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Articles Category : Income Tax
Important Statutory Due dates for Company Annual Filing for FY 2022-23
Posted Date : 12-Apr-2023 , 11:55:11 am | Posted By Ishita Ramani

At the beginning of every financial year, companies registered in India are reminded to take note of all the important due dates for Company Annual Filing. This applies to all types of companies, whether they are Private Limited, Public Limited, Small or Large. It is essential that companies are awa...

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Category : Income Tax | Comments : 0 | Hits : 282

Banks Audit - Revenue Leakage / Income Leakage in Banks
Posted Date : 23-Mar-2023 , 07:33:06 am | Posted By CA.Khurana Vivek

Concept of Revenue Leakage in Bank's Audit :- One of the most important aspects of a bank audit is revenue leakage. In some banks, it is conducted separately while some consider it as a part of Concurrent Audit or Statutory Audit or Internal Audit. The revenue leakages could have two limbs, on...

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Category : Income Tax | Comments : 0 | Hits : 1996

Serious Fraud Investigation Office (SFIO) - Investigation into affairs of Company
Posted Date : 26-Feb-2023 , 01:47:51 pm | Posted By CA.Khurana Vivek

Serious Fraud Investigation Office (SFIO) – Establishment In 2002, the Naresh Chandra Committee had recommended setting up a ‘Corporate Serious Fraud Office’, to uncover corporate fraud, and supervise prosecutions under various economic legislations. It came into existence mainly...

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Category : Income Tax | Comments : 0 | Hits : 723

Income Tax Raid - Search or Survey | Difference between Income Tax Search & Income Tax Survey
Posted Date : 20-Feb-2023 , 10:32:02 pm | Posted By CA.Khurana Vivek

Often termed as Raid by laymen,. Apparently, there is no word called “raid” in the Income Tax Act. SEARCH SURVEY Search’ means a thorough inspection of the building, place, vehicle, vessel, aircraft and of the person. Seizure’ means taking possession under the au...

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Category : Income Tax | Comments : 0 | Hits : 483

Deduction u/s 43B of Income Tax Act on Timely Payment to MSMEs - Advantages / Disadvantages
Posted Date : 13-Feb-2023 , 10:39:04 pm | Posted By CA.Khurana Vivek

Budget Proposal - Clause (h) of Section 43B of Income Tax Act, 1961 | Deduction u/s 43B of Income Tax Act on Timely Payment to MSMEs - Advantages / Disadvantages.   Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Further, the proviso ...

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Category : Income Tax | Comments : 0 | Hits : 672

How Much GOLD can You Keep at Home and How is it Taxed? Must Check limits Here
Posted Date : 13-Feb-2023 , 10:35:15 pm | Posted By CA.Khurana Vivek

Gold is more than a precious metal in India. It represents traditions, customs, love and a lot of emotions. But as much as Indians love to hold gold, there is confusion as to how much of gold can people keep including the inherited and purchased.   How much gold you can keep at home? How ...

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Category : Income Tax | Comments : 0 | Hits : 440

Supreme Court Latest Judgement on Leave Travel Concession (LTC)
Posted Date : 13-Feb-2023 , 10:33:45 pm | Posted By CA.Khurana Vivek

Supreme Court Latest Judgement on Leave Travel Concession (LTC) - Exemption of LTC u/s 10(5) on Foregin Travel ? - Whether TDS to be Deducted on LTC-Reimbursements?   State Bank of India vs Assistant Commissioner of Income Tax. (CJI UU Lalit, Justices Ravindra Bhat and Justice Sudhanshu D...

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Category : Income Tax | Comments : 0 | Hits : 397

Double TDS : Non Filing of income tax return by due date...
Posted Date : 14-Mar-2022 , 11:38:15 am | Posted By CA. Dr. Gaurav Bhambri

Budget 2022 proposed that if you haven’t filed your income-tax returns for a year, you will need to pay a higher TDS (tax deducted at source). Earlier, this window was two years. But there is a catch. The due date to file your returns for income earned in 2021-22 is coming up in July 202...

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Category : Income Tax | Comments : 0 | Hits : 5582

Undisclosed income found in tax raids : Budget 2022 bars set off of losses
Posted Date : 07-Feb-2022 , 05:43:58 pm | Posted By CA. Dr. Gaurav Bhambri

In this article we explored The Budget 2022 which has proposed a new anti-tax evasion rule that will prevent people from misusing the provision of setting off losses on any undisclosed income discovered during a search operation or a survey by the income tax department. The Finance Bill 2022 has pro...

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Category : Income Tax | Comments : 1 | Hits : 8498

Guidance on uploading of Manually submitted Form 15CA and Form 15CB
Posted Date : 03-Feb-2022 , 04:09:04 pm | Posted By CA. Rahul Dwivedi

Guidance on uploading of Manually submitted Form 15CA and Form 15CB 7th between June to 15th August 2021 At the initial time of Migration from Old income Tax Portal to Advance version of Income Tax Portal, the facility for uploading the form 15CA & 15CB was not activated on the new portal &...

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Category : Income Tax | Comments : 0 | Hits : 4842

TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions
Posted Date : 02-Feb-2022 , 01:46:47 pm | Posted By KRIESHAN GROVERR

TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions :  Nature of Payment Basic Cut off (Rs) Individual /Company and others New Rate %) If No Pan or Invalid PAN (Rate %) 192 – Salaries Slab Rate ...

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Category : Income Tax | Comments : 0 | Hits : 2748

Taxation on Income from Crypto/Crypto currency
Posted Date : 01-Feb-2022 , 05:39:04 pm | Posted By Vijay Kumar Gupta

Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency (Effective for the AY 2023-24) These are specific sections i.e., 2(47A), 115BBH, & 194S are proposed to be inserted under Income-tax Act by Finance bill 2022-23 to tackle the taxation issues relating to the transacti...

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Category : Income Tax | Comments : 0 | Hits : 1711

Plan to ban most cryptocurrencies : India is set to go ahead with its plan under a long-awaited bill.
Posted Date : 26-Dec-2021 , 11:21:17 am | Posted By CA. Dr. Gaurav Bhambri

In this article main highlights are the planned legislation aims "to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)".According to a government bulletin, the ban is part of the proposed Cryptocurrency and Regulati...

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Category : Income Tax | Comments : 0 | Hits : 940

First Mover Asia: Asia Bump Sends Bitcoin Over $49K
Posted Date : 22-Dec-2021 , 07:21:14 pm | Posted By CA. Dr. Gaurav Bhambri

After a price bump during Asian hours, bitcoin was well above the $48,000 level for all of Tuesday after the opening of U.S. markets. At the time of publication, bitcoin had soared beyond the $49,000 threshold. While bitcoin sellers have dominated the market during Asian hours for...

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Category : Income Tax | Comments : 0 | Hits : 1105

Taxation of gains on crypto currencies
Posted Date : 02-Dec-2021 , 06:05:58 pm | Posted By Mahesh Bansal

Millions of Indians have invested in crypto currencies and have made huge gains in last couple of years. Now, it is the time to file their income tax returns. But they are not sure how to treat the income from cryptocurrency trading in their ITR. Nothing is specifically prescribed in Income Tax laws...

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Category : Income Tax | Comments : 0 | Hits : 1854

Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks for the year 2021-22
Posted Date : 14-Oct-2021 , 07:50:21 am | Posted By CA.Khurana Vivek

Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks for the year 2021-22 Sl. No. Name of the Bank Names of audit firms approved for appointment as SCAs for FY 2021-22 Term in FY 2021-22 (in years)     1 ...

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Category : Income Tax | Comments : 0 | Hits : 7719

Turnover Calculation & Taxability of Future & Options – Simplified
Posted Date : 06-Oct-2021 , 03:30:27 pm | Posted By CA Akhil Kumar

Future and Options is a derivative tool which was designed to hedge a portfolio but we all are aware that it has become one of the most traded instruments for regular gains. Hence Income Tax has realized the above and the Income from Future and Options is taxable under the head ‘Income from ...

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Category : Income Tax | Comments : 0 | Hits : 1823

Latest GST News, Information, Notifications & Announcements
Posted Date : 18-Aug-2021 , 05:59:53 pm | Posted By CA. Dr. Gaurav Bhambri

Author CA.Dr. Gaurav Bhambri   Latest GST News 1. 2021 GST Updates 30th July 2021 A GST registered person whose aggregate turnover in the financial year 2020-21 is up to Rs.2 crore has been given exemption from filing Form GSTR-9 (annual return) for the FY 20202-21. The section 35...

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Category : Income Tax | Comments : 0 | Hits : 1712

Solution to problem of New Income Tax Portal
Posted Date : 17-Aug-2021 , 03:55:17 pm | Posted By CA. Dr. Gaurav Bhambri

In this article, I have tried to cover up most of the issues commonly being faced & there suggested resolutions. 1. Whether filing of ITR for AY 2021-22 started on New Income Tax Portal? Yes, ITR filing has started on New IT Portal. Form ITR 1 & ITR 4 can be filed with both offline utility...

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Category : Income Tax | Comments : 5 | Hits : 7618

90 unique problems related to new income tax e-filing portal reported
Posted Date : 17-Aug-2021 , 03:49:38 pm | Posted By CA. Dr. Gaurav Bhambri

The government has said that more than 700 emails dealing with 2000 issues including 90 unique issues/problems in the new income tax e-filing portal have been received from various stakeholders. These issues were reported by various stakeholders including tax professionals, Institute of Chartered Ac...

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Category : Income Tax | Comments : 4 | Hits : 9396

Government includes Retail and Wholesale Trade as MSMES
Posted Date : 24-Jul-2021 , 05:14:04 pm | Posted By Lalit Rajput

Government includes Retail and Wholesale Trade as MSMES From 2nd July, 2021, the Government has included Retail and Wholesale Trades as MSMEs. The Government, vide notification no. S.O. 2119(E) dated 26.06.2020, had notified composite criteria of classification of MSMEs based on investment in...

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Category : Income Tax | Comments : 0 | Hits : 417

(DIN) Director Identification Number
Posted Date : 22-Jul-2021 , 05:42:08 pm | Posted By CS MANJU LAUR

                                                                                     ...

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Category : Income Tax | Comments : 0 | Hits : 869

TAX Deducted on Source- Provisions for TDS on Purchase of Goods
Posted Date : 17-Jul-2021 , 04:04:13 pm | Posted By Ishita Ramani

  TDS- Tax Deducted at Source, is deducted for the payment that exceeds a specified due limit. However, this was the case earlier. But now, from 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to ded...

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Category : Income Tax | Comments : 0 | Hits : 428

FORM NFRA -2 National Financial Reporting Authority
Posted Date : 10-Jul-2021 , 01:29:55 pm | Posted By SUJEET KUMAR

FORM NFRA - 2   Applicable Section Section 132 of the Companies Act, 2013 and rule 3 and 5 of the National Financial Reporting Authority Rules, 2018. Provision Annual Return to be filed by Auditor with the National Financial Reporting Authority. Applicability Applicable on ...

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Category : Income Tax | Comments : 0 | Hits : 388

Section 206AB of the income tax act which will be effective from 01.07.2021
Posted Date : 12-Jun-2021 , 08:37:35 am | Posted By Shilpa Sardana

A new section 206AB in the income tax Act has been introduced which will be effective from 01.07.2021 - as a special provision providing for higher rate of TDS for the non filers of income tax return. This section impose a higher rate of TDS if the transactions are done with the non filers of income...

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Category : Income Tax | Comments : 0 | Hits : 1880

Important Income Tax Provisions applicable to Co-Operative Societies.
Posted Date : 23-Mar-2021 , 05:59:11 pm | Posted By CA M.RAGHAVENDRA PRASAD

The Income Tax Provisions, as applicable to Co-Operative Societies  are lucidly mentioned herein below : 1. Section 40A particularly Sub- Section (3): If any payment , whether Capital Expense or Revenue Expense , exceeding Rs 10,000:/is made on one day to one person , then in computing Business...

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Category : Income Tax | Comments : 0 | Hits : 2902

DOWNSIDE OF BELATED RETURN
Posted Date : 15-Mar-2021 , 02:16:37 pm | Posted By RAMAN KUMAR

As per rules notified under section 234F of the Income Tax Act which came into effect from 1 April 2017, filing your ITR after the due date, can make you liable to pay a maximum penalty of Rs 10,000.  ** However a relief to small taxpayers, the Income Tax Department has stated that if your&nbs...

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Category : Income Tax | Comments : 0 | Hits : 3123

Difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020
Posted Date : 24-Feb-2021 , 10:26:47 pm | Posted By TIKARAM CHAUDHARY

This article is an attempt to elaborate the difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020 effective from 01.04.2021. Background Gratuity being an important retirement benefit to employees in...

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Category : Income Tax | Comments : 0 | Hits : 3103

कैटल्स की बिक्री, टैक्सेबल taxfree?
Posted Date : 18-Jan-2021 , 02:57:09 pm | Posted By RAGHUVEER SINGH POONIA

कैटल्स की बिक्री, à&c...

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Category : Income Tax | Comments : 0 | Hits : 3493

Residential status of taxpayers in India
Posted Date : 21-Dec-2020 , 05:37:45 pm | Posted By RAGHUVEER SINGH POONIA

Some smart taxpayers, along with some smart tax consultants, had developed a system that they would not pay tax in any country of the world. In the finance act 2020,  for such taxpayers, the Government of India has tried to bring such taxpayers into the tax net by introducing a new concept "Dee...

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Category : Income Tax | Comments : 0 | Hits : 2726

 
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