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Sombir Kataria

Latest Posts by Sombir Kataria

RWA Administrator or ad-hoc committee cannot approve or admit new members in society

December 22, 2022 6678 Views 1 comment Print

Under the Haryana state law – the RWA Administrator or ad-hoc committee cannot approve or admit new members in the society. Find out the rules and regulations of RWA’s from the Haryana Registration and Regulation of Society Act, 2012.

Contribution to PM CARES Fund

April 11, 2020 1986 Views 0 comment Print

> A special fund “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)” has been set up for providing relief to the persons affected  from the outbreak of Corona virus. Therefore, section 80G has amended to provide the same tax treatment to PM CARES Fund as available to Prime Minister National […]

Extension of Validity of Nil/Lower Deduction Certificate & Form 15G & 15H

April 11, 2020 3516 Views 0 comment Print

Due to outbreak of the pandemic COVIT-19, there is severe disruption in the normal working of almost all the sectors of economy including income tax department. In such a scenario, to mitigate hardships of assessee as well as officers, the CBDT issues various direction / clarifications by exercising of its powers A. Extension of Validity […]

Condition of 10% ITC Deferred & Validity of E-way Bill Extended

April 8, 2020 5799 Views 0 comment Print

E-way bill validity extended: Presently, the e-way bill is valid for 24 hours for a distance up to 100 km and the same is extended by one day for every another 100 km. However, if the vehicle does not cover 100 km within 24 hours, another bill has to be generated. Now, to provide the […]

Relief Measures provided by Tax Ordinance under Covid-19 outbreak

April 2, 2020 6690 Views 2 comments Print

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31.03.2020 which […]

Key Amendment by Finance Act 2020 applicable from 01-04-2020

April 2, 2020 14628 Views 1 comment Print

Key Amendment made by Finance Act 2020 applicable from 01-04-2020 1. Change Relating to Residential Status [section-6]: 1.1 Number of days to stay in India reduced for NRI: A Citizen of Indian or person of Indian origin having total income exceeding ₹ 15 lakh other than foreign income, who comes on a visit to India […]

Proposed New Tax Regime for Resident Co-operative societies

February 4, 2020 7149 Views 1 comment Print

Proposed New Tax Regime for Resident Co-operative societies by Budget 2020 A Co-Operative Societies can pay tax @ 22% (effective tax rate is 25.17%) under section 115BAD only if it fulfils the following conditions: a) The total income of the company has been computed without claiming specified deduction, exemption or incentives; b) The option to […]

New Income Tax Regime for Individual and HUF- Budget 2020

February 3, 2020 8646 Views 3 comments Print

In line with the options provided to the domestic company and co-operative societies, similar option proposed to individual or HUF upon satisfaction of certain conditions by incretion of new section 115BAC to pay concessional rate of tax on total income as follows: Total Income (Rs.) Rate of Tax Up to 2,50,000 Nil From 2,50,000 to […]

Mandatory e-payment facilities if turnover exceeds 50 crores

February 2, 2020 14571 Views 1 comment Print

Section 269SU Additional e-payment facilities mandatory for business having turnover more than ₹ 50 crores In a move to encourage digital transaction and less-cash economy, a new section 269SU has been inserted in the Income Tax Act, 1961 as a part of the Finance Act, 2019 and further Central Board of Direct Taxes (CBDT) issued […]

Income Tax rate for companies for Assessment Year 2020-21

December 30, 2019 3888 Views 0 comment Print

Article contains Income Tax rate for domestic companies for Assessment Year 2020-21 , Conditions to opt section 115BAA of Income Tax Act, 1961, Conditions to opt section 115BAB of Income Tax Act, 1961, When 115BAB of Income Tax Act, 1961 shall not be allowed and Other amendments related to Corporate tax Rate for AY 2020-21. […]

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July 2024