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 |
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MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML)
Posted Date : 31-Oct-2020 , 09:58:31 pm | Posted By
Lalit Rajput
MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML)
Key highlights:
MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal ‘Champions’ to assist MSMEs of the country
Ministry impl...
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Category : Income Tax |
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TAX COLLECTION AT SOURCE [SEC. 206C (1H) OF INCOME TAX ACT, 1961]
Posted Date : 04-Oct-2020 , 11:56:59 am | Posted By
Santhosh Gupta Kethepalli
Tax Collection at Source [Sec. 206C (1H) of Income Tax Act, 1961]
Introduction:-
Section 206C of the Income Tax Act provides for the collection of Tax at Source
In order to widen and deepen the tax, a new sub-section (1H) is inserted with effect from 1st October, 2020.
Who is Liable to coll...
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Category : Income Tax |
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Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT
Posted Date : 25-Sep-2020 , 12:33:12 pm | Posted By
Santhosh Gupta Kethepalli
Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT
Introduction:-
Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits.
Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems i...
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Category : Income Tax |
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When Income of a Previous Year assessed in Previous Year Itself
Posted Date : 16-Sep-2020 , 12:55:58 pm | Posted By
Santhosh Gupta Kethepalli
Cases where Income of a Previous Year will be assessed in the Previous Year itself under Income Tax.
General Rule:-
Income of a previous year is assessed in the assessment year following the previous year.
Exception to this rule:-
Cases where income of a previous year is assessed in the p...
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Category : Income Tax |
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Why Qualified Actuary needed to compute Gratuity Liability of School / University
Posted Date : 11-Sep-2020 , 11:33:05 pm | Posted By
TIKARAM CHAUDHARY
This article is in continuation with my earlier article “Payment of Gratuity Act is fully applicable to Teachers in Schools“. This article is attempt to give the briefing about “Need of Actuarial Services of A Qualified Actuary for computation of Gratuity Liability for Ac...
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Category : Income Tax |
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Payment of Gratuity Act is fully applicable to Teachers in Schools
Posted Date : 11-Sep-2020 , 11:20:51 pm | Posted By
TIKARAM CHAUDHARY
This article is prepared to create awareness amongst CA’s, Accounting/Finance Personnel & Management of Schools about Supreme Court Judgment dated 07.03.2019 about Eligibility of Teachers in Schools for Gratuity Benefits under the ‘Payment of Gratuity Ac...
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Category : Income Tax |
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Formation of An Approved & Registered Gratuity Trust
Posted Date : 11-Sep-2020 , 11:06:48 pm | Posted By
TIKARAM CHAUDHARY
indian and Multinational Companies form Gratuity Trust in terms of Part C of Fourth Schedule of IT Act, 1961 for getting tax benefits available under Section 36 (1) (v) & Section 10 (25) (iv) of the Income Tax Act, 1961. These 2 Tax Benefits Are Not Available To Companies, If They Make The ...
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Category : Income Tax |
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A General Discussion on Notice issued U/s 142
Posted Date : 06-Sep-2020 , 07:10:08 pm | Posted By
Akash Dhanuka
Notice u/s 142(1) of the Income Tax Act, 1961
Rationale behind introduction of Section 142 in the Act:
Assessee fails to file the ROI within due date u/s 139(1) is expose to risk of Best Judgment Assessment us 144 of the Act.
It would be unfair for him if after the due date revenue ...
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Category : Income Tax |
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All you need to know about TCS on sale of Goods
Posted Date : 02-Sep-2020 , 12:32:48 pm | Posted By
Ravi Ladia
TDS and TCS have been a reliable weapon for the Government over the years serving the varied objectives of preventing tax evasion, widening the tax base and ensuring steady revenue collection for the Government. Thus, over the years, the Government’s clear intention has been to bring as many t...
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Category : Income Tax |
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TRANSPARENT TAXATION: SEAMLESS AND FACELESS
Posted Date : 14-Aug-2020 , 06:22:04 pm | Posted By
Supriya Dewan
TRANSPARENT TAXATION: SEAMLESS AND FACELESS
With an aim to bring greater transparency, easing tax compliances and benefiting the honest taxpayers the platform for faceless assessment, faceless appeal has been launched which would change the way taxes have been paid in India. The tax a...
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Category : Income Tax |
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DTVSV (Vivad se Vishwas Scheme 2020)
Posted Date : 11-Aug-2020 , 06:36:29 pm | Posted By
GURMUKH KOTWANI
DTVSV
Vivad se Vishwas Scheme 2020
Objectives of Vivad Se Vishwas Scheme 2020
Reduce income tax pending litigation
Generate timely revenues for the Government
Help taxpayers end their tax disputes with the department by paying disputed tax and get waiver from...
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Category : Income Tax |
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Need Income Tax planning for school
Posted Date : 15-Jul-2020 , 11:19:32 am | Posted By
CA Sandeeprawat
Need Income Tax planning for school
Government E...
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Category : Income Tax |
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0 | Hits : 467 |
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FM announces Relief for Stranded NRIs due to COVID Lockdown
Posted Date : 10-Jul-2020 , 10:57:26 am | Posted By
Ca For Nri
FM announces Relief for Stranded Non-Resident Indians and Foreign Nationals for NRI tax rules due to COVID Lockdown. On Friday, Indian Finance Ministry allowed discounting of prolonged stay period in India to determine residency status amid the lockdown. In a much anticipated and awaited relief for ...
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Category : Income Tax |
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NRI: Planning to Come Back to India for Good? Check-Points Explained
Posted Date : 10-Jul-2020 , 10:55:32 am | Posted By
Ca For Nri
An individual chooses to stay outside India and work day and night away from family and social circle for years and decades. The intentions are to have better living standards by earning more, looking at opportunities available vis-a-vis in his own home country. The apparent intentions of a person...
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Category : Income Tax |
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TAX BENEFITS NOT TO BE MISSED BY SENIOR CITIZENS
Posted Date : 09-Jul-2020 , 02:48:44 pm | Posted By
Supriya Dewan
TAX BENEFITS NOT TO BE MISSED BY SENIOR CITIZENS
Who is a senior and very senior Citizen under Income tax Act?
Income tax Act 1961 categorizes senior citizens into senior and very senior citizens: SENIOR CITIZEN: Those who have attained the age of 60 years or above are senior citizens and ...
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Category : Income Tax |
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Concept of Merchant Exporter
Posted Date : 07-Jul-2020 , 10:03:06 am | Posted By
Ajay Kumar
Concept of Merchant Exporter With recent changes of indirect tax, the Council noticed...
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Category : Income Tax |
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Prohibited use or application of income or property OF Charitable trust
Posted Date : 27-Jun-2020 , 03:06:36 pm | Posted By
CA Sandeeprawat
Prohibited use or application of income or property OF Charitable trust when any part of the income or any property of the trust whenever created, is, during the previous year, used or applied directly, for the benefit of any person referred to in section 13(3), the denial of exemption opera...
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Category : Income Tax |
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GEARING UP FOR ASSESSMENT YEAR 2020-21 & SUBSEQUENT ASSESSMENT YEARS
Posted Date : 22-Jun-2020 , 08:47:41 pm | Posted By
Supriya Dewan
GEARING UP FOR ASSESSMENT YEAR 2020-21 & SUBSEQUENT ASSESSMENT YEARS
BACKGROUND: This article shall provide an insight into changes in Income tax forms, additional disclosures required by income tax department and main considerations while filing Income tax returns. It is advisable for u...
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Category : Income Tax |
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HOW TO MAINTAIN FINANCIAL HEALTH DURING COVID-19
Posted Date : 25-May-2020 , 10:01:01 pm | Posted By
Supriya Dewan
HOW TO MAINTAIN FINANCIAL HEALTH DURING COVID-19
BACKGOUND: The whole world economy is expecting an uncertainty and hardship because of the unprecedented COVID 19 pandemic. There has been a slump in stock markets, failures in reviving businesses, catastrophic impact on workings hours and earni...
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Category : Income Tax |
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OPPORTUNITY IN CHAOS: THE ERA OF STARTUPS AND INNOVATION
Posted Date : 20-May-2020 , 09:50:49 pm | Posted By
Supriya Dewan
OPPORTUNITY IN CHAOS: THE ERA OF STARTUPS AND INNOVATION
BACKGROUND:
The COVID 19 pandemic persists to be a health and human crisis, but the impact on business organisations is sagacious. Amidst this crisis, the major focus of Government is on promotion of start-ups as they are much more flexible,...
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Category : Income Tax |
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Dividends - No longer Tax Exempt?
Posted Date : 09-May-2020 , 02:34:52 pm | Posted By
CA (CS) Ujjwal Jindal
In India, there are numerous instruments available for an investor wherein he can park his fund and reap a bonus/reward. Depending on the type of instrument, this bonus/reward has been named differently. When the investment instrument is debt, the bonus/reward is termed as interest and when it is eq...
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Category : Income Tax |
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Recovery of Outstanding Tax Demand- Resources with the assesse
Posted Date : 05-May-2020 , 11:57:10 am | Posted By
CA MUKESH KABRA
RECOVERY OF OUTSTANDING TAX DEMAND Month of February is the Valentine month and everyone in this world must grapple with their respective valentine. Taxman will also be busy with their valentine i.e. Recovery of the tax arrears whereas tax practisoners will also be busy with their valentine i.e. Pr...
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Category : Income Tax |
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Decoding of section 115BAB
Posted Date : 05-May-2020 , 11:54:55 am | Posted By
CA MUKESH KABRA
DECODING OF SECTION 115BAB It is said that a person feels joyous and happy when something unexpected positively happened in one’s life but on other hand unexpected kindness showered on them by almighty God also frightened one’s inner soul simultaneously from an unexpected fear that what ...
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Category : Income Tax |
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Agriculture Income Under Income Tax
Posted Date : 05-May-2020 , 11:49:41 am | Posted By
CA MUKESH KABRA
Agriculture Income under Income Tax Income Tax have various contentious issues despite being one of the oldest Law of the Land. On these issues assesse and revenue used to loggerhead each other on various form of Authorities. Taxation of AGRICULTURAL INOCME is also one of such contentious issue. One...
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Category : Income Tax |
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Check List and procedure for Registration under U/S. 12A & 80G of Income Tax Act, 1961
Posted Date : 04-May-2020 , 04:46:36 pm | Posted By
CA Sandeeprawat
Check List and procedure for Registration under U/S. 12A & 80G of Income Tax Act, 1961 Section 10(23C), inter alia, exempts income received by any person on behalf of university, or other educational institution or any hospital. Section 11 provides exemption in respect o...
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Category : Income Tax |
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FCRA REGISTRATION -Brief
Posted Date : 04-May-2020 , 04:20:29 pm | Posted By
CA Sandeeprawat
Why FCRA REGISTRATION -Brief Whenever any NGO either in the form of Trust, Society or Section 8 company is willing to receive any kind of foreign contribution or donation, they are required to obtain FCRA Registration under Section 6 (1) of Foreign Contribution (Regulation) Act, 2010. Irrespective ...
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Category : Income Tax |
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ANALYSIS OF THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020
Posted Date : 01-Apr-2020 , 02:38:17 pm | Posted By
ATUL KHURANA
Dear Readers, You might have heard/read about the Vivad Se Vishwas Scheme in the Budget 2020 which is intended to reduce or simplify the litigations under which an assessee is not required to pay heavy penalties and interests in case of any pending dispute with the department. Only pending tax amoun...
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Category : Income Tax |
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Non Residents taxation on shipping business read with section 172 of the income tax act, 1961
Posted Date : 10-Mar-2020 , 09:09:27 pm | Posted By
Akash Dhanuka
Presumptive taxation scheme for shipping business
1) " Presumptive" means to presume the income...
it means even if the actual income earned is differ , in that case also the income shall be calculated on the presumptive basis provided the conditions specified therein are satisfied..
...
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Category : Income Tax |
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TCS ON FOREIGN TRAVEL, TOURS PACKAGES, REMITTANCE RULES 2020
Posted Date : 24-Feb-2020 , 11:48:18 am | Posted By
CA. PIYUSH KAPOOR
INTRODUCTION The government imposed a tax collection at source akin to TDS on remittances — after an internal survey by the income tax department, showed that a large number of those sending out money had not filed income tax returns. The finance bill 2020 has proposed an amendment to ...
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Category : Income Tax |
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0 | Hits : 1517 |
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