Tax deducted at source or TDS is a tax deducted by a person or company before making a payment over certain threshold limits to any other person. It is to be deducted at the rates prescribed by the tax department and remit the amount into the account of the Central Government. A deductor is a […]
CBIC extends the exemption from Integrated Tax and Compensation Cess upto 31.03.2021 on goods imported against AA/EPCG authorizations vide Notification No. 18/2020-Customs dated 30th March, 2020.
Provisions of section 10(2A) of the Income Tax Act exempts share of profit received by a partner in the total income of the partnership firm/LLP. The main objective of granting the exemption,under section 10(2A) to the share of profit received by the partner, is the avoidance of double taxation. The present article meticulously explains the […]
Ministry of Corporate Affairs introduces the ‘Companies Fresh Start Scheme, 2020’ and revised the ‘LLP Settlement Scheme, 2020’ to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19
Government of Andhra Pradesh (AP) and Directorate of Revenue Intelligence (DRI) have been allowed time upto 31.12.2020 to complete the process of export of respective allocated quantities of Red Sanders wood vide Notification No. 56/2015-2020 dated- 30th March, 2020. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade […]
CBIC notifies Customs Rate of Australian Dollar with effect from 31st March, 2020 vide Notification No. 35/2020-Customs (N.T.) dated 30th March 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 35/2020-Customs (N.T.) New Delhi, dated the 30th March, 2020 10 Chaitra 1942 (SAKA) In […]
Learn how to track your income tax refund status online. Find out when and how your refund will be credited. Get answers to refund-related questions
Ideally when you deal in Futures and Options, the transaction size is big but profits are too small. Therefore confusion prevails that whether these transactions can be termed speculative transaction or they are business losses or profits.
There may be some cases under Income Tax Assessment proceedings where there are a large number of unexplained credit and debit enteries of a person standing in books of account of an assessee. In such case the AO may tend to add all the aggregate enteries as unexplained income. However, in such case if the assessee does not have any explanation for every credit or debit entry of a person, standing in his books of account then one of the most commonest defences which an assessee may take is that, the enteries should be so arranged in serial order, that a credit following a debit entry should be treated as referable to the latter to the extent possible and that, not the aggregate but only the ‘peak’ of the credits should be treated as unexplained.
If you have forgotten your password for the Login ID that you had created for efiling of Income tax return and to view Tds Credited ( 26AS) in your account. There is a control that you can create only single account with one PAN No. So if you want to activate your account, the only option is to reset the password
