The Finance Act, 2020 has introduced a new provision as a result of which all existing trusts have to undergo re-registration under Section 12A and 80G and Re-approval U/s 10(23C) and Section 35(1). To give effect to this, new section 12AB has been inserted with effect from 1st April, 2020 dealing with the procedure of […]
CAG (Comptroller and Auditor General of India) has prepared a report on Assessments Relating to Agriculture Income which was presented in the 49th report of the Public Accounts Committee which clearly stated that the rich farmers whose agriculture income exceeds Rs 10 lakh per year limit, will face stricter scrutiny of agricultural income.
Discover the conditions and restrictions on ITC specified in Notification No. 11/2017 CT(R). Understand how it impacts various services and their GST rates.
Svamitva is an abbreviated form of ‘Survey of Villages Abadi and Mapping with Improvised Technology in Village Area’. Svamitva Yojana was launched by the Prime Minister of India, Shri Narendra Modi, on National Panchayat Day in the year 2020 i.e., on 24th April 2020. It is a central- sector scheme that promotes socio-economic empowerment developing […]
Stay compliant with insider trading regulations. Learn about the checklist for listed entities under SEBI (Prohibition of Insider Trading) Regulations.
Discover the key changes in income tax returns (ITRs) for AY 2022-23. Stay updated with the latest amendments and understand the impact on your taxes.
HUF is a creation of law and cannot be created by the act of parties, except in the case of adoption by member of HUF. HUF is a separate legal entity as per section 2(31) of the Income Tax Act and therefore, as long as the HUF is in existence, no individual member can be separately assessed in respect of its income. [ITO vs. Bachu Lal Kapoor (1966) 60 ITR 74 (SC)].
As you are aware that, it is duty of every citizen whether human or corporate to pay applicable taxes levied by Government of India. These taxes are necessary for development and social welfare of the citizens. Government of each country depends on taxes paid by their citizens and formulate its expenditure for welfare, hospitality, social […]
Understanding Section 143(1) intimation for income tax returns. Find out what it means and what actions to take upon receiving it.
The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable. Any interest on contribution made during the FY 2021-22 in excess of amount of Rs. 2.50 Lakhs […]
