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Archive: 12 June 2020

Posts in 12 June 2020

Cross Charge v/s Input service distributor (ISD) under GST

June 12, 2020 17250 Views 2 comments Print

Section 7(1)(c) of the CGST Act states that ‘supply’ includes the activities specified in Schedule I, made or agreed to be made without a consideration; As per entry 2 of the Schedule I, Supply of goods or services or both between related persons or between distinct persons as specified in section 25, when made in the course or furtherance of business is to be treated as ‘Supply’.

How Corona will Impact Consumer & Industries?

June 12, 2020 1338 Views 0 comment Print

How Consumer Mindset Will Change And How & Which Industries Affected Due To Corona Pandemic This article will not only focus on How & which  industries have been/ will be affected due to this corona Pandemic but also It will focus on how consumer mind-set has changed due to Corona Pandemic. I would like to […]

Important Changes & Requirements for filing ITR for AY 2021-22

June 12, 2020 61137 Views 14 comments Print

All Assessees are now required to file their Returns online except Super Senior Citizens are given option to submit Return in paper mode provided the Computation does not have any income chargeable under head of Profits and Gains from Business or Profession. Changes in the ITR Requirements The New ITR Forms have been notified vide […]

AO cannot change Share Valuation Method adopted by taxpayer

June 12, 2020 1266 Views 0 comment Print

AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a determination from an independent valuer to confront the assessee but the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee.

Analysis of Section 115BAC of Income Tax

June 12, 2020 10665 Views 0 comment Print

Section 115BAC is inserted in order to provide the benefit of significant reduction in income tax slab rates. However, The new and optional income tax regime comes with the consequential surrender of specified deductions/ incentives.

AS-22 Accounting for Taxes on income – Deferred tax Assets/Liabilities

June 12, 2020 8115 Views 0 comment Print

Permanent differences as the name suggests are permanent in nature which means it cannot be subsequently reversed in future period. An expense accrued or provision made in the statement of profit and loss of current year but not allowed for tax purposes in current as well as future period. It does not result in deferred tax assets or deferred tax liabilities.

Application for Exemption U/S. 10(23C)(VI) – Detailed Discussion

June 12, 2020 122201 Views 10 comments Print

As we all know that earlier application for granting exemption u/s 10(23C)(vi) is applied in Form 56D, which is now omitted w.e.f. 05 November, 2019. Notification No. 60/2019–Income Tax- CBDT amends rules 2C and 2CA related to Application for the purpose of grant of approval for the exemption under sub-clause (iv), sub-clause (v), sub-clause (vi) […]

Taxability of Resident Welfare Associations under Income Tax Act

June 12, 2020 136069 Views 36 comments Print

Resident welfare association (RWAs) is categorized as Association of Persons (AOP) under Income Tax Law. They act as the voice of their members and not only take care of ensuring good maintenance of the place but also represent members when and where needed on matters related to the place. Theses associations run on subscriptions obtained […]

Loans or Deposits under Sec 269SS of Income Tax Act, 1961

June 12, 2020 332111 Views 18 comments Print

No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000. This provision has come into force to counteract the evasion of tax by mode of acceptance of money in certain cases. The objective is to prevent transactions in currency thereby allowing account payee cheque and bank draft for allowable transactions.

Basic Components of Salary and its Taxation

June 12, 2020 92531 Views 10 comments Print

CTC is cost to company and the components are Basic +HRA +Conveyance +Mobile/Telephone Expense Reimbursement +Medical Reimbursement +All allowances +Leave Travel Allowance (LTA).

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