In this article, the author highlights the issues faced by Tax Auditor and Assessee with respect to furnishing of Tax Audit Report one month prior to submission of Income Tax Return:
Section 234A Interest for AY 2020-21: Taxpayer’s hopes are normal as usual but results are opposite as expected In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements due to the outbreak of Novel Corona Virus (COVID-19), the Government has issued Notification dated 24th June 2020 under the Ordinance […]
While drastically changing the erstwhile provisions regarding taxability of Dividend Income, there remains an anomaly in relation to cascading effect scenario. The same is dealt hereunder: In the erstwhile provisions, to avoid cascading effect (i.e. multi-level taxation of same dividend income), the tax rate u/s 115O was calculated on the amount of dividend distributed as […]
