TDS Rates and Compliances for the Financial / Tax Year 2026-27

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Deduction Under Section 80JJAA - Towards Additional Employment in Units

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Section of 80JJAA of Income Tax Act, 1961 has been amended with effect from 1st of April 2017 with the following objectives: To facilitate job creation and employment generation. To promote cashless economy by mandating the employers to make payments by banking channels. To achieve better profitability by helping the Organisations reduce their Employee Cost by providing additional deduction. Applicability : The Section is applicable to all the assesses who are earning income under the head Business and Profession and Tax Audit Provisions under section 44AB are applicable i.e., Gross Sales should be more than Rs.1.00 Crore in a financial year. Benefit: The assessee can claim deduction of 30% of additional employee cost incurred   during the year as expenditure, for a period of 3 assessment years. Conditions: 1.         New Recruitments should be made in the previous year starting i.e.: from financial year ...
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Compliances - Limited Liability Partnership

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LIMITED LIABILITY PARTNERSHIP (LLP) – COMPLIANCES             1.  SUBMISSION OF FORMS/RETURNS WITH MCA: LLP FORM PURPOSE OF FORM DUE DATE PENALTY FOR LATE FILING LLP Form 3 Information with regards to LLP agreements and changes, if any Within 30 days of Change Rs. 100 per day LLP Form 4 (Refer Note) Ø       Notice of : ¨        appointment , ¨        cessation, ¨        change in name/ address / designation of a designated partner or partner ¨         consent to become a partner/Designated partner Within 30 days of appointment/cessation/change/consent Rs. 100 per day LLP Form 5 Notice  for change of Name of LLP Within 30 days of change Rs. 100 per day ...
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Brief Note on Transfer Pricing Mechanism and Documentation in India

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The Provisions of Transfer Pricing would be applicable to all transactions entered with ‘Associated Enterprises’ and such transactions are to be made at ‘Arm’s Length Price’.  Two enterprises shall be deemed to be associated enterprises, if one enterprise or its Shareholders/Members/ their relatives are interested in other enterprise directly or indirectly, through  advancing loan, share holding, supply of technical know how, supply of raw material, influencing prices, other conditions, etc.  Arm’s Length Price is the amount of consideration for a transaction between two unrelated parties. Regarding Arm’s Length Price, Section 92C prescribes following Methods for determining the arm’s length price and Company has to apply most appropriate method for determination of price. a)        Comparable Uncontrolled Price Method : Comparable Uncontrolled price is the  price charged for goods sold or services rendered in respect of a c...
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