Taxpayers deposit money using challan and the paid amount gets credited in a particular head in the electronic cash ledger and the same can be utilized to pay the liabilities of that particular head only. Sometimes taxpayer deposits the amount in a wrong head and it cannot be utilized to pay the liabilities due under […]
Provisions of section 10(34A) exempt any income arisen to the shareholder on account of buy back of shares as referred under section 115QA of the Income Tax Act. The exemption provisions of section 10(34A) of the Income Tax Act are explained in the present article. Understanding the provisions of section 10(34A) of Income Tax Act– […]
Post liberalization, businesses were no longer restricted by their territorial limitations and thus a global market had been created for various kinds of goods and services. In the contemporary scenario, businesses have come much further to conduct commercial activities across countries without even having a physical presence. This has provided an unfair advantage to the […]
Parellel Provisions of TDS Under Income Tax And TCS Under GST On E-Commerce Operators And Its Implications To curb the tax evasion and widen the tax base the government is regularly introducing various compliances and statutory requirements on businesses and the most important tool to curb the tax evasion is TDS and TCS. These tools […]
CPC (TDS) provides with enhanced features, to further add to the convenience of online facility of filing corrections to the TDS Statements. With this feature, you will be able to submit Online Corrections at TRACES without even having a Digital Signature. To avail the facility, it is requested to Login to TRACES and navigate to […]
A keyman insurance policy which has been assigned to any person during its term, with or without consideration, shall continue to be treated as a keyman insurance policy and consequently would not be eligible for any exemption under section 10(10D) of the Income-tax Act.
The principle of Noscitur a Sociis is a rule of construction. It is one of the rules of language used by court to interpret legislation. This means that, the meaning of an unclear word or phrase should be determined by the words immediately surrounding it. In other words, the meaning of a word is to be judged by the company it keeps.
It is very important to know the status of income return filed online as if the same is not received by the CPC- bangalore then we have to re-send the same within 120 days of uploading of Our Income tax Return online. To know the status of Income tax Return filed online without digital signature we have to follow the following procedure :-
India’s Ministry of Finance announced various relief measures in respect of Direct and In-Direct Compliances proposed by the government in respect of statutory and regulatory compliance matters in view of the outbreak of COVID–19. Since parliament is not in session, the Indian president has promulgated (Ordinance 2020), published in the official gazette on 31 March 2020, […]
A. Tax Audit is Conducted to achieve the following objectives ♣ Ensure proper maintenance and correctness of books and certification of the same by a tax auditor ♣ Reporting a) observations/discrepancies noted by tax auditor AFTER EXAMINATION b) prescribed information such as tax depreciation, compliance of income tax law ♣ Checks frauds and malpractices in […]
