Finance Act 2020 had amended section 206C of the Income-tax Act 1961 by inserting a new subsection (1H) which says that the seller is required to collect the tax if the sale of goods to buyers exceeds Rs.50 lakhs. Finance Act 2021 inserted a new section 194Q which says that the buyer is required to […]
DIVIDEND When a company earns more money than it spend, the extra money can either be spent on making the company better or it can be given to the people who own stock in the company as a dividend. Dividends can be issued in various forms, such as cash payment, stocks or any other form. […]
Issues on New ITD Portal – listed down – members can add other issues in comment section so that all issues can be compiled. 1. DSC not getting registered or updated 2. New Incorporated companies or Firms are not able to register themselves on ITD Portal 3. Forget password option not working 4. IT Returns […]
Form 10BD statement & Certificate of Donation: As we are aware, section 80G of the income tax act,1961 provides for deduction on payment of donations. Until the last financial year there was no way to counter check the accuracy of the donations paid. The income tax department allowed deduction based on the claim made by […]
What is DIR-3 KYC? DIR-3 KYC is a new form launched by the MCA. This form will be used to update the KYC of all directors. As per the provisions of Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014, every individual who is allotted DIN as of 31st March of a […]
Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June 2021. 1. key changes in ITR Forms for A.Y 2021-22 in the simplified form regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N. 2. Now what is Section 194N-TDS […]
Generally, investment under mutual funds does not yield any tax-saving benefit However, if you wish to avail the benefit of a mutual fund and also save some tax you can opt for ELSS( the abbreviated form for the equity-linked saving scheme) As the name suggests, Equity Linked Saving Scheme or ELSS is a type of […]
1. Meaning: Income Tax needs to be paid in advance during the financial year instead of lump sum payment at year-end. This is known as pay tax as you earn. 2. Applicability: if total tax payable (on estimated total income) for the financial year is ≥ INR 10,000 3. The amount payable and Due Date: […]
The budget 2021 brings major changes in taxability of provident fund. Earlier income from provident fund i.e. contribution from employee contribution from employer and interest part is fully exempt from tax. Now government brings some changes to the earlier provision. In broad view there are two types of provident fund the first one is public […]
Section 80D – Deduction in respect of Medical Insurance Premium (Mediclaim) Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or dependent parents are allowed for deduction. Deduction under section 80D is allowed only to Individual and HUF, No other […]
