The season of filing of tax return is here. This year all those who have taxable income are required to file their return. Also those with income above Rs five lakhs have to compulsorily e-file their return. Its very important to file error free Income tax Return to avoid future problems. Lets see the most commonly committed mistakes those could be avoided.
Threashold limit for registration under GST on services should be enhanced from Rs 20 Lakhs to Rs 40 Lakh on the line of Traders and Manufacturers. The exemption limit for personal income tax should be 5 lakhs for the trader who carry on business under proprietorship, or is a partner or is a director in company which is registered under GST.
In this article we compiled information / How to register Aadhaar in ITD e-Filing website, Solution to errors in linking of Aadhaar, Aadhaar in case of HUF/Corporate login, reset password through Aadhaar, Validity of OTP sent from Aadhaar database, How to check Aadhaar number linking, Is it mandatory to link Aadhaar number, De – Linking […]
Article explains what is Alternate Minimum Tax (AMT), When to Apply AMT and its rate , Need For AMT, Applicability of Alternate Minimum Tax (AMT), Non Applicability of Alternate Minimum Tax (AMT), Rate of AMT, Credit & carry Forward of AMT, Some Key Points related to AMT and calculation of AMT with the help of example.
Result of Chartered Accountants Final (Old & New scheme) Examination Held in November – 2019 and declared on 16th January 2020. RESULT OF CHARTERED ACCOUNTANTS FINAL (NEW SCHEME) EXAMINATION HELD IN NOVEMBER – 2019 The result of the Chartered Accountants Final (New Scheme) Examination was declared recently. The details of percentage of candidates passed in […]
In this article I’ll be discussing the valuation of a rent free unfurnished accommodation given to an employee as a perquisite. The term accommodation includes a flat, farm house (or part thereof) or accommodation in a hotel, motel, service apartment, guest house, caravan, mobile home, ship or other floating structure. For the purpose of valuation of the perquisite in respect of unfurnished accommodation, employees are divided in the following two categories:
GST audit and annual return are to be filed up to a certain date and at present the due date is 31st January 2020. Let us first see how this due date of the GST audit and Annual return is extended from time to time and in most of the cases of extension the reasons […]
CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement benefits etc. Circular No. 04/2020-Income Tax F.No. 275/192/2019-IT(B) Government of India […]
The Rule 114E prescribed under the reporting transactions and persons that need to file such records to Director/Joint director of Income Tax (Intelligence and Criminal Investigation).The same is produced below in a synopsis manner to help the reader to get a broad idea of the provisions and rules.
Section 69 does not provide any guideline about the extent and length of the discretionary power given to AO in the matter of treating the investment as income which is unexplained or unsatisfactorily explained by the investor-assessee. Therefore, Assessing Officer is expected to appreciate the reasonable explanation offered to him, the evidences produced before him about the nature and source of investment and he can not make the addition merely on surmises, conjectures as well as without any supporting evidences. (Ashok Kumar Rastogi V CIT (1991) 100 CTR 204.)
