In peak, the withdrawal of cash, if not utilized elsewhere, is considered as available for making deposits. The highest unexplained cash deposit is considered as peak. The determination of peak reduces the taxable income. However, where withdrawals are through cheques and it is not proved that such withdrawals have come back to the pocket of the assessee, then benefit of those withdrawals will not be available to explain the deposits.
Income Tax Rates: Tax rates remain same as last year. Tax Rates for Individuals. Income Tax Slab Income Tax Rate (Old Rate) * Income Tax Rate (New Rate 115BAC) ₹0 – ₹2,50,000 Nil Nil ₹2,50,001 – ₹ 5,00,000 5% 5% ₹5,00,001 – ₹ 7,50,000 20% 10% ₹7,50,001 – ₹ 10,00,000 20% 15% ₹10,00,001 – ₹12,50,000 […]
This article mainly focuses on the concept of Agency Problems, their types, and the reason for their occurrence. After researching it led to the conclusion that to overcome the shortcomings of the present law the government in addition to the Kotak Committee Report should consider the suggestion of ‘one person one vote’ rule and should constitute another committee to figure out loopholes in the present law before anyone uses it for their benefit.
Key points to keep in mind and information to keep ready before filing Form CSR-2 1. The form is a Web based form to be filed for the F.Y.-2020-21 and, for the upcoming years the form shall be filed as an attachment to for AOC-4, AOC-4 (XBRL), AoC-4 (NBFC). 2. SRN of form AOC-4/ AoC-4 […]
Export Oriented Units Scheme 1981 The Export Oriented Units (EOU) scheme was introduced to boost exports, increase foreign exchange and create employment in India. The EOU scheme is complementary to the scheme for Free Trade Zone, Export Processing Zone. In this article, we look at the Export Oriented Units scheme in detail. Export Oriented Units: […]
Cryptocurrency, Nonfungible tokens (NFT) or legally known as Digital Assets are the new and the fastest upcoming modes of investment which have taken the world by storm. During the past few years there are multiple platforms from which one can invest in such digital assets in India and everyone is attracted towards this new form […]
As per Master Direction – Export of Goods and Services issued by RBI (FED Master Direction No. 16/2015-16) Realization and repatriation of proceeds of export of goods / software / services It is obligatory on the part of the exporter to realize and repatriate the full value of goods / software / services to India […]
In terms of nominations by holders of physical securities, Sebi stated that nomination forms will be sent out in two waves to the security holder accounts. The capital markets regulator, the Securities and Exchange Board of India (Sebi), today clarified requirements for Registrars to Issue and Share Transfer Agents (RTAs) in processing investor service requests, […]
Finance Minister had declared the Finance Budget of 2022-23 on 01st February in the Lok Sabha and proposed to substitute section 38 by the finance bill 2022. What is the major change proposed between old section and new proposed section?
There remains confusion among the people that this income is agriculture income or not. Professionals are also confused. But there are certain judgments and on reading them in detail we can remove our confusion for Agriculture Income. [CIT v. Rana Gurjit Singh (2012) 340 ITR 108 75 DTR 376 (P&H)] Seeds – Conversion of raw […]
