"A practicing Chartered Accountant, I expertise in direct and indirect tax laws providing advisory services to various large and medium sized corporates. "
Article contains update on Income Tax provisions in Union Budget 2022 related to Updation of ITR filed, Taxation of Virtual Digital Assets, AMT and Surcharge Rates reduced for Co-operative Societies, NPS deduction to State government employees, Tax Relief to the Persons with Disability, Tax Incentive Period for Start-ups Extended and LTCG to be subject to surcharge […]
Finance Minister, Mrs. Nirmala Sitaraman rises at 11.02 a.m. to present the fourth Union Budget of the NaMo-NiSi Team of the current Government. General Proposals: 1. India’s growth estimated to be at 9.2%, highest among all large economies 2. LIC public offer will be done shortly. 3. Strategic ownership of Air India has been completed. […]
Those making foreign remittances need to pay attention to their tax collected at source (TCS) liability from next month as a key tax provision kicks in from 1st October 2020. As per the Finance Act 2020, funds sent abroad under the RBI’s liberalised remittance scheme is subject to a 5% TCS subject to certain riders. […]
A 20 point Taxpayer Charter was launched by the Prime Minister which promises to maintain the privacy and confidentiality of income taxpayers and to reduce the cost of compliance with the tax laws. The Income Tax department adopted the taxpayers’ charter w.e.f. August, 13, 2020, which mentions that it is committed to treat every taxpayer as honest, […]
The question of whether GST on reverse charge is applicable on Directors’ remuneration had been in debate for some time now, with contradictory views expressed by different authorities in the process of litigation. CBIC has now issued a Clarification w.r.t. levy of GST on Directors’ remuneration. Vide this circular issued on 10th May, 2020, it […]
In its new avatar, the new ‘bigger and bolder Form 26AS, would be more of an ‘Annual Information Statement’ which will have comprehensive information on taxes paid, details of pending and completed income tax proceedings, status of income tax demand and refund along with details of specified financial transactions like purchase of shares or property.
Safe Harbour – What is means Safe harbour refers to a legal provision to reduce or eliminate liability in certain situations as long as certain conditions are met. In other words, it refers to the circumstances under which the Income Tax authorities shall accept the transfer price declared by the assessee and the same shall […]
Salaried individuals to brace up for new questions from tax authorities in their tax returns Are you salaried individual earning below INR 50 lakhs per annum filing the simple ITR-1? Still get ready to answer the new questions that the tax authorities would seek from you for this year onwards. The income tax department yesterday […]
The Finance Minister recently announced an economic relief package to MSME units in the form of collateral free loans. This facility is for standard MSMEs, that is, those MSMEs which were running fine until the Covid-19-induced lockdown disrupted their work. The total value of this relief package as declared by the Government was to the […]
The ITC saga With a view to keep tab on those errant taxpayers who are claiming excess input tax credit (ITC), the Government has brought in regulations to ensure that ITC can be claimed only to the extent of the credit reflecting in their GSTR-2A. This regulation may result in undue hardship to many tax […]
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