Section 269SS: Prohibition on Taking and Accepting Loan/Deposits etc.- No person shall take or accept from any other person, any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account [or through such other electronic mode as may be prescribed].
Have you missed the income tax return filing of Financial Year 2017-18 or 16-17 or for earlier period? Here how you can still file your income tax return. We stakeholder of taxation has been take so close look toward the various clauses and rules to avoid penalties, or for the calculation of the correct tax, […]
Income Tax Act as well as Companies Act both governs companies, and company needs to provide their Income Statement (Profit and Loss Account) and Balance Sheet to the Income Tax department while Preparing Tax Returns and also Final accounts are to be audited and submitted as Annual Returns under Companies Act.
The implementation of GST can be considered as biggest yet controversial tax system in India. The government has been changing and introducing new rules almost every fortnight. Among all these rules and regulation lies a prominent aspect that is GST refund. We will today discuss one of many circumstances in which a taxpayer can apply for the credit that is lying in his/her Electronic Credit ledger account.
On September 20, 2019 Government of India on its Gazette Published an The Taxation Laws (Amendment) Ordinance 2019 to amend and add few sections in Income Tax Act 1961 which is expected to give a very necessary First Aid to otherwise bruised economy. 1. Insertion of two new sections ( 115BAA and 115BAB) i. Section […]
The concept of composition scheme is not very new, it is based on the existing VAT law which basically was introduced to support the small supplier of goods. GST council based on the above law incorporated the concept of turnover based composition easing the burden of various compliance hassles for small suppliers.
