♦ Basic & Accounting Treatment of ESOP : What is ESOP: ESOPs, ‘Employees Stock Ownership Plans’ or “Employees Stock Options Plans” is the generic term for a basket of instruments and incentive schemes provided to the employees of the company. A Stock Option is a right but not an obligation granted to an employee in […]
Article explains about Income Tax on Income distributed to Unit Holders by Mutual Funds (Detailed analysis with amendments made by Finance Act, 2020 and with illustrations on pre and post budget 2020 changes). India has plethora of investment instruments which are available, for an investor, to park his idle funds. At times, it becomes really […]
Unabsorbed depreciation is the excess amount of unaccounted depreciation that cannot be adjusted in the current year due to lack of profits in the profit and loss account. This unabsorbed amount can be set-off against other heads of income and is carried forward for adjustments in the forthcoming years. It can be carried forward perpetually for any number of years until the excess amount is fully adjusted.
According to section 29, the profits and gains of a profession are to be computed in accordance with the provisions contained in sections 30 to 43 D. It must, however, be remembered that in addition to the specific allowances and deductions stated in sections 30 to 36, the Act further permits allowance of items of […]
Having profit and loss in the business are two sides of a coin. Of course, losses are hard to digest. However, the Income Tax law in India does provide taxpayers with some sort of benefits of incurring losses too. Under the Income-tax Act, the Income is taxable under the five different heads: -Income from salaries […]
Article summarises Provisions of Direct Tax Vivad Se Vishwas Act, 2020 and contains/Explains Introduction to Direct Tax Vivad Se Vishwas Scheme, Who Are Eligible To Avail Direct Tax Vivad Se Vishwas Scheme, Quantification Of The Disputed Tax, Computation Of The Amount Payable Under Direct Tax Vivad Se Vishwas Scheme, Procedure For Filing Declaration Under Direct […]
Finance Act 2020 – TDS under section 194J FA 2020 has introduced lower rate of deduction @ 2% instead of 10%, under section 194J, if the service is in the nature of: 1. Technical service; or 2. Royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films For the part of […]
If you want to file your ITR defect-free then you need to avoid following Common mistakes which many users do. 1. Selection of the wrong ITR: While filing ITR, if you select ITR form which is not appropriate in your case, you may miss reporting entire/partial information to the Income-tax department. In such a case […]
Covid-19 Impact On Taxation, Relaxations By Government And Some Measures Which Need To Be Taken! The outbreak of COVID-19 across the globe has been unprecedented, with major economies announcing regulatory relaxations amidst lockdowns. Following the suit, Finance Minister (FM), Ms. Nirmala Sitharaman announced certain relief measures on 24 March 2020 relating to Taxation, Corporate Affairs, […]
In India, the status of tax residency of an individual is determined based on his number of days of stay in India during a financial year. Every year, various Non-Resident Individuals (‘NRI’) visit India to manage their family affairs/investment in India. Such individuals plan their stay in India in a manner that they remain non-resident in India for tax purposes.
