"22 April 2020" Archive

Special Economic Zone (SEZ) Under GST

Introduction :- Special Economic Zone (SEZ) is a specifically established duty free enclave, which shall be deemed to be a foreign territory for the purposes of trade operations and duties and tariffs. SEZs are located within a country’s national borders, and their aims include increased trade balance, employment, increased investme...

Read More

Key Direct Tax Amendments vide Finance Act, 2020

Key direct tax amendments to the Finance Bill, 2020 and the provisions of Equalisation Levy, by the Finance Act, 2020 ( President’s assent on 27 March 2020) Article explains Key direct tax amendments vide Finance Act, 2020 to Section 2(15A) – Definition of ‘Chief Commissioner’, Section 6 – Residential Status in India, Se...

Read More

TDS provisions as amended vide Finance Act, 2020

Article explains Amendments as passed by The Finance Act, 2020 on 27 March 2020 viz viz Amendments as introduced by The Finance Bill, 2020 on 1 February 2020 related to Section 194A and SECTION 197A by which Central Government Is Empowered To Provide For A Lower Rate Of TDS, Section 194J related to TDS In […]...

Read More

Equalisation Levy- Key Amendments vide Finance Act 2020

KEY BUDGET AMENDMENTS IN THE FINANCE ACT – EQUALISATION LEVY BRIEF BACKGROUND ♣ Equalisation Levy (EQL) was introduced in India by way of Chapter VIII of the Finance Act, 2016. ♣ India was the first country in the world to introduce such a levy. ♣ EQL of 6% was levied on a ‘Specified service’ which […]...

Read More

Download of conso files without correcting unmatched challans in TDS statements?

Ques: What is online challan correction? Ans: Online challan correction is a utility introduced by the CPC(TDS) wherein any mismatch in the challans in the statements filed by the deductors can be corrected through the online mechanism on the CPC (TDS) Website itself. ...

Read More

Income Tax implications on conversion of a Company into LLP

The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hitherto were available to Private Companies in the erstwhile Companies Act, have to a large extent receded. While some call it an era of greater transparency, others (particularly small corporates) feel that the new ...

Read More

How to access Income tax Account from Bank Account

If you have forgotten your e-Filing login password and you are unsuccessful with the other options of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank. Detailed steps  to access Income tax Account from Bank Account Taxpaye...

Read More

Consequences of Late Filing of Your Income Tax Return

While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line than you wouldn’t be able to file your income tax returns. But the clock turns on, which means as you have missed the dead line you might receive a notice from the income tax department any time....

Read More

FAQs on Annual Information Return (AIR)

Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return ...

Read More

Lacuna In Section 14A And Rule 8D

Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue that’s why Section 14A was introduced by the Finance Act 2001 with retrospective effect from 1st April 1962 in Chapter IV of the Income Tax Act 1961 which inter-alia provides for the disallowance of the...

Read More

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930