The Consolidated FDI policy Circular of 2020, issued by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, effective from October 15, 2020, provides for the regulations applicable on entities operating under the Single Brand Retail Trade (SBRT) regime in India. The aforesaid regime allows a person resident outside India (PROI), […]
Failure to comply with the process of registration of GST can lead to various consequences, that a person can neither claim any Input Tax Credit nor can collect tax from his customers.
With Budget 2021 round the corner, there are discussions on what the FM has in store for the Taxpayers & one of the talks doing rounds is a COVID-19 Cess. So let’s have a brief overview of what and how exactly this concept of Cess works – 📍 Article 270 of the Constitution of India […]
eForm CFSS-2020- (Application for issue of immunity certificate under the Companies Fresh Start Scheme (CFSS), 2020) Law(s) Governing the eForm CFSS-2020 eForm CFSS-2020 is required to be filed pursuant to General Circular 12/2020 issued by Ministry of Corporate Affairs Purpose of the eForm CFSS-2020 A company can seek immunity in respect of belated documents filed […]
With budget day approaching we individual tax payers wish the finance minister to fulfil some of our wishes. Let us discuss what I as a common man wish from the Finance Minister. Revision in the monetary limit of deduction available under Section 80C, 80CCC and 80CCD Presently as per Section 80 CCE the deductions available […]
Section 234D in Income Tax Act, 1961 was introduced in the act to cover those situations where the refund was issued to the assessee according to intimation U/s 143(1) & later on it was discovered post Scrutiny Assessment that the assessee wasn’t eligible for refund or amount of refund was more than amount refunded after […]
Avoid the burden of huge tax on belated filing of return of income. Learn about the consequences and possible solutions.
Understand the basics of Income Tax Return (ITR) and penalty provisions. Learn about the income tax slab and rates for FY 2020-21.
Provisions of section 35 of the Income Tax Act, 1961 covers deduction allowable towards expenditure on scientific research. The provisions are briefly explained in the present article. Deduction towards revenue expenditure on scientific research [Section 35(1)]- Following table briefly explains the deduction available under section 35(1) on revenue expenditure for scientific research- Type of expenditure/ […]
As necessary as it is to buy life insurance for financial protection, it can also be an equally challenging decision. There are several aspects of the purchase process that need careful consideration. Choosing the right amount of life coverage is one of them. Life cover refers to the sum assured that your family would receive […]
