INCOME TAX

Section 193 – TDS from Interest on Securities

Section 193 – TDS from Interest on Securities Who – Any person responsible for paying any interest on securities to a resident. When – Either at the time of credit to the account of the payee or at the time of payment thereof, whichever is earlier Section 2(28B) – Interest on securities: Interest on – …

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DEADLINE TO FILE INCOME TAX RETURNS FOR FY 2018-19 EXTENDED TILL 30 SEPTEMBER

BIG RELIEF TO TAXPAYERS : DEADLINE TO FILE INCOME TAX RETURNS FOR FY 2018-19 EXTENDED TILL 30 SEPTEMBER

Big relief to taxpayers: Deadline to file income tax returns for FY 2018-19 extended till 30 September The government has increased the deadline for filing income tax returns for the financial year 2018-19 from 31 July to 30 September. The Income Tax Department gave this information via tweet. This decision will provide considerable relief to …

BIG RELIEF TO TAXPAYERS : DEADLINE TO FILE INCOME TAX RETURNS FOR FY 2018-19 EXTENDED TILL 30 SEPTEMBER Read More »

If You are Non Filer of ITR for Assessment Year 2019-20 or has not Mentioned any High Value Transaction in ITR, Check Your E-Mail and SMS

IF YOU ARE NON FILER OF ITR FOR ASSESSMENT YEAR 2019-20 OR HAS NOT MENTIONED ANY HIGH VALUE TRANSACTION IN ITR, CHECK YOUR E-MAIL AND SMS UNDER INCOME TAX E-CAMPAIGN

If You are Non Filer of ITR for Assessment Year 2019-20 or has not Mentioned any High Value Transaction in ITR, Check Your E-Mail and SMS Under Income Tax E-Campaign The Income Tax Department is all set to start an 11-day e-campaign on voluntary compliance of income tax for the convenience of taxpayers from Monday …

IF YOU ARE NON FILER OF ITR FOR ASSESSMENT YEAR 2019-20 OR HAS NOT MENTIONED ANY HIGH VALUE TRANSACTION IN ITR, CHECK YOUR E-MAIL AND SMS UNDER INCOME TAX E-CAMPAIGN Read More »

FOR TDS FROM SALARY, YOU WILL HAVE TO CHOOSE YOUR TAX REGIME NOW : CBDT CIRCULAR

The finance ministry has clarified that an employer will have to deduct TDS for FY2020-21, from an employee’s salary on the basis of the new lower tax regime if the employee opts for it and informs the employer of the same. It is further clarified that once the regime is opted by an individual at …

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GOVT. TO ISSUE INCOME TAX AND GST REFUNDS IMMEDIATELY

Government of India Ministry of Finance Department of Revenue New Delhi, the 08th April, 2020 In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would …

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RELAXATION IN TAXATION, MCA DUE TO COVID-19

INCOME TAX (1.) Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. (2.) Aadhaar-PAN linking date to be extended from 31st March, 2020 to 30th June, 2020. (3.) Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020 (4.) Due …

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RAJASTHAN LOCKED DOWN TILL 31st MARCH TO PREVENT COVID FROM SPREADING

Rajasthan Chief Minister Ashok Gehlot on Saturday directed a “complete lockdown” in the state, except for essential services, till March 31. There will be a “complete lockdown”, barring essential and medical services, in Rajasthan from March 22 till March 31 to contain the spread of novel coronavirus and keep people safe, Ashok Gehlot said in …

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CORONA : THE COLLAPSE OF ECONOMY

Have you heard a saying by Vladimir Lenin which says that, “There are decades where nothing happens and there are weeks where decades happens.” We all cannot deny that the past few weeks have witnessed a downfall in the global economy, Can we? The outbreak of COVID-19 has undoubtedly created a dent in the global …

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BREAKING : CA HAS FILED A PIL BEFORE SUPREME COURT FOR CHALLENGING VIVAD SE VISHWAS BILL, 2020

On 16.03.2020, a PIL has been filed before Supreme Court for challenging Vivad Se Vishwas Bill, 2020. The petitioner said that this bill is in violation of Article 14 and 21 of the Constitution of India. The extract of PIL is as under : (1.) The Petitioner is filing the present Writ Petition in public …

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TAX DEMAND ON CASH DEPOSITS DURING DEMONETIZATION PERIOD – SUBJECTED TO SCRUTINY

Background The Central Government had scrapped high-value currency notes of Rs. 500 and Rs. 1,000 denomination on 8th November 2016 and urged people to deposit these notes in their respective banks by 31st December that year, after which they were rendered as void. The step was mainly aimed at checking black money and the people had no …

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ITR filed for the financial year 2018-19 March 31 is your last chance

[1:08 PM, 3/4/2020] Sumedh: The Income Tax Department has, through a tweet, listed important tax-related dates that taxpayers should know for the month of March. Here’s a look at the deadlines that fall in the month of March. ITR Accredited FilingMarch 31, 2020 is the last date for ITR for the financial year 2018-19. If …

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COMPLIANCE REQUIREMENTS FOR MARCH, 2020

About Article : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER THE INCOME TAX ACT, 1961 Income Tax Act, 1961     02.03.2020 Due date for furnishing of challan-cum-statement in respect of tax deducted under …

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SINGAPORE TAXATION : BASICS TO CORPORATE TAXES IN SINGAPORE

Introduction The Fiscal Policy is the government’s means to influence and regulate the economy by means of revenue and expenditure. The two main tools of fiscal policy are – Taxation (for raising revenue and is the major source of Income for government). Expenditure (on public welfare for achieving desirable social and economic goals). Type of …

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PAN – AADHAR LINKING AND MANNER OF PAN BECOMING INOPERATIVE IF NOT LINKED WITH AADHAR

“Tareekh pe tareekh, tareekh pe tareekh, tareekh pe tareekh milti gayi, par woh notification nahi aaya” !! And finally there comes a notification which states the “Manner of making PAN inoperative”. This assures the fact that after multiple extensions of due date for linking PAN and Aadhar, finally the due date coming up i.e. 31st …

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LLP ANNUAL REPORT FORMAT

XYZ………. LLPLLPIN: ……………………… CONTENTS Member’s Report Partners’ Responsibilities Statement Independent Auditor’s Report Limited Liability Partnership Balance Sheet Limited Liability Partnership Profit & Loss Account Notes to the Financial Statements LLP’S PARTNERS’ REPORT The Partners present their ………..st/rd Annual Report on the affairs of the LLP together with the Auditor’s Report and Financial Statements for the Financial Year …

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PRACTITIONER’S GUIDE TO AUDIT OF SMALL ENTITIES (UPDATED 2020) : BY ICAI

PREFACE As we all are aware that smaller entities make a substantial contribution to our Indian economy, and quantitatively the majority of audits are also audits of smaller entities. In India, all entities particularly those in the corporate sector are required to get their accounts audited and even in case of non-corporate sector also, audit …

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THEN AND TODAY’S QUESTION : WHY ADVOCATE SHANTI BHUSHAN MOVED TO SUPREME COURT ON INCOME TAX DEDUCTION FOR HEART SURGERY ??

Income Tax cases are often sordid matters involving deceit, dishonesty and general untasteful behavior. Once in a blue moon though, one may stumble upon a heartwarming story in tax, like the case of Shanti Bhushan vs. CIT. The eminent lawyer Shanti Bhushan, in this particular case, claimed that the expense of having a coronary surgery …

THEN AND TODAY’S QUESTION : WHY ADVOCATE SHANTI BHUSHAN MOVED TO SUPREME COURT ON INCOME TAX DEDUCTION FOR HEART SURGERY ?? Read More »

TDS RATE CHART FOR F.Y. 2020-21 (A.Y. 2021-22)

Section Particulars TDS Rate Individual/ HUF (Indian Resident)(in %) TDS Rate for  (NRI) in India (in %) Domestic Company (in %) Other than domestic Company (in %) 192 Payment of salary Normal Slab Rate Normal Slab Rate – – 192A Payment of accumulated balance of Provident fund which is taxable in the hands of an …

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CORPORATE COMPLIANCE CALENDAR FEBRUARY 2022

CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020

ABOUT ARTICLE : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER : Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications …

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AWARE FOR YOUR IDENTITY DETAILS : RS. 3.49 CRORE IT NOTICE TO SALARIED PERSON

BHOPAL : A 29-year-old man from Bhind district of Madhya Pradesh, presently working with a Business Process Outsourcing (BPO) company in Ludhiana is in a state of shock following an Income Tax department notice, asking him to pay Rs 3.49 crore penalty for alleged transactions worth Rs 132 crores done via a current account in …

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