"11 April 2021" Archive - Page 3

Section 13(1)(b) provisions not attracted to religious societies

ACIT Vs Indian Evangelical Team (ITAT Delhi)

ACIT Vs Indian Evangelical Team (ITAT Delhi) ITAT held that provisions of section 13(1)(b) are attracted in case of charitable societies only and not in case of religious societies and hence there is no violation of section 13(1)(b) as alleged by the Assessing Officer, since this assessee is religious society. FULL TEXT OF THE ITAT [&hell...

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When to Say No to Cash Transaction under Income Tax Act, 1961

A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

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Income Tax Rate for AY 2021-22 (Individual, HUF, AOP, BOI, AJP & Firms)

Know Your Income Tax Rate – for A.Y. 2021-22 (For Individual, HUF, AOP, BOI, AJP and Firms) 1. Income Tax Slab Rate for AY 2021-22 for Individuals: 1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year or (HUF or AOP […]...

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Posted Under: Corporate Law |

Income Tax Rates for A.Y. 2021-22 (Company, Co-Op Society & Local Authority)

Income Tax Rates for A.Y. 2021-22 or Financial Year 2020-21 (For Company, Co-Operative Society and Local Authority) (A) COMPANY- The tax rates as applicable are as under Domestic Company Rate of Income tax [A] Company if its total turnover or gross receipt during the previous year 2018-19 does not exceed Rs. 400 crore 25% [B] […]...

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Posted Under: Corporate Law |

TDS/TCS -Tax Deductor’s/Collector’s Guide

WHAT IS TDS/TCS? In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at prescribe rate. Payer is known as deductor and the payee, who receives the net payment is called the deductee. TCS is Tax Collected at Source by […]...

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Posted Under: Corporate Law |

Facing Cash Crunch Situation – ‘Use MSME Samadhaan Initiative’

Dear Entrepreneurs, as we all know, after lockdown, MSME Industries are facing many challenges to survive in this competitive Market. Along with this, they are facing cash crunch. Even large enterprises are not able to meet their payment commitments within their payment cycle period. Some large enterprises are taking benefits of this crit...

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Posted Under: Corporate Law |

Tax Liability on the Basis of Residence of Assessee

Direct tax imposed on the Income of assesses, is very significant source of revenue to the government. Government needs money to run various welfare and developmental programmes and to maintain law and order in the nation. Therefore, any person whose taxable income for the previous year exceeds the exemption limit is liable to pay Income ...

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Posted Under: Corporate Law |

Charitable Trusts to Re-register to avail Tax Exemptions

Are you Charitable Trust/Institutions? Re-register now to continue to avail Tax Exemptions – New Forms notified In Pre-amendment era, the charitable trusts/Institution were enjoying the perpetual benefit of zero taxation on income earned out of property held by such trust/Institution. Interestingly, once the registration under secti...

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Posted Under: Corporate Law |

All about Merchandise Exports from India Scheme (MEIS) for exporters

REWARD SCHEMES – MERCHANDISE EXPORTS FROM INDIA SCHEME (MEIS) Article explains what is Reward Scheme, Objective of MEIS Scheme, Eligibility Criteria for MEIS Cheme, Reward under the MEIS scheme, Ineligible categories under MEIS, Entitlement under MEIS for Export of goods through courier or foreign post offices and Note to MEIS Scheme. V...

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Posted Under: Corporate Law |

Difference between IFF and GSTR-1

What is IFF? The Invoice Furnishing Facility (IFF) is a facility where quarterly GSTR-1 filers can Upload  their Business-to-business (B2B) invoices in their IFF Return. Difference between GSTR-1 And IFF? GSTR-1 is a Sales Return through which tax payers have to upload their B2B and B2C invoices. Basic difference between these 2 is that ...

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Posted Under: Corporate Law |

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