Auto Income Tax Calculator version 16 for F.Y. – 2021-22 (A.Y.-2022-23) in Old & New Regime (Both) Financial Year 2021-22 has started. Govt. has introduced a new tax regime (system) from last financial year (with a lower tax rate without any exemption/deduction). Which will continue in this financial year too. Every individual and employer have to […]
Chartered Accountants Association, Surat has written a letter to Chairman of Central Board of Direct Taxes and demanded for Timely release of Income Tax Return Utilities and Stopping of Panic Messaging. They also demanded that A suitable and adequate time compensation be provided for the amount of stakeholder’s time lost due to infrastructure failure, so […]
IMPORTANT GST CHANGES APPLICABLE FROM 01st April 2021 AND THINGS TO DO BEFORE 31st March 2021. 1. E-WAY BILL With the amendment by Finance Act 2021, u/s 129 of the CGST Act under detention, seizure, and release of goods and conveyance in transit, the penalty applicable will be 200% of the tax payable. 2. Input […]
With increased changes and amendments being made in the GST law, it becomes a bit difficult to keep track of each such change and implement the same in a right way within the statutory mandated timeframe. Although GST law provides for various compliances that needs to be carried out on a regular basis i.e. Monthly, […]
The Finance Minister, Smt. Nirmala Sitharaman, has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha on 22rd March 2021. Lok Sabha has passes the finance bill 2021 with all these changes on 23rd March 2021. 127 changes have been proposed to the original Finance Bill, 2021 which was introduced in […]
[1] Provision for Income Tax : This provision is created from profit. This is below the line entry. After adjusting necessary items from gross profit, ( e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules ) taxable income arrives. On that taxable profit we have to make provision for income tax at prevailing rate of income tax.
The word Deferred is derived from the word Deferments which means arranging for something to happen at a later date. Thus, deferred tax is the tax for those items which are accounted in Profit & Loss A/c but not accounted in taxable income which may be accounted in future taxable income & vice versa. The deferred tax may be a liability or assets as the case may be.
ICAI declares CA Final (New & Old Scheme) & CA Foundation Examination January 2021 Pass percentage & List of Top 3. This post contains Pass Percentage and Toppers of Chartered Accountants Final (New Scheme) Examination, Chartered Accountants- Final (Old Scheme) Examination and Chartered Accountants- Foundation Examination Held In January 2021. THE Institute of Chartered Accountants […]
TDS Rates effective from 01st April 2021 The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same […]
Significant Changes In Income Tax That Would Come With Effect From 1st April 2021 includes Pre-filled ITft Forms, Tax on Interest on PF, Penalty for Non-Linking of Aadhar & PAN, High TDS/TCS Rate for Income Tax Return (ITR) Non-Filers, Submission of bills under LTC Cash Voucher Scheme and No Tax Filing For Senior Citizens Above […]
