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Belated filed return can also be revised now

TAX TALK-16.10.2017-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant
Error in income tax return forms can be corrected by filing a revised return. Earlier, revision option was available only if the original return was filed within due date i.e., revised return filing option was available in case original return is filed after due date. However, the law has now been amended from AY 2017-18 so as to allow the filing of revised return even if the original return is filed belatedly i.e., after the due date. Now, return filed belatedly can be revised.
Belated filed return can also be revised now
Query 1] While filing my income tax return for FY 2016-17 (AY 2017-18), there had been some incorrect entries made by the person preparing  the return on my behalf. The same were corrected immediately by filing a revised return on 30-07-17. However, after a few days I noticed another mistake, in the entry of amount of cash deposit (old denominations) during period 08-11-16 to 30-12-16 in one…

Merger, Demerger & Amalgamation- Tax implications on shareholder

TAX TALK-09.10.2017-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant


There is a tax concession to the Shareholder of an Amalgamating Company where the shareholder transfer shares held by him in the amalgamating company in consideration of allotment of shares in amalgamated Indian company.


Merger, Demerger & Amalgamation- Tax implications on shareholder Query 1] 1.1000 equity shares of face value of Rs. 10 in N.F.C Ltd were allotted in March 1991. Consequent to composite scheme of arrangement and amalgamation of three companies, 1100 equity shares of Face value of Rupee 1 was allotted in N.F.C. Ltd. and 1000 equity shares of rupees one face value was allotted in another company in October 2011. Kindly clarify as to how Rs. 10,000/- invested in N.F.C. Ltd. in March 1991 is to be allocated between the above two companies and whether Profit/Loss on sale of the above said units is to be calculated only from October 2011? Further, please elaborate with relevant sections of the In…

An additional compliance of submitting estimated current Income & Advance tax payment

TAX TALK-02.10..2017-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant


Proposed amendment requiring taxpayer to file estimated current income in Form No. 28AA is in straight contravention to the concept of “Ease of doing business” for which the present Government is committed. It is not going to yield any additional revenue but will surely kill the time & energy of the businesses on the unproductive work & is a pure wastage of talented human resources.


An additional compliance of submitting estimated current Income & Advance tax payment Query 1] We have read in the newspaper about filing of estimate of income tax return before 30th September? Ours is a private limited company and so whether it is compulsory to file any such estimate? Is it applicable from FY 2017-18 or 2018-19? If yes, why is so much additional compliance burden if the advance tax payment law is already there and taxpayers are complying with it? We are already over burdened with GST, will this not ad…

Gold, silver or properties, Change in the base year from is for all classes of assets: Tax Talk

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Change in the base year from 1981 to 2001 is for all classes of assets

TAX TALK-02.10..2017-THE HITAVADA
TAX TALK
CA. NARESH JAKHOTIA Chartered Accountant


The change in the base year from 1981 to 2001 is for all classes of assets be it real estate, unlisted shares, gold and bond funds).  As a result of this amendment, the cost of all the assets acquired prior to 01.04.2001 would be replaced by the fair market value of the assets as on 01.04.2001.


Change in the base year from 1981 to 2001 is for all classes of assets
Query 1] I am senior citizen. My present means of livelihood is my pension and bank FD interest. It amounts to around rupees six and half lakh. In the present FY, the tax for income till five lakhs is 5% and above that is 20%. Most of my income falls into the 5% tax bracket the bank however cuts TDS at 10%. I will get refund no doubt but why should people like me or others who earn five lakhs a year suffer an excess tax deduction and loss of monthly income till the month of refund. Please advice whom to approach? [ashutoshgadgil@yahoo.com] Opinion: