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Ca Ankit Jain (bickey)

Latest Posts by Ca Ankit Jain (bickey)

Budget Proposal 2023 – Some Important Amendments in Direct Tax

February 7, 2023 38388 Views 0 comment Print

Understand the important amendments in Direct Tax proposed in Union Budget 2023. From taxability of gifts to premium on life insurance policies and Agniveer Corpus Fund, get a comprehensive overview of the Budget Proposal

Provident Fund and Employee State Insurance – A detailed note

May 12, 2022 23964 Views 0 comment Print

Understand Provident Fund (PF) and Employee State Insurance (ESI) – the terms, regulations, and how they impact business expenditures. Learn about the mandatory scenarios, contribution rates, registration processes, and the Income Tax perspective for entities. Stay informed for efficient compliance.

Cases in which Income Tax Return is Mandatory

April 23, 2022 11112 Views 0 comment Print

Learn about the criteria for mandatory income tax return filing in India. Find out if you meet the thresholds set by the Income Tax department.

Turnover below Rs. 10 Crore – Tax Audit Applicability

September 22, 2021 80229 Views 12 comments Print

Clarification on Tax Audit requirement for the persons whose turnover does not exceed 10 Crore Section 44AB Every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get their books of accounts audited subject to following conditions: a. Aggregate of all amount received including amount received for sales, […]

TDS on Dividend on Equity Shares

March 30, 2021 37485 Views 2 comments Print

The company distributing dividends to the investors of equity shares should deduct TDS on such dividends. The deductor must deposit the TDS and file the TDS Return on TRACES.

Can loss be carried forward & set-off if ROI filed after due date?

September 9, 2020 75822 Views 2 comments Print

Section 139(3): According to this section if a person has sustained a loss under the head ‘Profit and Gains of Business or profession’ or under the head ‘Capital Gains‘ and claims that such loss should be carried forward under section 72, section 73 or section 73A or section 74 or section 74A, then he may furnish a return […]

Blocked ITC under GST – Section 17(5)

August 9, 2020 219198 Views 23 comments Print

A brief list where input tax credit under GST is not available (Section 17(5)) There are some cases where there is no input available under GST to the applicant and there are some exceptions to this, hence to know more about this please read carefully the whole article. 1. Motor Vehicle and other conveyance / […]

Deduction under section 80DD, 80DDB, 80U

August 3, 2020 56940 Views 4 comments Print

Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. Eligible Assessee: Resident Individual & HUF 2. Maximum amount of deduction: (Flat deduction irrespective of expenditure) 3. Rs. 75,000 in case of Normal disability*. 4. Rs. 1,25,000 in case of Severe disability**. 5. Conditions: i. Deduction is allowed when assessee should incur expenses on medical […]

Whether GST leviable on director’s remuneration or not?

July 28, 2020 11682 Views 0 comment Print

Analysis on applicability of GST on Director remuneration on Reverse charge basis (i.e. Whether GST will be paid by company or body corporate to which director is providing such services or not) As per provisions of schedule III to the CGST Act, 2017, activities/ transactions which shall not be treated as supply of goods or […]

Section 80GG: Deduction in respect of Rent Paid

July 28, 2020 14007 Views 0 comment Print

Section 80GG of Income Tax Act, 1961 (Deduction in respect of Rent Paid) According to Section 80GG an individual can claim deduction of expenditure incurred in respect of furnished or unfurnished accommodation occupied by such individual for the purpose of his/her own residence to the extent as allowed by income tax department subject to such […]

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April 2024