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 – …
Important Income Tax (Direct Tax) Amendments (since 2019)
Government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019.
EXPLORING SECTION 80D – DEDUCTION IN RESPECT OF HEALTH INSURANCE PREMIA
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 …
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 …
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 …
FOR TDS FROM SALARY, YOU WILL HAVE TO CHOOSE YOUR TAX REGIME NOW : CBDT CIRCULAR Read More »
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 …
GOVT. TO ISSUE INCOME TAX AND GST REFUNDS IMMEDIATELY Read More »
Due to the ongoing lockdown in the wake of Coronavirus, the Income Tax Department has extended the period to fill the 15G and 15H forms for the current financial year to June 30 (for individuals). These forms have to be filled at the source of interest income for exemption from tax deduction i.e. TDS. This …
No extension of the Financial Year : There is a fake news circulating in some section of media that the financial year has been extended. A notification issued by Govt of India on 30.03.2020 with respect to some other amendments done in Indian Stamp Act is being misquoted. There is no extension of the financial …
NO EXTENSION OF FINANCIAL YEAR : CLARIFIES FINANCE MINISTRY Read More »
As per Income Tax Act ; TDS is to be deducted when the payment is made or when the amount is credited in the Books, whichever is earlier. So, The TDS Provisions are very clear that if any amount of Expense is charged to Profit & Loss account which attracts TDS deduction, TDS has to …
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 …
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 …
RAJASTHAN LOCKED DOWN TILL 31st MARCH TO PREVENT COVID FROM SPREADING Read More »
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 …
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 …
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 …
TAX DEMAND ON CASH DEPOSITS DURING DEMONETIZATION PERIOD – SUBJECTED TO SCRUTINY Read More »
[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 …
ITR filed for the financial year 2018-19 March 31 is your last chance Read More »
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 …
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 …
SINGAPORE TAXATION : BASICS TO CORPORATE TAXES IN SINGAPORE Read More »
“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 …
PAN – AADHAR LINKING AND MANNER OF PAN BECOMING INOPERATIVE IF NOT LINKED WITH AADHAR Read More »
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 …
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 …
PRACTITIONER’S GUIDE TO AUDIT OF SMALL ENTITIES (UPDATED 2020) : BY ICAI Read More »
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 …
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 …
In Union Budget, 2020, the Finance Minister has launched new optional income tax slab rates. As per the conditions mentioned in new regime, some of the exemptions and deductions will not allowed. But there are some exemptions and deductions, which will continue in new tax regime. These are as under :
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 …
CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020 Read More »
The Union Budget, 2020 provides New Income Tax Slab Rates, which are as follows : Income from Rs. 5 Lakh to 7.50 Lakh : 10% Income from Rs. 7.50 Lakh to Rs. 10 Lakh : 15% Income from Rs. 10 Lakh to Rs. 12.50 Lakh : 20% Income from Rs. 12.50 Lakh to Rs. 15 …
BREAKING : GOVT. PROVIDES OPTIONAL INCOME TAX SLABS IN UNION BUDGET 2020 Read More »
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 …
AWARE FOR YOUR IDENTITY DETAILS : RS. 3.49 CRORE IT NOTICE TO SALARIED PERSON Read More »
