Startup India, initiated by the Government of India is a flagship initiative launched in January 2016. This initiative is taken by the government of India to boost the ecosystem for supporting innovation and startups in India. Through this scheme, the government is looking forward to driving sustainable economic development and enhance employment opportunities in India. […]
Article explains What is a Legal Audit, Procedure of Legal Audit, Is Legal Audit Mandatory, Legal Audit vs Tax Audit, Company Audit and Financial Audit and Significance of Legal Audit. What is a Legal Audit? The word legal audit is made from two words ‘legal’ and ‘audit’. Legal audit is the process of verification of the documents […]
Statutory & Regulatory Relaxation in view of COVID-19 Pandemic- A brief summary of the key announcements made by Hon’ble Finance Minister Today when the whole globe is on high alert and fighting against the outbreak of novel COVID-19, we wish you healthy and safe stay. Considering the unrest created due to said pandemic, our hon’ble […]
Section 163 is not mandatory. It will be applicable only if the Articles Of Association (AOA) of the company gives the authority for a proportional appointment. The BOD constituted can be for a tenure of 3 years. After a span of 3 years, it has to be reconstituted. It is important to note that Section 163 is a way to constitute a BOD and not a single director and it is not a type of directors like nominee director or additional director.
Pension received from a former employer is taxable as ‘Salary’. Hence, the various deductions available on salary income, including relief u/s 89(1) for the arrears of pension received would be granted to pensioners who received their pension from, a nationalised bank and in other cases their present Drawing & Disbursing Officers. Similarly, deductions from the amount of pension of standard deduction and adjustment of tax rebate u/s 88 and 88B shall be done by the concerned bank
Interest on housing loan which was claimed as a deduction under section 24(b) [while computing income from house property] was also deducted by the assessee under section 48 [as cost of acquisition while computing capital gains from sale of such house property].
How can I update a deductee record? You can update deductee details viz; PAN of deductee, name, amount etc. Steps to update a deductee record are as under: Identify the challan corresponding the deductee record to be updated by its sequence no as per regular statement , CIN, deposit amount as per regular statement Identify the underlying deductee record to be updated by its sequence number as per regular statement under the challan identified as above.
There may be cases when User forget Password for his TAN account which he already registered on https://www.tin-nsdl.com/ . In such cases user can recover the new password for his TAN account by following any of the two methods given below
Section 234B and Section 234C provides for the interest payment, in case non-payment/short payment of advance income tax. But can the Assessing Officer enforce the payment of Advance Income Tax?
Taxpayers can view the details of their Arrear Demand in ‘My Account’ as communicated by their jurisdictional Assessing Officers to CPC. Steps to View Income tax Demand / Arrears Payable Online 1. Login on https://incometaxindiaefiling.gov.in/portal/index.do 2. Go to ‘My Account’ and Click on ‘Current Status of Arrear Demand’ as depicted in picture below :-
