"23 August 2018" Archive - Page 5

Useful tips to save Income Tax in F.Y. 2018-19

Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax Planning Tips mainly for Individual and Salaried tax payers by which they can minimise their tax burden for Financial Year 2018-19 or Assessment year 2019-20...

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Posted Under: Income Tax | ,

Understanding the role of the AAR through recent GST rulings

The system of Advance Rulings in the matters of taxation was introduced in India under the Income Tax Act of 1961. The idea was to provide taxable entities a facility that helped them ascertain their tax liabilities without having to enter a long-drawn litigation or an expensive tussle with the Income Tax department. In 1993, […]...

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Posted Under: Income Tax |

Whether Form ‘C’ should be made available to an assessee even after implementation of GST?

Article discusses Whether Form ‘C’ should be made available to an assessee even after implementation of the goods and services tax?...

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Posted Under: Income Tax |

PREPAYMENT of a debt or EXTENDING term of debt – If passes SPPI test?

Often debts include clauses in which either borrower or an issuer can prepay the debt amount earlier than its contractually agreed period or extension of term can be requested. As per the classification of Assets rules defined under as per Ind-As 109 – Financial Instruments which states that after the initial recognition of such financi...

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Posted Under: Income Tax |

What Is Composition Scheme Under Goods And Services Tax Act

Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not exceeding,...

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Posted Under: Income Tax |

Decoding ITR 7 of A.Y 2018-19

Persons including companies that are required to furnish Income-tax return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) shall furnish the return of income under the Income-tax Act, 1961 in Form ITR-7. Section 139(4A) If the total income in respect of the following assessees exceeds the maximum amount which ...

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Posted Under: Income Tax |

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