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Need to further extend various time limits under Income Tax in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19).
Article explains Maintenance of accounts by certain persons carrying on profession, Maintenance of accounts by certain persons carrying on business, Limits for Individual & HUF for maintenance of accounts in case of business or profession, Maintenance of accounts by other person, Penalty for contravention of provisions related to Maintenance of accounts and Important Notes related […]
Learn about the adequacy of the allotment letter for claiming exemption under section 54F of the Income Tax Act, 1961. Understand the conditions and requirements for tax relief on capital gains.
The outbreak of Novel Corona Virus (COVID-19) pandemic across many countries of the world, including India, has caused immense loss to lives of people and given rise to unprecedented humanitarian and economic crisis in the country. Due to vagaries of pandemic, a national lockdown was imposed which had to be further extended. Due to very […]
Nand Lal Popli Vs DCIT (ITAT Chandigarh) Assessing Officer, for making the impugned addition has started with the presumption that an amount to the extent of 92% of the gross receipts is the expenditure incurred by the assessee, which is a totally wrong premise. If the income component is estimated, how the expenditure component on […]
TCS is a tax that is collected by the seller from the buyer and paid to the government on behalf of the buyer. The Finance Act, 2020 has introduced the new section 206C (1H) of the Income Tax Act, 1961 related to TCS on sale of goods. Applicable from: 1st October 2020 Applicability: 1. If […]
Occupational Safety, Health And Working Conditions Code, 2020 was was introduced in Lok Sabha on 19th September 2020 vide Bill No. 122 of 2020. Occupational Safety, Health And Working Conditions Code, 2020 is expected to consolidate and amend the laws regulating the occupational safety, health and working conditions of the persons employed in an establishment […]
Shri Thomas Eapen Vs ITO (ITAT Cochin) The assessee offered income u/s. 44AD, the assessee being a small trader in medicine. There is no dispute that the assessee falls under the provision of sec. 44AD since the turnover of the assessee is less than Rs. 1 crore from eligible business. The Assessing Officer also accepted […]
The Finance Act, 2020 has introduced the new section 206C(1H) of the Income Tax Act, 1961 for Tax Collected at Source on sale of goods. The said provisions are applicable from 01.10.2020. Applicability: whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees (>10 Crores) during the financial year […]
Industrial Relations Code, 2020 was introduced in Lok Sabha on 19th September 2020 vide Bill No. 120 of 2020. Industrial Relations Code, 2020 is expected to to consolidate and amend the laws relating to Trade Unions, conditions of employment in industrial establishment or undertaking, investigation and settlement of industrial disputes and for matters connected therewith […]
