Schedule III Division I – Summary of Amendments FY 2021-22 1. (i) Depending upon the Total Income of the company, the figures appearing in the Financial Statements shall be rounded off as given below:— Total Income Rounding off a) less than one hundred crore rupees To the nearest hundreds, thousands, lakhs or millions, or decimals […]
1. Any person Eligible to File updated returns for FY 2019-20 and subsequent assessment years as per the relevant provisions of the IT Act can file the updated return via Form ITR-U. A taxpayer would be able to file only one updated return for each assessment year. 2. Income Tax Department enabled E-filing of Updated […]
The Finance Act, 2022 has inserted w.e.f. 1-7-2022 a new TDS section 194R for deduction of tax @ 10%, on any benefit or perquisite, arising from business or profession, of a resident. CBDT in its Circular no. 12 of 2022 dated 16 June 2022 has come out with the guidelines in the form of Q&As […]
#AD Derivative contracts such as futures and options allow traders to use various strategies in the stock market to reduce risk and maximise returns. Future and option trading or F&O trading requires traders to take certain positions by taking into consideration all the factors that can influence the price. To be able to do this […]
Discover the 6 important aspects of the Banking Regulations Act, 1949. Understand the impact of these regulations on Indian banks and their activities.
Discover common issues faced in filing refund under GST Law. Learn about limitations, interest on delayed refunds, and more.
Understand the new format of CARO 2020 and its requirements for corporates and non-corporates. Get insights on audit procedures and reporting.
Stay updated with the recent updates in GST till 26th June 2022 and understand the implications on Indias economy and stability.
Certain taxpayers have been claiming deduction on account of ‘cess’ under section 40 of the Income Tax Act, 1961 claiming that ‘cess’ has not been specifically mentioned in the provisions of the section 40(a) (ii) of the Income Tax Act, 1961 and therefore, cess ought to be an allowable expenditure. Such assesses placed strong reliance on various judicial judgments such as Sesa Goa Limited versus JCIT (Bombay High Court).
Discover how to leverage the China Plus One strategy with the incorporation of a wholly owned subsidiary in India. Explore the ease of doing business and the simplified process.
