Smart Auditing & Legal Services

Smart Auditing & Legal Services We Are Providing service in the areas like Auditing & Accounting ,Legal, Income tax & Sales tax rel

Voluntary compliance of TI for the fy 2018-19
19/07/2020

Voluntary compliance of TI for the fy 2018-19

Slab rate
10/07/2014

Slab rate

Income tax highlights
10/07/2014

Income tax highlights

12/06/2013

TDS on Purchase of Immovable Property (Section 194IA).

1. Section has been inserted w.e.f. 01.06.2013.
2. Deductor & Deductee: Any person (being a transferee) responsible for paying (other than person referred to in section 194LA) to a Resident transferor any sum by way of consideration for transfer of any immovable property (other agricultural land in rural area in India), is liable to deduct the TDS under this section.
3. Time of deduction: At the time of payment or credit to the transferor in the books of transferee, whichever is earlier.
4. Rate of TDS:-
a. In case of PAN of Deductee is available-1%
b. In case of NO PAN of Deductee is available-20%
5. Limit: No TDS is to be deducted when consideration is less than Rs 50, 00,000.
6. Provision of TAN not applicable.
7. Immovable property means any land or building or part of building. Such may be situated in India or may be situated out of India.

PLEASE READ FOLLOWING VIEWS/OPINION ALSO:-

1. Under the registry of property purchased, we have to mention the consideration paid along with required TDS deducted.
2. In case property is financed by the any financial institution or banks :
a. 100% financed by the bank: Although it is not practically possible that any bank can finance the property 100% yet purchaser has to give standing instructions to the financing bank or institution for deducting the TDS out of the total consideration paid or to be paid, as the case may be & depositing the same.
b. In case or promoter contribution case i.e. less than 100% finance by the bank:
In such cases, purchase can deduct the TDS out of the total sum to be financed by the himself & can deposited in to bank & Rest portion will be financed by the bank.
3. In case of instalment system of payment is followed , TDS is required to be deducted on all such instalments individually which fall due after 01.06.2013 & whose cumulative amount is more than 50lacs.but only on principal portion ,not on the interest portion or penalty portion (if any).
4. Threshold limit of Rs 50 lacs will be applicable to each & every property separately.
5. Property can be of residential or official purpose.
6. Transferor can be dealer, user of the property or salaried class employee.
7. TDS under section 194IA is to be deposited on CHALLAN cm Statement on Form 26QB.
8. Online Payment of TDS is mandatory. Online payment CHALLAN is available in TIN NSDL Website.
9. TDS certificate must be issued to deductee (buyer) in Form 16B within 15 days from due date of deposit.

12/06/2013

Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to Rs 50 crore turnover for FY 2013-14

However, ICAI demanded this audit limit be reduced to its original limit of Rs 8 crore so that rural including panchayat level branches are audited every year for transparency of business.

07/02/2013

Accountancy – Purpose :-

a) To ascertain profit and loss of the business by preparing Trading and profit and loss
account/ Income statement and financial position of the business by preparing Balance
Sheet/ Position Statement after a certain period say calendar year (1st January to 31st
December) OR financial year (1st April to 31st March).
b) To have proper control over firm’s property.
c) Provides information required for planning, control, evaluation of performance and decision
making.
d) It fulfills the purpose of collecting information on resource usage for trend analysis,
auditing, billing, or cost allocation.
So, in order to achieve the purposes, it is necessary to record, classify and summarize
business transactions according to a well devised system called (book keeping in elementary
stage) and (accounting in advanced stage).

02/02/2013

Judicial update:
Employees contribution to provident fund n ESI paid after due date prescribed under the relevant enactments but paid before due date specified u/s 139 I T Act 1961 are allowable as deduction u/s 43B ...held by HP HC in 350 ITR 327

19/01/2013

Honorable Finance Minister could you please be our Santa Nation is gearing up for the Budget Expectantly this Budget is not just a twelve monthly work out but a

19/01/2013

The Ministry of Finance had come out with General Anti Avoidance Agreement (GAAR) in this buget. But due to its opposition from many quarters especially the FII’s(Foreign Institutional Investors), Government formed a expert Committee to look in to the GAAR & make some changes to it.

14/01/2013

We can never obtain peace in the outer world until we make peace with ourselves.---Dalai Lama

06/01/2013

Can an insurance company deny compensation to a road accident victim's kin if the vehicle involved is a stolen one ?

the answer is No, subject to the condition that the vehicle must have a valid insurance cover and there wont be any breach of policy condition by the insured.

(Though on the date of accident the vehicle was not in the custody of the owner, it duly insured. The insurance company had not proved that the insured had violated/breached the policy condition)

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