1. Further to my article Taxability of Interest on Excess PF Contribution dated 11.02.2021, an attempt has been made in this article , to explain the new threshold limit of tax exemption and the manner of tax computation. The Government has increased the deposit threshold limit to ₹5 lakh per annum in the provident fund […]
1. In view of the Global Pandemic Situation across the Country, the Supreme Court took Suo Motu cognizance of the situation arising out of the difficulties issued faced by the litigants in filing petitions/applications/suits/appeals/all other proceedings within the period of limitation prescribed under the general law of limitation or any under the special law. 1.1 […]
File your ITR 1 for the financial year 2020-21 hassle-free. Learn about the income sources and due date for filing ITR 1.
Missed the response to the Income Tax Departments notice for your filed ITR? Learn about the consequences and actions you can take to resolve the issue.
1. The Purchase & sales returns are common in day-to-day business transactions. This concept is treated in a slightly different manner under GST Act 2017. 2. Purchase Return: The purchase return is the return of the goods by the customer to the seller. From the GST perspective, it is a return by the recipient to […]
1. The CBIC vide Notification No. 14/2020-Central Tax, as amended by Notification No. 71/2020-Central Tax mandates that the taxpayers with an annual turnover of more than Rs.500 crore in any preceding financial year (starting from 2017-18) are compulsorily required to display QR (Quick Response ) code on their B2C invoices from 1st December 2020 (initially […]
1. The Union Budget 2021 has proposed taxing the income on provident fund contributions of over Rs. 2.5 lakh a year. As per clause 5 of Finance Bill 2021, the interest on any contribution above Rs 2.5 lakh by an employee to a recognized provident fund will be taxable from 01 April 2021. 2. Existing […]
1. The Ministry of Company Affairs ‘ MCA’ vide Companies (CSR Policy) Amendment Rules 2021 shifted CSR spending mandatory from the voluntary. In this article, an attempt has been made to cover all the amendments read with statutory provisions under section 135 of Companies Act, 2013. 2. EFFECTIVE DATE – [Rule 1(2)]: The Amendment Rules […]
1. The employer cannot be faulted for not deducting tax at source from leave travel concession facility allowed by him to employees where the employee has travelled, as a part of composite itinerary involving a foreign sector as well, to destination in India. The position with respect to the taxability of such a leave travel […]
he Annual GST Return is a summary of the monthly/quarterly returns filed by a taxable person. It is basically a comprehensive return containing all the transactions that occurred and reported in the periodical returns filed during the financial year.
