The countdown to Union budget 2020 has already begun. Considering the state of the Indian economy, finance minister is expected to unfold measures which give boost to the economy Following are ten propositions for the Budget : 1) Income Tax Slab Income upto Rs. 5 lakh should be made exempt from tax. Peak rate of […]
Analysis of CBDT Notification 01/2020 Revised format of ITR-1 and ITR-4 for FY 19-20 notified!! ITR Forms which usually are issued somewhere around in the first week of April of the relevant Assessment Year, this time have been issued on 3rd January itself!! [Only ITR-1(Sahaj) & ITR-4(Sugam)] The very reason for the same is the […]
Section 50 of CGST Act, 2017 articulates that every person who is liable to pay tax in accordance with the provisions of GST shall remit tax on or before scheduled dates, but fails to pay tax or any part thereof to the Government shall pay on his own interest at such rate not exceeding 18 […]
Angel tax, a direct tax imposed on some start-ups but before we start discussing on Angel tax we need to get back a few steps to understand it in a better way. Start-ups born from entrepreneurial dreams. Now, who can be a certified start-up? If you want to certify your firm as a start-up as […]
9 Ideas To Reform Income Tax Act ( Or It May Be Incorporated In DTC ) 1. Solution To Give Relief To Middle Class & Lower Class From Income Tax Without Decreasing Revenue This Should Be Income Tax Slabs. Remove 87a Rebate. Its High Time That Government Should Rethink Income Tax Basic Exemption Limit 1. […]
A. DIRECT TAXES UPDATES i) Income Tax circulars/ notifications/ rules/ clarifications/News- December 2019 ♦ CBDT has notified revised FORM NO. 10DA (Report under section 80JJAA- Deduction in respect of employment of new employees, of the Income-tax Act, 1961). Section 80JJAA is applicable if In case of an assessee opting to provision to sec 115BAA or […]
The Companies Act, 2013 was effective for all the companies with effect from 1st April, 2014 but of its certain sections or provisions was applicable from different dates depending upon the notification of by Ministry from time to time. The Government of India has always put a thrust to start a business by incorporating a […]
Independent Directors Serve as an important institution of Corporate Governance Contributing Significantly at the boards by bringing diverse set of skills with an independent judgment on significant issues. Independent Directors act as a guide, coach , mentor to the company, Their role broadly includes improving corporate credibility& governance standards by working as a watchdog and […]
Funding means and includes the money required to start and run a business. It is a financial investment in a Company by the owner or external personal for expansion, product development, sales and marketing, office spaces, manufacturing and inventory. Many startups choose to not raise funding from third parties and are funded by their founders […]
Important Points related to Section 80G of Income Tax Act, 1961: It is important to note that when registration is granted under section 12A, it does not mean that section 80G approval has been given i.e. registration under section 12A will not provide automatic approval under section 80G. It has to be applied separately.
