If the turnover of the eligible assessee from eligible business is equal to or less than 2 crores ; then profit @ 8 % or more shall be deemed to be his profit if claimed to have been earned in the return.
Understand the concept of Foreign Tax Credit (FTC) and its significance in mitigating double taxation on income earned outside India. Explore how Double Taxation Avoidance Agreements (DTAA) play a crucial role in preventing double taxation. Learn about the process of claiming FTC, including filing Form 67 and providing necessary documentation. Gain insights into the relevant details and conditions associated with FTC, ensuring a transparent and justifiable taxation system for Indian residents with foreign income.
Explore the potential areas of implementing blockchain technology in India across various sectors. From automating automobile processes like vehicle registration to revolutionizing healthcare with secure medical records management, blockchain offers efficiency, transparency, and security. Discover applications in manufacturing, banking, supply chain, notary services, music, cloud storage, and the Internet of Things. Uncover the transformative impact of blockchain in streamlining operations, reducing fraud, and enhancing data reliability across diverse industries.
Stay updated on the recent changes in the Companies Act, 2013 with the Companies (Registration of Charges) Second Amendment Rules, 2022. The MCA has introduced amendments impacting charge-related forms (CHG-1, CHG-4, CHG-8, CHG-9), specifying that these forms must be signed by the Insolvency Resolution Professional, Resolution Professional, or Liquidator for companies. Keep abreast of regulatory modifications to ensure accurate filing and compliance.
Unlock the secrets of Form No 26AS, the Tax Credit Statement, with comprehensive insights. The amended form by CBDT, effective June 1, 2020, provides a holistic profile of the taxpayer, covering essential details like mobile number, email ID, Aadhar number, and more. Discover information on tax deductions, specified financial transactions, payment of taxes, demands, refunds, and pending/completed proceedings.
Unlock the intricacies of Transitional Credit Availment from October 1, 2022, in this insightful video by CA Vivek Jalan. Delve into the procedures, challenges, and safeguards surrounding GST-TRAN Credit, as per Circular 180/12/2022 dated 9th Sep 2022. Explore the Filco Trade Centre Pvt Ltd. & Anr Vs UOI verdict, GSTN’s portal opening, and the filing window for TRAN 1, TRAN 2, and TRAN 3. Gain clarity on revision possibilities, the role of aggrieved registered assesses, and the officer verification process.
Discover the reasons for TDS mismatches with Form 26AS and the potential consequences. Learn how to rectify the discrepancies, including filing a revised TDS return or providing explanations to the tax department. Stay informed to ensure accurate tax reporting.
Understand the implications of Income Tax Act Sections 142 and 142A, covering notices to submit returns, making inquiries, and providing opportunities to assesses. Learn about directions for audits and consequences of non-compliance. Stay informed to ensure tax compliance.
Explore the nuances of Income Tax Notices under Section 142(1) of the Income Tax Act, 1961. Learn when these notices are issued, how to deal with them, and the potential penalties for non-compliance. Stay informed about the procedures to follow and ensure greater tax compliance.
Discover the intricacies of Income Tax raids and understand the rights of an assessee during the process. Uncover the objectives behind search and seizure operations, who can conduct them, and the powers vested in tax authorities. Stay informed about the rights an assessee possesses during and after an Income Tax raid.
