Platform for Transparent Taxation and faceless appeals launched by PM Modi – Government of India on August 13, 2020: With the noble motive to honour the honest taxpayers and facilitate faceless assessments & appeals, PM Narendra Modi launched a platform for ‘Transparent Taxation’. Needless to mention this shall also expedite the refund process. This is […]
As per Wikipedia The chief financial officer (CFO) is officer of a company that has primary responsibility for managing the company’s finances, including financial planning, management of financial risks, record-keeping, and financial reporting. In some sectors, the CFO is also responsible for analysis of data. Some CFOs have the title CFOO for chief financial and […]
E-Assessment is now Faceless Assessment, CBDT vide Notification no. 60 and 61 of 2020 has amended the earlier provisions for e-assessment and renamed the said scheme as Faceless Assessment. Let’s understand the provisions and procedure as laid down in the Faceless Assessment Scheme. Step by step procedure for Faceless Assessment is tabulated in attached file. […]
Understanding Section 241A: Withholding of Income Tax Refund. Learn about the process of claiming a refund for excess income tax paid.
Micro, Small and Medium Enterprise (MSME), introduced by Government of India vide Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 are entities engaged in the production, manufacturing, processing or preservation of goods and commodities. An entity to be identified as a MSME shall be within the following limits as per Section 7 of the […]
I have already written in one of my earlier articles that I was amazed to find the names of 13 companies at the entrance of an office but with no receptionist or any semblance of company activities therein. This type of behavior of companies might have forced RBI to constitute a Working Group (WG) to […]
Is registration of a partnership firm mandatory? What are the consequences of non-registration? Registration of a partnership firm is not mandatory under law. The Partnership Act,1932 provides that if the partners so desire may register the firm with the Registrar of Firms of the state in which the firm’s main office is situated. A partnership firm may […]
Section 122- Penalty for certain offences under GST The section declares the offences that attract penalty as a consequence, apart from the requirement to pay the tax and applicable interest. Some of the offences listed under this section may also attract prosecution under section 132 but that depends on the gravity of the offence defined […]
Gratuity is one of the retirement / separation dues paid to the employees. An employee becomes eligible for gratuity after rendering minimum service of 5 years in an organization (subject to certain exceptions) The exemption for gratuity from tax is covered under Sec 10(10) of income tax Act 1961. Any Gratuity received during service is […]
Amidst, the pandemic with a firm hope to come out from this unexpected spell of hitting the world economies, Prime Minister Narendra Modi Ji addressed the nation on 12 May 2020 and declared to fight the pandemic coupled with the opportunity to be self-reliant. Thus, he has marked the national goal to become self-reliant with […]
