Learn about filing income tax returns and check your eligibility. Understand the importance of income tax returns and how to file them correctly.
The Ministry of Corporate Affairs vide Notification G.S.R. 207(E) dt. 24th March 2021 has amended Schedule III to the Companies Act, 2013 which shall be effective from the 1st day of April 2021. With this notification, various additional disclosures are being incorporated which are to reported while preparing the financial statements of an entity. Schedule III […]
As a salaried employee, he/she must submit a tax declaration form via Form 12BB at the beginning of each financial year or 3 months prior to the close of the particular financial year. The form is statement of claims that and employee gives for deduction of tax to his/her employer to claim exemptions or deductions […]
The Union Finance Minister Nirmala Sitharaman is all set to present the crucial Union Budget 2022 on 1st February, 2022. According to Article 112 of the Constitution of India, 1949, Budget is a declaration of the government’s estimated receipts and expenditure for that particular year. It is almost imperative that the budget will focus on […]
The Income Tax Department had rolled out a new Annual Information System (AIS), a comprehensive statement containing details of all the financial transactions undertaken during a financial year and are at present available with the Income Tax Department, even broader than Form 26AS. At present, Form 26AS is detailed by the Tax Department, which is […]
Every individual who has annual income above the minimum exemption limit or has received any income on which tax was deducted at source (TDS), needs to file their Income Tax Return (ITR) every year. However, Income Tax Act pampers senior citizens and very senior citizens with several tax benefits. A person between 60 years and […]
The Ministry of Finance on 15th October, 2020 notified various notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the various amendments made in GST Forms. Notification No. 74/2020- Central Tax Dated 15th October, 2020 This notification revised the due date for filing of GSTR-1 for small […]
September 2020 is considered to be a significant month for any Financial Year as it includes major compliances under the Goods & Services Act. Here, I provide you with the list of activities which should be performed by a registered person under GST. Article contains GST Action Plan for September 2020 and explains Extension of […]
The Income Tax Act & Rules allowed to Non-Resident Individual is different from those applicable to Resident Individuals. NRI Taxation in India is a matter of concern for a large number of persons living abroad. In this article, I have talked about the definition of NRI, the income on which the tax liability arises and […]
Recently, the Kerala High Court in the case of Pazhayidom Food Ventures Pvt Ltd, has permitted a GST taxpayer to pay tax dues in EMIs as its business has been badly hit by Covid-19. Such a ruling showed the humaneness of the authorities who have taken due cognizance of the financial hardship caused by the […]
