Dinesh Choudhary & Co.

Dinesh Choudhary & Co. We are a firm of CHARTERED ACCOUNTANTS based in Navi Mumbai.

Did you know? Investing the proceeds from the sale of capital assets (like shares, mutual funds, and gold) into a reside...
09/10/2023

Did you know? Investing the proceeds from the sale of capital assets (like shares, mutual funds, and gold) into a residential property can lead to significant tax savings. This falls under section 54F.

Here are the key conditions to qualify:
1️⃣ Long-Term Gains (LTCG): The gains should be considered long-term. Different assets have varying holding period criteria.

2️⃣ Full Sale Amount: The entire sale amount, not just the gains, must be used to purchase the property. Otherwise, a deduction will be calculated proportionally.

3️⃣ Timeline Matters: The property should be bought one year before or two years after selling the capital asset, whose proceeds you plan to reinvest. If constructing a house, you have a three-year window for reinvestment.

Update.. Council Meeting Recommendation..!!
08/10/2020

Update.. Council Meeting Recommendation..!!

21/07/2019

Dear Taxpayer ,

Last date to File Income Tax return is 31st July 2019 for Individuals, HUF and Partnership ( other than Taxpayer's who are subject to Audit ).

A taxpayer is liable to pay late ITR filing fees of:

a) Rs 5,000 if tax return is filed after the deadline but on or before December 31 of the relevant assessment year (in this case December 31, 2019).

b) Rs 10,000 if tax return is filed after December 31 but before the end the relevant assessment year, i.e., before March 31 (in this case between 1 January 2020 and March 31, 2020).

From Dinesh Choudhary & Co
Chartered Accountant
Contact - 9768691123
Email - [email protected]

30/05/2018

TDS on payment under joint development agreement w.e.f. 01 April 2017

As per Section 194-IC of Income Tax Act, 1961 (Inserted by the Finance Act, 2017, w.e.f. 1-4-2017 ) Any person responsible for paying to a resident any sum by way of consideration (not being consideration in kind) under a joint development agreement, is responsible for tax deduction under section 194-IC.

1. Who is responsible for tax deduction : Any person responsible for paying to a resident any sum by way of consideration (not being consideration in kind) under a joint development agreement, is responsible for tax deduction under section 194-IC.

2.Time of tax deduction- Tax is deductible at the time of credit of such sum to the account payee or at the time of payment thereof in cash or by issue a cheque/draft or any other mode, whichever is earlier.

3. Rate of deduction- Tax is deductible at the rate of 10 per cent. If PAN of recipient is not available, tax is deductible at the rate of 20 percent.

4. Threshold limit - NIL

5. Meaning of joint development agreement- It is a registered agreement in which a land owner (i.e, a person who owns land or building or both) agrees to allow another person to develop a real estate project on such land or building or both, in consideration of a share (being land or building or both) in such project, whether with or without payment of part of the consideration in cash.

Extract of section 194-IC of Income Tax Act, 1961 is given below for reference:

Payment under specified agreement.

194-IC. Notwithstanding anything contained in section 194-IA, any person responsible for paying to a resident any sum by way of consideration, not being consideration in kind, under the agreement referred to in sub-section (5A) of section 45, shall at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax thereon. ]

05/05/2018

One of the updates received on the proposed process by GST council-

The GST council in its 27th meeting today via video conferencing considered the matter of simplification of returns and the following mechanism has been approved.

Features of the new return filing process

Phase I – For first six months
For six months ie upto 30 September 2018, current process of filing GSTR-3B and GSTR-1 will continue. Software for new system to be under construction in this phase

Phase II – For next six months
After six months, single monthly system of filing returns to be introduced for all taxpayers except persons with ni liability and composition dealers who will be able to file quarterly returns
Uni-directional system of uploading details of invoices by supplier on the basis of which recipient to get credit.
For, the first six months of the introduction of new system, facility to avail provisional credit by recipient to be made available
Supplier to continuously upload details of invoices and recipient to follow up with supplier in case any gap in uploading of details of invoices.
Recipient to try and reduce mismatch through follow up only. No mechanism for the recipient to upload any invoice.

Phase III – After one year
After this phase of six months, new system return filing to be fully implemented with no facility of provisional credit. Credit to be available on the basis of details of invoices uploaded by supplier only
In case tax liability on uploaded invoices not discharged by supplier but credit availed by recipient, then the government would first recover the same from supplier. However, the government would also retain the power to recover the tax from the recipient also.

01/02/2018

Key highlights of Budget 2018-19:

* No change in personal income tax slabs

* Arun Jaitley proposed to tax long term capital gains exceeding Rs 1 lakh at 10 per cent without indexation.

* Electronic IT assessment will be rolled out across the country, leading to greater efficiency and transparency: FM

* Mobile phones set to become costlier as custom duty on them has been increased to 20 per cent.

* Health and education cess has been increased to 4 per cent.

* For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000: FM Jaitley

* FM Jaitley proposes to introduce tax on distributed income by equity oriented mutual funds at 10 per cent.

* Standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses: FM Jaitley

* Companies with turnover of up to Rs 250 crore to be taxed at 25 per cent: FM

* Arun Jaitley says that the government does not propose any changes in tax slabs for the salaried class this year.

* FM proposes a fiscal deficit of 3.3% of GDP for 2018-19.

* Finance Minister Arun Jaitley proposes revising emoluments as per the following structure:

-- Rs 5 lakh for the President of India
-- Rs 4 lakh for the Vice President
-- Rs 3.5 lakh for the Governors

* Jaitley also proposes automatic revision of emoluments of Parliamentarians every five years, indexed to inflation.

* We have already exceeded our disinvestment target, announces Arun Jaitley.
Disinvestment target for 2017-18 has been exceeded and will reach Rs 1 lakh crore. Target for 2018-19 is Rs 80,000 crore.

* 5 lakh WiFi hotspots will be set up in rural areas to provide easy internet access.

* Government will take all steps to eliminate use of cryptocurrencies which are funding illegitimate transactions.

* Govt announces Amrut program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth Rs 19,428 core will be awarded: FM

* NITI Aayog will establish a national programme to direct our efforts in the area of Artificial Intelligence towards national development: FM

* Airport capacity to be hiked to handle 1 billion trips every year.

* Arun Jaitley says that 4,000 km of new railway track will be laid down by 2019.

* All railways stations with footfall more than 25,000 to have escalators, says the Finance Minister.

* Mumbai transport receives Rs 40,000 crore.

* The government will undertake redevelopment of 600 major railway stations across the country.

* Arun Jaitley announces capital expenditure of Rs 1,48,528 crore for Indian Railways in 2018-19.

* National Heritage City Development Augmentation Scheme has been undertaken to preserve and protect heritage cities in the country, announces the Finance Minister.

* Government to contribute 12 per cent of EPF contribution for new employees in all sectors: FM

* Infrastructure is the growth driver of economy: Jaitley

* Target of 3 lakh crore for lending under PM Mudra Yojana: FM

* MSME enterprises are a major element for growth, says Jaitley. He also added that mass formalisation of MSME sector is happening after demonetisation and GST.

* Govt will launch health scheme to cover 10 crore poor families, Arun Jaitley says.

* The Government is slowly but steadily progressing towards universal health coverage: FM

* Government aims to bring 60 crore bank accounts under the Jan Dhan Yojana.

* Eklavya schools to be started for Scheduled Tribe populations: Finance Minister

* Rs 600 crore allocated to Tuberculosis patients undergoing treatment.

* Govt will set up two new Schools of Planning and Architecture, says Finance Minister Jaitley.

* To tackle brain drain, Jaitley announces scheme to identify bright students pursuing B Tech in premiere engineering institutes, and providing them higher-education opportunities in the IITs and IISc. These students will receive handsome fellowships, and will be expected to dedicate a few hours to teach in higher education institutions weekly.
* Specialised railway university to be set up at Vadodara.

* Jaitley proposed integrated BEd programme for teachers: "training of teachers during service is essential." Technology will be the biggest driver in improving the quality of education.

* Budget allocates money for social security and protection programme for all widows and orphaned children.

* We have a target to provide all Indians with their own homes by 2022, says Jaitley.

* Ujjwala scheme to amplify targets, will now provide 8 crore rural women free LPG connections.

* Air pollution in Delhi-NCR has been a cause of concern, govt has proposed subsidised machinery for in-situ management of crop residue in Punjab, Haryana, Uttar Pradesh and NCT Delhi.

* Govt of India will take necessary measures to put in place measures for the state government to purchase surplus solar power produced by local farmers at sutiable prices.

* Arun Jaitley proposes a sum of Rs 500 crore for 'Operation Green' on the lines of 'Operation Flood'.

* Food processing sector is going at an average of 8 per cent per annum.

* We have been saying it for years that India is primarily an agricultural country: Jaitley

* Arun Jaitley on Minimum Support Price of agricultural products: Only increasing the MSP is not enough, the government will fix the MSP of agricultural products at 1.5 times the market rate.

* Our emphasis is on generating higher benefits and productive employment for the farmers: Jaitley while addressing the agricultural sector in his Budget speech 2018.

* Our government has worked sincerely, and without weighing the political costs, hoping that benefits are delivered to people at their doorsteps. The Direct Benefit Transfer system of India is a success story that is reiterated across the world: Jaitley.

* This year's Budget will particularly focus on agriculture, says Jaitley.

* The finance minister also pointed out that India is one of the fastest-growing economies in the world.

* Indian economy has performed very well since our government took over in May 2014, says Arun Jaitley.

* Arun Jaitey recalls the measures -- like GST, FDI, demonetisation, etc. -- taken by the NDA government in the past four years that have impacted the economy of the country.

* Finance Minister Arun Jaitley presents Union Budget 2018-19 in Parliament.

* The cabinet, in a meeting, approved the Budget.

* Union Finance Minister Arun Jaitley has arrived in the Parliament to present his Budget for the year 2018-19.

* The Budget of 2018 is India's first after the implementation of the Goods and Services tax (GST) in June last year.

06/10/2017

DECISION TAKEN IN 22ND GST COUNCIL MEETING

1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturrs & 5% for Restaurent
2. Filing of Returns upto Turnover of Rs. 1.50 Cr - Quarterly (Non Composition Assessee)
3. Refund to Exporters - To be Started from 10.10.2017 for July Month & 18.10.2017 for August Month manually
4. From now Onwards Refund will be granted immediately after filing the Return to the Exporters
5. Postponment of RCM till Dt. 31.03.2018
6. E way Bill implementation postponed till April 2018
7. PAN not needed for Jewellery below Rs. 2.00 Lacs
8. 5 Member Committee to be Constituted for review of Rate of GST for Restaurant & Inter State Sales Transaction for Composition Assessee and Exclusion of Exempted Goods from Total Turnover and ITC to Manufacturers opting Composition Scheme
9. E-Wallet Facility to Exporters from April 2018
10. Advance Licence Holder, 100% EOU, & EPCG Holder can export @ 0.1% till 31.03.2018
11. Exemption from Inter State Service from RCM if Service Provider is having below 20.00 Lacs Turnover
12. TDS / TCS postponed till April 2018
13. Rate of GST changed for 32 Items
14. Man Made Yarn to be Taxed at 12% in stead of 18%
15. Services Job Work of Jari from 12% to 5%
16. Printing Jobwork 5%
17. Govt. Contracts involving High Element of Labour @5%
18. Leasing of Vehicle abatement of 65% which are contracted before 01.07.2017

09/09/2017

GST Council meeting update:

1. Council appoints 5 member inter ministerial committee to study GSTN issues - Union FM will form this committee

2. Returns:
A. GST return dates extended - July GSTR 1 is 10th Oct. however for assesses having annual turnover above 100 crores in a state due date will be 3rd Oct. All other dates also extended.

B. Dates for August and thereafter GSTR 1,2 and 3 dates will be announced later
C. GSTR 3B will have to be filed every month till December

3. Dates for Registration for Composition is being extended - details awaited

4. Penalties will be waived for delay in filing of returns

5. Some kinds of handicrafts and jobworks exempted from registration till 20 lacs - even for inter state

6. GST Rates on 30 goods is reduced, mainly food products and daily use items

7. Branded Food stuff definition amended for stopping evasion by a section of traders

8. GSTR Tran 1 return date extended up to 31st Oct and one revision allowed

9. Car rate changes :

A. Small cars - Below 1200 cc petrol and 1500 cc diesel and less than 4 mtrs - no change

B. Hybrids - no change

C. Mid segment cars - less than 1500 cc but more than 4 mtrs - rate raised by 2%

D. Luxury - more than 1500 cc and 4 mtrs - raised by 5%

E. SUVs - more than 1500cc and more than 4 mtrs and ground clearance more than 170 mm - raised by 7%

Exact date of applicability of these rates is not known as notification is not issued yet.

Exact rates will be known only when notification is issued

10. Screening committee will be looking at expanding definition for government works and accordingly rate of 12% will apply to some more government projects

11. Registration for persons liable for TDS and TCS will commence from 18th Sept however date of deducting TDS/TCS will be notified later

04/09/2017


*Due dates extended*

*July*
GSTR-1- 10th September
GSTR-2- 25th September
GSTR-3- 30th September

*August*
GSTR-1- 5th October
GSTR-2- 10th October
GSTR-3- 15th October

02/02/2017

Budget 2017 - Highlights of Direct Tax Proposals

The threshold limit for audit of business entities who opt for presumptive income scheme proposed to be increased from Rs. 1 crore to Rs. 2 crore.
>>The threshold limit for maintenance of books for individuals and HUF proposed to be increased from turnover of Rs. 10 lakhs to Rs. 25 lakhs or income from Rs. 1.2 lakhs to Rs. 2.5 lakhs. # casansaar
>> The time period for revising a tax return is being reduced to 12 months from completion of financial year, at par with the time period for filing of return.
>> The time for completion of scrutiny assessments is also proposed to be compressed further from 21 months to 18 months for Assessment Year 2018-19 and further to 12 months for Assessment Year 2019-20 and thereafter.
>> Corporate tax rate is proposed to reduce to 25% from A.Y. 2018-19 for Medium and Small Enterprises companies with annual turnover upto Rs.50 crore.
>> The period for carry forward of MAT credit proposed to be increased from 10 years to 15 years..
>> Provisions relating to computation of book profit for the purpose of levy of minimum alternate tax (MAT) for Ind-AS compliant companies introduced.
>> Period of holding for considering gain from immovable property, being land or building or both to be long term is proposed to be reduced from 3 years to 2 years.
>> The base year for indexation proposed to be shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property.
>> No deduction to be allowed under section 80G in respect of donation by any mode other than cash, if such amount of donation exceeds Rs. 2,000.
>> The threshold limit under section 40A(3) for allow ability of revenue expenditure incurred in cash is proposed to be reduced from Rs. 20,000 to Rs. 10,000.
>> Section 44AD proposed to be amended to reduce the existing presumptive taxation rate of 8% to 6%,
>> Section 269ST to be inserted, to provide that no person shall receive an amount of Rs. 3 lakh or more, in aggregate from a person in a day; in respect of a single transaction;or in respect of transactions relating to one event or occasion from a person.
>> The existing rate of income tax applicable on income between Rs. 2.5 lacs to Rs. 5 lacs is proposed to be reduced from 10% to 5% in case of individuals/HUFs or AOPs or BOIs.
>> The rebate of Rs. 5,000 currently available under section 87A in case of an individual resident in India whose total income does not exceed Rs. 5,00,000, is proposed to be reduced to Rs. 2,500, where the total income does not exceed Rs. 3,50,000 from A.Y. 2018-19.
>> Surcharge @ 10% of tax payable is proposed to be levied on individuals/HUFs or AOPs or BOIs whose total income exceedsRs. 50 lakhs but does not exceedsRs. 1 crore. Thereafter, surcharge @15% would continue to be applicable on total income exceeding Rs. 1 crore.
>> New section 194-IB, proposed to be inserted to provide for tax deduction at source @ 5% by an Individuals or a HUF (other than those covered under 44AB), while making payment of rent to a resident of an amount exceeding Rs 50,000 per month or part of month
>> Section 194J proposed to be amended to provide for lower the rate of deduction of tax from 10 % to 2% in case of payments made or credited to a person engaged only in the business of operation of call centre.
>> New section 234F is proposed to be inserted to provide for levy of fees for late filing of return after the due date. Rs. 5,000 would be levied for return filed after the due date but on or before the 31st day of December of the assessment year and Rs 10,000, in any other case. However, where the total income does not exceed Rs. 5 lakh, the fee amount shall not exceed Rs. 1,000.
>> New section 271J proposed to be inserted to provide that penalty of Rs.10,000 would be levied, if an accountant or a merchant banker or a registered valuer furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made there under

Address

Office No 09 & 10 , High Life Residency , Sector 22, Plot No 24, Kamothe , Navi Mumbai
Panvel
410209

Opening Hours

Monday 10am - 7pm
Tuesday 10am - 7pm
Wednesday 10am - 7pm
Thursday 10am - 7pm
Friday 10am - 7pm
Saturday 10am - 7pm
Sunday 10am - 7pm

Telephone

9768691123

Website

Alerts

Be the first to know and let us send you an email when Dinesh Choudhary & Co. posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Dinesh Choudhary & Co.:

Shortcuts

Share

Category