This article mainly deals with the understanding of some common ways to save income tax of a salaried individual
People invest in various products considering the pros and cons of each and every investment. Most of the taxpayers are aware of deductions u/s 80C. The maximum limit of deduction available u/s 80C is Rs. 1,50,000/-. In this article, we will discuss the deduction available under various other sections.
Office Order No. 259 of 2019- Consequent upon approval of the Competent Authority, following officers are, hereby, promoted to the grade of Commissioner of Income Tax (CIT) (level 14 in the pay matrix Rs. 144200-218200/-) w.e.f. the date of assumption of the charge of the post by them and until further orders:
Insolvency and Bankruptcy Code, 2016 will have positive impact on GDP in the long term, though there may be some short terms pains, including growth costs, he said. Dr. Debroy emphasised that the success of the Code to a large extent depends upon the functioning of and processes adopted by the Adjudicating Authorities. He highlighted that competence, conduct and integrity of the Insolvency Professionals will also be an important determinant in harnessing full benefits of the Code.
appellant have reversed the CENVAT credit in their CENVAT credit account but the same was not shown in the ST-3 Returns because by the time refund was filed, GST has been introduced and filing of ST-3 returns itself was done away with. Further, I find that the appellant has voluntarily debited the refund amount in GSTR-3B during May 2018 which clearly complies with the conditions of the Notification.
Sabka Vishwas [Legacy Dispute Resolution] Scheme 2019 has now ONLY fifteen calendar days to go before it concludes on 31.12.2019. There shall be NO extension of the Scheme beyond 31.12.2019.
Eckhard Garbers Vs Shri Shubham Agrawal (Sessions Court, Mumbai) Section 276-B Criminal Prosecution for TDS default: Chief Finance Officer, who was responsible for the day to day finance matters including recovery of TDS from the customers and to deposit in the account of the Central Government, was prima facie responsible for the criminal prosecution for […]
Intec Corporation Vs. ACIT (Delhi High Court) Plain reading of Section 150 reveals that it deals with a situation where an assessment or re-assessment for a particular year or for a particular person is necessitated by an order passed by appellate or revisional authority or on a reference. In such cases, it may not be […]
E – invoicing or electronic invoicing is a process of validating invoices electronically thru GST Network (GSTN) for further use on common GST portal. It does not mean generation of invoices from a central portal of tax department. The GST council has notified that e invoice is mandatory for registered person whose aggregate turnover in […]
Startup expense – professional charges paid for incorporation, drafting of MOA and AOA, Printing cost of documents, fees paid to ROC, stamp duty etc. Salary to director – For example, Let us say XYZ private limited company is making a profit of 5 lacks which is to be shared among the founder/director in equal ratio. […]
