This article is covering in depth knowledge of various types of Jurisdictions, Various types of Assessments under Income Tax Act, 1961 and details of new system i.e. Jurisdiction-Free Assessment which was introduced from 2016. Jurisdiction is prescribed under Section 124 of the Income-tax Act, 1961 and assessment includes Summary assessment under section 143(1), Scrutiny assessment […]
First we will discuss the business which has been eligible for scheme provided by section 44AD of income tax act, 1961. This scheme covers up almost all small businesses which has total turnover up to 200 lakh. Total turnover is the crux of this section. Here important is total gross turnover; gross turnover is before deducting any expense.
Application for Advance Ruling: The applicant desirous of obtaining advance ruling may make an application stating the question on which advance ruling is sought.
Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent (100%) of the profits and gains derived from such business.
Article compiles Central Goods and Services Tax (CGST) Orders issued by CBIC during 2017 to 2019. Article Contains Order Number, date of Order, Subject on which orders been passed and Description of order. Orders also been hyperlinked for ready reference of our readers. THE CENTRAL GOODS AND SERVICES TAX ORDERS, 2017 Sr. No. Order No […]
Income –Tax Tips for Government Employees and pensioners for giving Income-Tax Statements in Feb 2019 and March 2019 All employees, whether government or Non-Government have to give Income-Tax statements in Feb 2019 to process their salary of Feb 2019. In certain cases, they have to give Income –Tax statements in March 2019. As far as […]
I recently received a communication from a reputed association from New Delhi that the Hon’ble Union Finance Minister discussed in a meeting with Stake Holders at Delhi on problems in implementation of GST and most of the stake holders expressed their dissatisfaction about implementation of GST and solvation of difficulties faced by the stake holders […]
The Income Tax Returns for the Assessment Year 2017-18 were selected for scrutiny via e-proceedings for those Assessees, who have deposited more than Rs. 2 Lakhs in cash in Banks after 8th November 2016, being the date on which Demonetization was announced by our honourable Prime Minister of India. Cash Books, Sales Invoices, Copies of […]
Ministry of Corporate Affair (MCA) amends the limit for appointment of whole time Company Secretary on 06/01/2020 by Companies (appointment and managerial personnel) Amendment, Rules 2020. Amended provisions for appointment of Whole time CS: Section 203 read with Rule 8 and Rule 8A of Companies (appointment and managerial personnel) Rules 2014, as amended provides that […]
Before discussing the subject, first understand what limitation is. According to section 2 (j) of limitation act 1963 , it is defined as ““period of limitation” means the period of limitation prescribed for any suit, appeal or application by the Schedule, and “prescribed period” means the period of limitation computed in accordance with the provisions […]
