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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 3389 |
 |
कैटल्स की बिक्री, टैक्सेबल taxfree?
Posted Date : 18-Jan-2021 , 02:57:09 pm | Posted By
RAGHUVEER SINGH POONIA
कैटलà¥...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 3618 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2870 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2853 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 3244 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 3128 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 3298 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2601 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2677 |
|
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 ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 2298 |
|
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 ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 1745 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 1418 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 667 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 797 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 564 |
|
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 ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 355 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 479 |
|
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 ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 937 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 657 |
|
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...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 778 |
|
|
