First of all, we should understand the concept of – Why Tax Relief is given to Taxpayers? Income Tax is Calculated on Assessee Taxable Income (which is arrived after summing up of Income of Five Heads – Income from Salary Head , Income from House Property , Income from Profession and Business and Income From […]
Central Government has brought into effect the provisions of Finance Act, 2021 effective from 1st January, 2022. In the Budget of 2021-22, changes in Finance Bill, 2021 were proposed to make changes in CGST Act, 2017. Accordingly, CGST Act, CGST Rules and IGST Act, 2017 has been amended. We have examined the proposed changes in […]
The income tax department has recently rolled out a new ‘Annual Information Statement’ on the income tax portal. The statement provides a comprehensive view of the information to the taxpayer on their financial transactions. Notably, ‘Annual Information Statement’ is a much detailed statement that includes details like mutual fund transactions, interests, shares etc. The current […]
Direct selling companies are not banned and the Company Secretaries (CS) are ready to hold the new responsibility entrusted to upon them by the central government. We are well aware that with the changing business environment direct selling businesses were awaiting some reform in their supervision environment so that they can well protect themselves from […]
Since the introduction of Section 9B of the Income tax Act (‘the Act’), there has been ample of discussions regarding double taxability of same income in the hands of Specified entity, in this regard this article is to give clarity in relation to same. Applicability of Section 9B and Section 45(4) of the Act. Section […]
Introduction Foreign Owned or Controlled Companies or FOCC is a familiar name for Indian subsidiaries or entities controlled of/by non- resident/ foreign or multinational companies. FOCC is an Indian company set up or owned or controlled by a non- resident/ a foreign company or MNCs (hereinafter referred as parent company). FOCC becomes a great source […]
The Government vide Notification No. 14/2021-Central Tax) & Notification No. 15/2021-Central Tax dated 18th November 2021 has made some major amendments that will come into force from 1st January 2022. The following are the 10 important changes that has come into effect from 1st Jan 2022 Compliance Related 1 – GST ITC available to Recipient only when […]
In SCA No.53 of 2020 judgement pronounced on 16.10.2020, passed by Division Bench of Madras High Court, regarding transition of Education Cess, Secondary and Higher Secondary Education Cess and Krishi Kalyan Cess. The Hon’ble Court in its 135 pages of judgement held that “the Assessee was not entitled to carry forward and set off of […]
Understand the rates of surcharge for Individual, HUF, AOP, BOI, AJPs, and surcharge on dividend income and income under section 111A/112A for AY 22-23.
Arjuna (Fictional Character): Krishna, what are the changes notified by government in filing GSTR-1 and GSTR-3B from 1st January 2022? Krishna (Fictional Character): Arjuna, Earlier taxpayers (Supplier) were not able to file GSTR-1 or use the IFF on the GST portal if they had pending GSTR-3B filings for the past two months (monthly filer) or […]
