DCS - Thy Tax Partner

Income Tax Search and Survey Procedure covering rights and duties of person searched   An income tax search and survey is a procedure carried out by the Income Tax Department to collect information and evidence related to the tax liabilities of a person or entity. The search and survey procedure can be initiated if there is suspicion of tax evasion or non-compliance. In this article, we will discuss the rights and duties of a person who is searched during the income tax search and survey procedure with insights from the tax consultants at Dudhoria Consultancy Services Pvt Ltd.   Rights of a person who is searched:   Right to be informed: According to the tax consultants at Dudhoria Consultancy Services Pvt Ltd, the person being searched has the right to be informed about the reasons for the search and the nature of the investigation.   Right to witness the search: The tax consultants further explain that the person being searched has the right to witn...

GST MIGRATION As government moves a step forward to “one nation one tax”, we help you migrate to GST. Once you handover the following documents to us, the responsibility of your migration to GST is ours. GST Migration for Service Tax Assessees has started. Please provide the documents at the earliest to avoid the last minute rush!  CHECKLIST FOR GST ENROLMENT 1.     ACES LOG IN ID & PASSWORD                               OR     PROVISIONAL ID RECEIVED FROM CBEC     PASSWORD RECEIVED FROM CBEC 2.    VALID EMAIL ADDRESS 3.    VALID MOBILE NUMBER 4.    DATE OF BIRTH/ DATE OF INCORPORATION 5.    MOTHER’S NAME OF AUTHORIZED SIGNATORY 6.    PRINCIPAL ITEM OF GOODS TRADED 7.    NAME OF 1 ST EMPLOYEE 8.     COPY OF SERVICE TAX REGISTRATION CERTIFICATE 9.   ...

Applicability of MAT:-         MAT is applicable to All Companies including the Foreign Companies. Analysis of provision of section 115JB:- Where in case of a company, the income tax payable on the Total Income as computed under the income tax act in respect of any previous year is less than 18.5% of its BOOK PROFIT, then such book profit shall be deemed to be the total income of the assessee and the tax payable on such total income shall be the amount of income tax at the rate of 18.5% . This income tax, further has to be enhance by Surcharge (as applicable) and education cess (@3%). In the simple words every company has to compute its income tax liability as per two sets of provisions. Following are the two sets of provisions: ·    Income tax computed as per normal provisions of income tax act. ·          ·  Income tax computed as per provision of section 115JB of income tax act....