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Archive: 03 April 2020

Posts in 03 April 2020

Tax on Capital gain on sale of Assets by Charitable Trust/NGO

April 3, 2020 133466 Views 14 comments Print

The definition of income under section 2(24) includes Capital Gains and therefore for the purposes of section 11, Capital Gains should form part of the income and consequently it should be treated at par with any other income under section 11.

Helpline Number – Income Tax department with FAQs

April 3, 2020 1334230 Views 1,541 comments Print

To assist taxpayers CPC has established Customer care helpline, a limited call center service at ITD-CPC, Bangalore for queries related to ITR-V Receipt Status, Refund /Refund re-issue, Rectification, Income tax /PAN/TAN, e-Filing of returns, e-Filing Login, Form 26AS and Form 16.

Section 80G No deduction if donation in cash exceeds Rs. 2000

April 3, 2020 44363 Views 10 comments Print

A new clause has been added to sub-section (5C) of Section 80G vide Finance Bill 2012 where no deduction shall be allowed under this section in respect of donation of any sum exceeding ten thousand rupees, unless such sum is paid by any mode other than cash. As per the new sub-section (5D) to Section 80G any payment exceeding a sum of ten thousand rupees shall only be allowed as a deduction if such sum is paid by any mode other than cash.

COVID-19 lockdown- ITAT begins regular interactive sessions

April 3, 2020 462 Views 0 comment Print

The Income Tax Appellate Tribunal (ITAT) has commenced today a series of Video Conferences involving regular interactive sessions to productively utilise the time available during the 21-day lockdown to tackle the COVID-19 pandemic.

Relax compliance of Regulation 76 of SEBI- ICSI to NSDl & CDSL

April 3, 2020 5709 Views 0 comment Print

ICSI Request for relaxation from compliance with the provisions of Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018 to CDSL and NSDL.

CMA June 2020 examination -Studies & Exam related FAQs

April 3, 2020 1098 Views 0 comment Print

What is the last date of filing application form for CMA June 2020 examination? Students willing to apply for CMA Foundation, Intermediate, and Final exams will now be able to fill their examination forms till April 20, 2020. Candidates will not have to pay any late fee.

TDS on Cash Withdrawal – Amendment In Section 194N

April 3, 2020 117777 Views 47 comments Print

TAX DEDUCTION AT SOURCE ( TDS )  ON CASH WITHDRAWL ( Amendment in Sec 194N of the Income Tax Act, 1961 ) 1. The Finance Bill 2020 ( Bill) introduced vide Union Budget 2020-21 is passed by both Houses of Parliament, with few amendments  on 27th March 2020 and also received President’s assent . 2. […]

Audit Evidence Protects the Auditor from Failure

April 3, 2020 3432 Views 0 comment Print

Auditor’s are expected to provide an unbiased and objective opinion on the facts they have examined. Boards and shareholders expect that the Auditor’s opinion must be near precise, however, auditing standards prescribe that auditor’s opinion is reasonable and not absolute as the auditors are never able to scrutinize all accounting and business transactions on a 100% basis. This expectation gap seems to be never narrowing down.

Ind AS 33 EPS- Contingently returnable ordinary shares

April 3, 2020 1332 Views 0 comment Print

Learn how Ind AS 33 addresses the inclusion of contingently returnable ordinary shares in the calculation of Basic and Diluted Earnings Per Share (EPS).

Advisory on Amendments in SVLDRS Module

April 3, 2020 1269 Views 0 comment Print

The Designated Committee Members can issue SVLDRS Form-3 to the taxpayers on or before 31.05.2020. After 31.05.2020. Designate Committee Members will not able to issue SVLDRS Form-3, in any However, the Designated Committee Members will be able to issue Rectified SVLDRS Form-3 after 31.05.2020.

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