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Archive: 05 February 2022

Posts in 05 February 2022

Highlights of Economic Survey And Taxes In Budget 2022

February 5, 2022 1875 Views 0 comment Print

The Economic Survey for the fiscal 2021-22 was presented in Parliament on 31st January, 2022, the first day of ongoing Budget session. The growth has been hit by pandemic. It focuses on need to have capital expenditure by Government and hopes for private spending as well. The fiscal space also allow for more capex. The […]

टैक्स स्लेब को मंहगाई के हिसाब से युक्ति संगत न करना करदाताओं के साथ अन्याय

February 5, 2022 2061 Views 0 comment Print

बजट के बाद वित्त मंत्री ने कहा कि टैक्स दरों में कोई बदलाव नहीं करना ही सरकार की तरफ से राहत है. राजस्व सचिव ने एक कदम आगे जाकर आंकड़ा दिया कि औसत टैक्स वेतनभोगी द्वारा रु 90000/- दिया जाता है जबकि व्यापारी और पैशेवर द्वारा औसत टैक्स 40000/- रुपये दिया जाता है, जो कि […]

TDS Rate Chart for FY 2022-2023 (AY 2023-2024) including Budget 2022 Amendments

February 5, 2022 1771755 Views 7 comments Print

TDS Rate Chart for FY 2022-2023 (AY 2023-2024) including Budget 2022 Amendments Tax Deduction at Source (TDS) is one of the important compliances for Income Tax Assessee. There are various sections in Income Tax Law, which specify different TDS rates, nature of payment & its threshold limits for TDS. Every year when the Budget is […]

Union Budget 2022-23 – Direct Tax Proposals

February 5, 2022 16341 Views 0 comment Print

The Finance Minister has introduced the Union Budget 2022 (‘Budget’) in the Parliament aiming to boost economic growth and revive sustainably from the ravages of the COVID-19 pandemic. The aim seems to start a virtuous cycle of growth by increasing public expenditure, in the hope of attracting private investment. But in order to facilitate the […]

Why Are Internal Controls Required for Charitable Institutions?

February 5, 2022 1503 Views 0 comment Print

Having effective internal controls is one of the most vital aspects in any organization’s operation. Among organizations that need effective operating internal controls, Charitable Institutions are found to be at the top of the list because they are administered and functioned by different third-party stakeholders to serve the ultimate needs and goals of numerous participants or beneficiaries.

Taxation of Crypto Assets – A Nutshell

February 5, 2022 3534 Views 0 comment Print

The wait for the most awaited amendment if finally over. The Finance Act 2022 has finally introduced a taxation mechanism on crypto currencies and crypto assets. This article will give you a brief overview about how crypto currencies and crypto assets will be taxed in India. Firstly, it is important to understand where the crypto […]

Omission to claim deduction u/s 57(iv) is rectifiable under Section 154

February 5, 2022 2205 Views 0 comment Print

Dhanesh Kumar Jain Vs ACIT (ITAT Delhi) In this case Assessee by mistake not claimed deduction u/s. 57(iv) of Income Tax Act, 1961 i.e. @ 50% of interest on compensation that was received by Assessee on acquisition of his agricultural land by Land Collector. ITAT held that mistake, was in the nature of a mistake […]

PMLA, 2002 & Benami Transactions (Prohibition) Amendment Act, 2016

February 5, 2022 3819 Views 0 comment Print

Prevention of Money Laundering Act (PMLA), 2002 and The Benami Transactions (Prohibition) Amendment Act, 2016 in India A. Prevention of Money Laundering Act (PMLA), 2002  1. Introduction on the PMLA (i) Definition of PMLA is given under section 3 of the PMLA, 2002 where any activity of Money Laundering is involved for the purpose of […]

UAE announces introduction of corporate tax w.e.f. 1 June 2023

February 5, 2022 2376 Views 0 comment Print

UAE announces introduction of corporate tax w.e.f. 1 June 2023: 1. Corporate Tax has been introduced on net income or profit of corporations and other businesses. This is a federal tax and so applicable to across Emirates. 2. There is zero tax if taxable profits are upto AED 375,000 (to support startups and MSMEs) and […]

ESIC & PF paid before due date of filing income tax return allowable till AY 2020-21

February 5, 2022 8301 Views 0 comment Print

Dr. B. Lal Clinical Laboratory Private Limited Vs ACIT (ITAT Jaipur) In the instant case, admittedly and undisputedly, the employees’ contribution to ESI and PF collected by the assessee from its employees have been deposited well before the due date of filing of return of income u/s 139(1) of the Act. Further, the ld D/R […]

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