Ak's Blog

Sec 194DA: TDS on sum received under life insurance policy 1.        What is the amendment in the sec 194DA as per finance bill, 2019? In section 194DA of the Income-tax Act, for the words “one per cent”, the words“five per cent on the amount of income comprised therein” shall be substituted with effect from the 1st day of September, 2019. 2.        Discuss the provision of section 194DA before amendment by finance bill, 2019? Under section 194DA of the Act, a person is obliged to deduct TDS, if it pays any sum to a resident under a life insurance policy which is not exempt under sec 10 (10D). At present, TDS is required to be deducted @ 1% on such sum at the time of payment. However, TDS is not deductible if the amount of such payment is less than one lakh rupees. As per Section 10(10D), any sum received under life insurance policy, including the sum allocated by way of bonus on such policy, is exempt in any...

CA Final Result will be announced today, 13th August,2019 (evening) or tomorrow, 14th August,2019  ICAI changed the timing of CA Final Result yesterday. Now the results of the Chartered Accountants Final Examination(Old course & New Course) and Foundation Examination held in (May-June) 2019 are likely to be declared on Tuesday, the 13th August, 2019 (evening) / Wednesday, the 14th August 2019 and the same as well as the All India merit (upto the 50th Rank) can also be accessed by candidates on the following websites: 1. icaiexam.icai.org 2. caresults.icai.org 3. icai.nic.in Arrangements have also been made for the candidates of Final Examination (Old course & New Course), and Foundation Examination desirous of having results on their e-mail addresses to register their requests at the website i.e. icaiexam.icai.org from 10th August 2019. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above...

Get CA Exam Answer Sheet copies at Rs. 2 per page under RTI Now CA students and members get Answer Sheet copies at Rs. 2 per page under RTI : Supreme Court Orders! RTI Act is the most revolutionary act for setting out the practical regime of Right to Information, the 3 Key building pillars behind the act are Responsibility, Transparency and Accountability, which empowered Indian Citizens to secure access to information directly from the Government/Public Authorities. In this article, I have penned down various Hon’ble Supreme Court judgements, provisions of the RTI Act, 2005, provisions of the examination body for providing certified copies of answer books and also covers exclusively on the RTI process flow, application format, payment of fees etc., for CA students and members to obtain certified copies from the Institute of Chartered Accountants of India (ICAI) at a nominal cost of  Rs. 2/- per page. ICAI procedure to obtain Certified Copies As you are aware of the...

Rate of income tax as per finance act, 2019 Rate of income tax – Surcharge and Tax rate for company I. Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 There is no change in this part. It is same as provided earlier. In respect of income of all categories of assessees liable to tax for the assessment year 2019-20, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First Schedule to the Finance Act, 2018 for the purposes of computation of “advance tax”, deduction of tax at source from “Salaries” and charging of tax payable in certain cases. 1) Surcharge on income-tax The amount of income-tax shall be increased by a surcharge for the purposes of the Union,— (a) in the case of every individual or Hindu undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial jurid...