India is an emerging Forex trading hub. A good percentage of its one billion population are now interested in or are already involved in some form of currency trading. With Forex’s growing popularity in the country, many are curious to know about how taxation works in this market.
Introduction: The Finance Act of 2023 introduced a significant amendment to Section 43B of the Income Tax Act, 1961, with the addition of clause (h). This amendment aims to ensure timely payments to micro and small enterprises, safeguarding their liquidity from potential delays in customer payments. Section 43B Overview: Section 43B of the Act is the […]
it has been decided to advise the Registrar of Companies (RoCs) to accord approval for extension of time for a period of two Months beyond the due date by which companies are required to conduct their AGMs for the financial year 2020-21 ended on 31st March 2021.
The Finance Act, 2021 has introduced a new Section- Sec. 206AB. This is a Special Provision for deduction of tax at source for non-filers of income tax return. This Section shall come into effect from 01st July, 2021. The purpose behind introducing this Section is to ensure maximum income tax coverage and compliance. The Government […]
In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-7 for AY 2020-21/FY 2019-20 which is generally applicable to persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. ITR-7 with other ITRs alongwith manner of furnishing Return of […]
In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-6 for AY 2020-21/FY 2019-20 which is generally applicable to Companies other than companies claiming exemption under section 11. ITR-6with other ITRs alongwith manner of furnishing Return of Income for Assessment Year (AY) 2020-21 / Financial year […]
In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-5 for AY 2020-21/FY 2019-20 which is generally applicable to persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. ITR-5 with other ITRs alongwith manner of furnishing Return of Income for […]
In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-4 for AY 2020-21/FY 2019-20 which is generally applicable to Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under […]
In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-3 for AY 2020-21/FY 2019-20 which is generally applicable to For individuals and HUFs having income from profits and gains of business or profession. ITR-3 with other ITRs alongwith manner of furnishing Return of Income for Assessment […]
In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-2 for AY 2020-21/FY 2019-20 which is generally applicable to Individuals and HUFs not having income from profits and gains of business or profession. ITR-2 with other ITRs alongwith manner of furnishing Return of Income for Assessment […]
