Delays in income tax refunds, even after the stipulated number of months, are faced by many tax payers. Running from pillar to post at the income tax office, having to deal with impolite income tax officials become a part of the ordeal.
Current article would help to figure out the different types of forms for return filing under GST, the purpose of return, the person who is liable to file the specific return and its due dates. Further current article also provided a list of due dates extended, affecting different GST returns.
On 31St August, all the professionals were just sitting helplessly infront of the Income Tax E-filing site that was moving with the speed of “Three toed sloths” and the last date of filing of return was ending with the speed of “Cheetah”. All were just praying that either the site runs or date gets extended. […]
As a CA/CS/CWA running an independent practice, there are a plethora of situations that may require extra funding. In such scenarios, a loan can help you tackle the expenses that you are likely to incur with ease. While you choose amongst various loans, here’s what you should know about a Flexi Loan that is the […]
Income tax assessment is estimation for an amount assessed while paying Income Tax by assessee himself or by income tax officer. Following types of assessment are carried out under Income tax act. We will discuss each type of assessment in detailed in this article.
In India, tax laws are admittedly complicated because of various deductions, exemptions, relief and rebates. Being liable to pay tax creates a responsibility for an individual to do tax planning so that he should arrange his financial activities in such a way that maximum tax benefits are enjoyed.
CBIC Issues Notification No. 39/2018 – Central Tax to Notification No. 42/2018 – Central Tax and also issued Circular No. 57/31/2018-GST to Circular No. 61/31/2018-GST on 4th September 2018 to Provide Relief From Late fees for specific periods and specific forms, to clarify on various issues related to GST Refund, E-way bill in case of […]
Following suggestions were compiled by Mr. Bimal Jain, towards making GST Return system and formats simplified for all taxpayers, which have been submitted to the Government
SDT includes payments to related parties, inter-unit transfer of goods or services of profit linked tax holiday-eligible units, transactions of profit-linked tax holiday-eligible units with other parties and any other transaction that may be notified by the Central Board of Direct Taxes.
Whether the Right to own the Property is a Capital Asset? What is a capital asset is defined in section 2(14) of the I.T. Act, 1961. Under that provision, a capital asset means property of any kind held by an assessee, whether or not connected with his business or profession. The other sub-clauses which deal with what property is not included in the definition of capital asset are not relevant. Under section 2(47), a transfer in relation to a capital asset is defined as including the sale, exchange or relinquishment of the asset or the astonishment of any right therein or the compulsory acquisition thereof under any law.
