Introduction As we all aware now a day’s Modi government has significantly encourage digital and cashless economy through: 1.1 Providing a online platform for various government services; 1.2 Demonetization, which extremely turns our economy towards cashless; 1.3 By giving incentives and disincentives under various laws for digital tran...

Income Tax Updates for the Month of November 2019 (Notifications, Circulars and other amendments) 1. Tax deducted u/s 194M (TDS by Individual/HUF) to be deposited within 30 days from the end of the month in which tax deducted CBDT Notification No.98/2019-Income Tax dated 18-Nov-2019 a) Sec 194M: Applicable w.e.f 01-Sep-2019 An Individual/...

During the month of November 2019, two important judgments were pronounced by judicial authorities, pronouncing the principles behind condoning the delay in filing appeals before the courts by applying section 5 of the Limitation Act, 1963. In case of Senior Bhosale Estate (HUF) Appellant(s) Versus Assistant Commissioner of Income Tax Res...

In simple terms, buy-back of shares means the situation when the company repurchases its own shares. A company may opt to buy-back the shares under any other the following situations – – When the quoted price on the stock exchange for the company’s share does not represent the true value of the shares; or – […]...

Many times we fall into a confusion regarding the difference between business losses and business expenditure. A business loss can come from the normal operation of the business or an irregular activity arising out of the business whereas expenditure is something which is deliberately incurred for the moving of the business. Let us figure...

In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs 1 crore. Let’s […]...

FM Nirmala Sitharaman has presented her first Union Budget on 5 July 2019.  In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction […]...

INTRODUCTION Globalisation of Indian economy has been gaining unprecedented momentum in recent years – almost two decades now. In its course, overwhelmingly large number of changes, that too of a significant nature / overreaching in effect , have been taking place; not only in the country’s economic front but also in almost every sphe...

This Article give the snapshot of the newly inserted sections i.e.  Section 194M and Section 194N in the Finance Act (No. 2), 2019. Also covers Income Tax Notification No. 98/2019 dated 18th November 2019 issued by CBDT....

Article compiles due dates of compliance related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8,  RFD-10, Due dates for payment of TDS / TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/ TCS Certificates, Due date for […]...