What is an Income Tax Return? Income Tax Return is a form in which the taxpayer files information about the income earned and tax payable on such income to the Income Tax Department. Which Income Tax Returns are applicable to an individual? There are 7 forms notified by the department and ITR – 1,2,3,4 are […]
By Finance Act, 2018 the grandfather clause has been introduced in respect of investment made on or before 31 January 2018 in equity shares or units of an equity-oriented mutual fund. Grandfather provision means – a grandfather clause/grandfather policy/grandfathering is a provision in which an old rule continues to apply to some existing situations while a […]
A business or an organization that is running smoothly is also contributed by the proper internal controls in place. Hence, to understand internal controls & its relevance in business processes, first let us know what it is. What are Internal Controls? Internal controls are the policies, rules, and procedures implemented by a company to ensure […]
सरकारी बैंकों ने लगभग 90 लाख करोड़ रुपये के ऋण बांट रखे है, जिसमें से 20% यानि 18 लाख करोड़ रुपये डिफाल्ट में है. हालांकि सरकारी आंकड़े इसे लगभग 9 लाख करोड़ रुपये मान रहे हैं. यह स्थिति तब है जब बैंकों का पुनर्गठन हो चुका है, प्रोफेशनल मैनेजमेंट नियुक्त हो चुका है, दिवाला कानून […]
EXTENSION OF DUE DATES Central Board of Direct Taxes (CBDT), through its Circular No. 17/2021, dated September 9, 2021, has extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2021-2022 (Financial Year 2020-2021). The said extension of time lines for income tax returns and audit reports (wherever applicable) have been summarized […]
We are living in a modern world, where we are using various types of gadgets and apparatus for our facilitation. The development of internet is one of the most important invention in our life. The internet has brought the world on our finger tips. There are various types of gadgets and apparatus ,we are using […]
In this article, I will express my own views on the Goods and Services Tax Council constituted by the President of India under Article 279A of the Constitution. 1. Creation of GST Council.─ Clause (1) of Article 279A of the Indian Constitution provides that the President shall, within sixty days from the date of commencement […]
Taxation of Non- Residents Person Objective: Income tax liability can only be determined if we rightly determine the residential status of Person, per se certain income which is taxable for a resident, may not be taxable at all for Non-resident and a person who is citizen of India may be non-resident and vice-versa. Basics: –Residential […]
What is Inheritance Tax? An Inheritance Tax is a tax that is levied on those who are bequeathed or receive assets from the estate of a deceased person. 1. A levy of assets inherited from a deceased person is known as Inheritance tax. 2. Estate tax and Inheritance tax are different. The value levied estate […]
An in-depth review of the IT Rules 2021: Explore the positive and negative impact of these regulations on digital media and OTT platforms.
