ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending crores of rupees on research and development. Similarly if businessmen carry out such R&D, etc. activity, then is there any provision of Income Tax which benefits him?
Indian citizen residing abroad, foreign citizen and other than individual (like company or trust or firm etc.) who wants to apply for PAN should fill the PAN application 49AA. Basically PAN application for Non Resident can be bifurcated into three categories
As we all know that, whenever we visit TRACES website for any of TDS return related work at that time, we always face this issue that every time for any single process eg justification report or conso file, etc we always need to feel KYC and gone through that lengthy process. Hence now department has […]
1. Amendment Due to Assent of Finance Act, 2020 a) Change In Tax Rates/ Slab Rates Tax Rates for Individual, HUF, AOP, BOI and Artificial Judicial Person (other than opting for Sec 115BAC) Tax Rates for Co-operative Society Particulars Rate of Tax Upto Rs. 10000 10% Rs.10000-20000 20% >20000 30% Tax Rates for Others Particulars […]
Applicability of Clubbing Provisions on remuneration income of Spouse from a Concern in which other Spouse has Substantial Interest ‘Substantial Interest’ by an Individual – Meaning The following are the two cases where it can be said that an individual has a “substantial interest”— In the case of a company – Where an individual beneficially holds […]
RWA seems to split the service contract into two parts in order to escape the condition of Rs. 7500 per member per month or RWA might be crossing the threshold limit of Rs. 20 Lakh as given in Notification No 12/2017-Central Tax Rate dated 28.06.2017.
Following Aspects can be considered while finalization of Accounts Company Name : ________ Assessment Year : _______ Financial Year : ________ PARTICULAR REMARK 1. Tally Opening Balance with Last Year Balance Sheet. 2. Check the difference in opening balance and rectify it with proper adjustment. 3. Check there should not be entries in book of […]
Everyone knows C’s reactions are global and everyone is affected by its strong hold on humanity. RBI governor, rightfully, came again with his statement yesterday which dealt with broadly the following four areas: (i) Maintain adequate liquidity in the system and its constituents in the face of COVID-19 related dislocations; (ii) Facilitate and incentivize bank […]
1. All Individuals & HUF can choose to pay tax as per new slab rates without availing exemptions & deductions Option has been given to all individuals/HUF to pay tax as per new slab rates (Optional tax regime) on total income computed without claiming any deductions/exemptions – As per Sec 115BAC inserted by Finance Act, […]
This article deals with the theory of telescoping as applied in the Income-tax Law, the manner of its application and as to how and under what circumstances the benefit of telescoping could be claimed / availed by an assessee. Though the said theory has general applicability across the taxability of a wide range of items, […]
