"January, 2019" Archive - Page 20

Scrutiny Selection On The Basis Of AIR (SFT) Information

In the era of fast changing technology and data analytics, Income Tax Department too empowered itself with one of the most enabling data-sets which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Registering authority empowered to register vehicles u...

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Posted Under: Income Tax |

Blockchain: A Giant Leap

Introduction Blockchain is an accounting technology. It is concerned with the transfer of ownership of assets, and maintaining a ledger of accurate financial information. The accounting profession is broadly concerned with the measurement and communication of financial information, and the analysis of said information. Using blockchain pr...

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Posted Under: Income Tax |

Done High Value Transactions in F.Y. 2017-18 but not filed ITR Yet?

Have You Done High Value Transactions in F.Y. 2017-18 but haven’t filed ITR Yet? HERE’S A CHANCE TO SEE THE ISSUE & RESPOND ONLINE Many persons who have done high-value transactions in F. Y. 2017-18, but not yet filed Income Tax Return for the corresponding Asst. Year 2018-19, have been identified. For transparency and t...

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Posted Under: Income Tax |

Commissioner Appeals & Revision under Income Tax Act, 1961

APPEALS AND REVISIONS UNDER INCOME TAX ACT, 1961 The Constitution of India gurantees the citizens of the country certain fundamental rights. Therefore , under any system of rule of law, the right to appeal for redressal of one’s grievances is generally in built. Under the Income Tax Act, 1961 following two alternatives are available to ...

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Posted Under: Income Tax |

Alternate Tax System in India

Background: The current tax system needs to be replaced due to the loopholes present. Presently, only 3% public of India pay Income Tax and rest 97%  public regularly find newer ways to evade it because the burden of the tax is high. Straightaway one-third percent of a person’s income goes to govt. in form of […]...

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Posted Under: Income Tax |

5 Things to Know About Term Insurance

Then take up this opportunity to know about Term Insurance. Term Insurance is one of the best and affordable insurance for all low and high-income people. It also provides tax-  free lump sum of money for a financial safety net. 1. What is Term Insurance? Term insurance is a life insurance policy that pays out […]...

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Posted Under: Income Tax |

Filling of ‘MSME Form I’ by Specified Companies

Reference to the above, Every Company, who get supplies of goods or services from Micro and Small Enterprises and whose payments to Micro and Small Enterprises Suppliers exceeds 45 days from the Date of Acceptance or the Date of Deemed Acceptance of the goods or services.  (hereafter referred to as ‘Specified Company’). Speci...

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Posted Under: Income Tax |

Great News for GST Taxpayers – Amendment to B2B Bills Pertaining to FY 2017-18 allowed

As per GST Law 20th October was the last date to add/modify/correct/delete any details of outward supplies or inward supplies pertaining to previous financial year. So that means any rectification in already filed return of July 2017 to March 2018 is possible on or before 31.10.2018 (being due date for filing GSTR 1 as per relaxation give...

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Posted Under: Income Tax |

GST on Second Hand Goods

Introduction For the purpose of computation of GST on second hand goods let us divide the second hand goods into 2 parts:- 1. Second hand vehicles 2. Other Second hand goods Concept of Margin Scheme under GST In GST law the outward tax is always payable on the Sale Value of goods sold, like in […]...

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Posted Under: Income Tax |

All about Statutory Registers Under Companies Act, 2013

What are Statutory Registers? According to the Companies Act, Statutory Registers are the registers which contains the specific record of the company’s shareholders, directors, deposits, loan & guaranty etc.& are placed at the Registered Office of the Company. Why Statutory Registers are required to be maintained? Requirement to...

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Posted Under: Income Tax |

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