"01 February 2019" Archive - Page 5

Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed 

Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed  Relief of over Rs 23,000 crore to estimated 3 Crore small and middle class tax-payers TDS threshhold on interests on small savings raised Boost to housing and real estate sector FM announces a slew of tax reliefs for middle class and […]...

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Posted Under: Income Tax |

1.06 Crore people filed ITR for 1st time mainly due to demonetization

Anti-black money measures brought undisclosed income of about Rs 1.3 Lakh Crore to tax  Rs 6,900 Crore worth Benami assets and Rs 1600 Crore worth foreign assets attached 18% growth in direct tax collection in Fy 2017-18 Tax base increased by 1.06 Crore people filing ITR for 1st time mainly on account of demonetization  The […]...

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Posted Under: Income Tax |

Highlights of Union Interim Budget 2019-20

Income upto Rs. 5 lakh exempted from Income Tax. More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000. TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits. Existing rates of income tax to continue...

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Posted Under: Income Tax |

ROC Filings- Changes in Timelines and Penalty

Companies (Amendments) Ordinance  2019 has made significant changes to timeline and penalties for filing of forms related to  Annual Return, Creation of charge forms, Resolutions and Agreements, Report on Annual General Meeting, Annual Accounts, Resignation of Auditor, Director Identification Number  with ROC. Article discusses such c...

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Posted Under: Income Tax |

Recent MCA Initiative for the well being of MSMEs

Integration of companies having turnover more than Rs. 500 crores and all Central Public Sector Enterprises (CPSE) with the Trade Receivables Discounting System Platform (TReDS) setup by Reserve Bank of India....

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Posted Under: Income Tax |

Meaning of Specified Companies for filing FORM MSME-1

specified companies are all companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Med...

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Posted Under: Income Tax |

Deemed Dividend – The Taxmen’s Arsenal

Deeming Provision - deem things to be what they are not or changing some term to mean something more (or less) with the intent of conferring an advantage upon the taxman. Under the Income-tax Act, 1961 section 2(22)(e) is one such deeming provision that has been the focus of much litigation ever since its enactment....

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Posted Under: Income Tax |

Exposure Draft Accounting Standard (AS) 41 Agriculture

The Accounting Standards Board (ASB) of ICAI has initiated upgradation process of of these standards which will be applicable to all entities to whom Ind AS are not applicable. Currently, there is no Accounting Standard on Agriculture under Companies (Accounting Standards) Rules, 2006. Considering the need of AS on the subject, the ASB ha...

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Posted Under: Income Tax |

Tips on Financial Planning for Your Young Ones

From the moment their little fingers clutch yours, they become your world. From their first step to their first laugh to their first day at school, you walk them through all the important milestones of their lives with great pride and joy. As parents, you always strive to provide the best to your kids. But […]...

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Posted Under: Income Tax |

All About Form INC-20A

eForm INC-20A (Declaration for commencement of business) is required to be filed pursuant to Pursuant to Section 10A(1)(a) of the Companies Act, 2013 and Rule 23A of the Companies (Incorporation) Rules, 2014....

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Posted Under: Income Tax |

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