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Income Tax - Proposed Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up under Finance Bill 2021 The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business [&he...
Read MoreIncome Tax - Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain....
Read MoreIncome Tax - This article explains meaning of Eligible start-up, process of recognition of an entity as eligible start-up, various benefits available to a startup and related procedural & legal aspects Section/ Notification Provision Explanation (i) & (ii) to section 80-IAC Read with Notification dt. 19 Feb. 2019 “El...
Read MoreIncome Tax - Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R notification 127(E) are eligible to apply for recognition under the program. If the startup falls under the criteria of Eligible Startup then it will be eligible to avail exemptions and benefits as mentioned in above notification....
Read MoreIncome Tax - Startup India Scheme is an initiative by the Government of India under leadership of Mr. Narendra Modi for generation of employment and wealth creation. The goal of Startup India is to develop and innovate products and services and increase the employment rate in India. To promote growth and help Indian economy, many benefits are being g...
Read MoreIncome Tax - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....
Read MoreIncome Tax - KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […...
Read MoreIncome Tax - 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act....
Read MoreNotification No. 35/202-Income Tax [S.O. 2033(E)] and Press Release ID: 1634070 - (24/06/2020) - Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...
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Notification No. 35/202-Income Tax [S.O. 2033(E)] and Press Release ID: 1634070 - 24/06/2020
