New Income Tax Return Forms for Assessment Year 2015-16

New Simplified Income Tax Return Forms for Assessment Year 2015-16 Notified The CBDT has notified new ITR 1, ITR 2, ITR 2A, ITR 4S, ITR V and has also amended Rule 12 vide Notification No. 49/2015. The new ITRs have replaced the 14-page form notified earlier this year, triggering controversy that filing would become cumbersome as those forms had sought details including foreign trips

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Definitions as per Section 2 of the Companies Act, 2013

Unless the context otherwise requires, definitions of various terms under respective clauses of Section 2 of the Companies Act, 2013 are as under: (1) “abridged prospectus” means a memorandum containing such salient features of a prospectus as may be specified by the Securities and Exchange Board by making regulations in this behalf; (2) “accounting standards” means the standards of accounting

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Annual Information Return for High Value Financial Transactions – An Overview

What is Annual Information Return? As per the amendment to Section 285BA of the Income Tax Act, 1961, specified entities (Filers) are required to furnish an Annual Information Return (AIR) in respect of specified financial transactions (high value financial transactions) registered / recorded by them during the financial year (beginning on or after April 1, 2004) to the specified income

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