In the backdrop of rising Covid-19 cases in its second wave, the International Monetary Fund (IMF) has raised its forecast of economic growth for India to 12.5% as per latest World Economic Outlook (WEO) for the FY 2022. In fact, it has pitched India as the fastest growing economy major and the only economy to […]
To understand the provision of taxation of capital gain on transfer of capital assets by the partner or by the member if the AOP/BOI and vice-se-versa, we need to understand the section 45(3) and 45(4) brought by the finance act 1987. The section 45(4) got substituted by the new section 45(4) and 9B by the finance act 2021.
Q.1 Who is a deductor and a deductee ? Ans: 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 the prescribed rate. The payer is known as deductor and the payee, who receives the net payment is called […]
The government has introduced the Faceless Penalty Scheme 2021 which will digitise issuing of penalties on assessee …. Notification No. 03/2021-Dated 12th January, 2021 The scheme specifies setting up of national faceless penalty centres, regional penalty centres, penalty units and review units for execution of penalty proceedings, such that a penalty order is issued correctly […]
Section 80C Deductions to be deducted while computing total income for Financial Year (F.Y 2020-21)/ Assessment Year 2021-22 (A.Y 2021-22) The aggregate amount of deductions allowed under section 80C (along with 80CCC & 80CCD) is INR 1,50,000. The deductions under section 80C are allowed only to the following assessees:- a. Individual b. Hindu Undivided Family […]
In case of Public Charitable Trusts, with a view to prevent hardships faced by the TRUSTS in filing the Form 10 and in exercise of the powers conferred under section 119(2)(b) of the Income Tax Act 1961, the CBDT has issued Circular No. 6/2020 dated 19.02.2020 giving powers to the Jurisdictional Commissioners to admit Condonation […]
GSTR-2B is an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, 5 (non-resident taxable person) and 6 (input service distributor). The statement will indicate availability of input tax credit to the registered person against each document filed by his suppliers.
Get to know the Income Tax Slab Rate for the Financial Year 2020-21 (A.Y.- 2021-22) for Individuals, HUFs, and various types of entities.
Whether a Proprietary firm (having FRN) or individual CA who is practicing either in his own name or trade name can be appointed for two terms as per Section 139 of Companies Act, 2013?
Guidance Note of the Exchange with respect to the Regulations 50(3) and 51 (2), Schedule III, Part B, Item 15 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI (LODR) Regulations).
