How to Compute 5% Cash Limit of Receipts & Payments for Section 44AB? This article explains how to compute the Cash limit of 5% of the aggregate of all the amounts received as well as payments during the year, for the purpose of checking the applicability of Section 44AB (clause a), as amended by Finance […]
How to respond the email received from GSTN regarding Aggregate Turnover exceeding 5 crores for FY 2019-2020 This article contains the critical analysis of email received from Email-ID ‘noreply@gstn.gov.in’ on 04/08/2020 regarding confirmation of Aggregate Turnover exceeding 5 crore for FY 2019-20 in GSTR 3B. This article also explain steps to be taken in various […]
Article explains provision of Section 44AB and Section 44AD of Income Tax Act, 1961 with reference to Income Tax Audit. While presenting the Union Budget for 2020-21, the Finance Minister announced that currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In […]
The process of preparing and filing of annual return in GSTR 9 for FY 2018-19 under GST has started and there have been a number of doubts arising as to how to reconcile the output tax liability under various tables pertaining to the FY 2018-19, because the GSTR 3B filed for 2018-19 contains rectifications for […]
After the spread of pandemic ‘COVID-19’, GOI has announced many relief packages for MSME sector to boost industry as well as economy of the country. Government initiatives include ease of doing business, Digital India, start-ups, easy loans , Make in India, subsidies, moratorium for loans, reduced rate of interest, simple tax compliances & transparency in […]
Due to outbreak of ‘COVID-19’, there is lockdown in the entire country. Everyone is talking about slowdown in the economy due to reduction in demand, lower income levels, job cuts & consequently fall in GDP figures. There is lot of uncertainty how businesses can survive. ‘Uncertainty’ refers to situations involving imperfect or unknown information. It applies to predictions […]
The Commissioner of Income-tax (Appeals) is the first appellate authority. Section 246A specifies the orders against which an appeal can be filed before the Commissioner of Income-tax (Appeals). Appeal can be filed before Commissioner (Appeals), when a tax payer is adversely affected by Orders as under passed by various Income tax authorities, a list of […]
Due to outbreak of ‘COVID-19’, there is lockdown in the entire country. Everyone is talking about slowdown in the economy due to reduction in demand, lower income levels, job cuts & consequently fall in GDP figures. There is lot of uncertainty how businesses can survive. ‘Uncertainty’ refers to situations involving imperfect or unknown information. It applies to predictions […]
Explains tax on property sale by NRIs, covering TDS rates, long and short term capital gains, refund claims, exemptions, and compliance requirements for buyers and sellers.
Find out why your Income Tax Return was selected under the Risk Management Process for pending tax refunds. Learn how to resolve the matter.
