development.

(12) Society will be free from “Bad elements”.

A very nice n simple compilation with logical impact.

If u feel the said initiative is positive post a comment of your views....

12/06/2015

Property prices will be hit by tax on unsold inventory held by developers and builders

According to tax authorities, real-estate companies should have to pay tax based on Annual Letting Value (ALV) on unsold flats as they are the owners of the flats and it does not matter whether the properties are rented out or not.

In a bid to arrest hoarding of residential flats by developers and increase supply across the country, the income-tax department has decided to tax realtors on estimated annual rentals.

The tax could be anywhere between 15% and 20%. The move is as per the central action plan for 2015-16, under which the I-T department can levy tax on any unsold flat by treating it as 'income from house property' under Section 43-CA of the I-T Act, 1961.

According to tax authorities, real-estate companies should have to pay tax based on Annual Letting Value (ALV) on unsold flats as they are the owners of the flats and it does not matter whether the properties are rented out or not.

This means inventory of builders will be taxed on the basis of notional ALV -- a value on which tax has to be paid on the annual value of house property or the rent actually earned, whichever is higher.

A senior I-T officials said, "The builders' lobby has been creating artificial scarcity through hoarding of flats, only to sell them at higher prices later".

It has been noticed that this practice has been in vogue for over a decade and such flats or stocks are shown 'unsold' in the books of accounts while the main aim was to rig the prices upwards, said a tax official on condition of anonymity.

Taxing unsold stocks will help in two ways, according to a senior I-T official. One, this brings significant revenue, and second, it will force real-estate players to either sell their unsold flats at market-determined price. "Paying tax will further affect their bottomlines," the official, who did not wish to be named, told dna.

According to a recent report on the real-estate market in India by an international property consultant, unsold flats in six major cities hit the highest at 6.88 lakh units in the January-March quarter.

According to the report, it will take 72 months for builders to clear the inventory in Delhi-NCR and 46 months in Mumbai.

So far, unsold projects of builders were exempted from income-tax under the 'stock-in-trade' category. The I-T department believes builders would release more flats into the market, if they have to pay tax on them.

"Real-estate companies show their finished apartments as stock-in-trade and income from these are shown as business income, as in most other businesses. In a rising market, several developers hold apartments to benefit from the price appreciation that will accrue a few years after the project is complete," said a real-estate consultant.

A few years ago, when there was an attempt to tax such unsold stock, builders had moved court. However, the court gave a judgment in favour of the department in 2012.

The court had validated the I-T department's argument that builders will have to pay tax based on the ALV method, irrespective of the fact that these flats were not rented out. The department has now decided to levy this tax uniformly across the country after the proposal was cleared by the finance ministry.