In this article an effort is made to list out and summarize the amendments (from income tax point of view, made by Finance Act 2020. Unless otherwise stated, all the amendments are to be effective from April 1, 2021 i.e. the assessment year 2021-22 relating to the income of the financial year 2020-21 starting from […]
Tax Audit Meaning -A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assesse exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act,1961 by a Chartered Accountant. -Simply Tax Audit means, an audit of matters related to tax. […]
CBIC Clarification in respect of various measures announced by the Government for providing relief to the GST taxpayers in view of spread of Novel Corona Virus (COVID-19) vide Circular No. 136/06/2020-GST dated 3rd April, 2020. Circular No. 136/06/2020-GST CBEC-20/06/04-2020 -GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and […]
As we all are aware that Finance Act, 2020 has come up with new insertion of TCS Provisions of Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance Scheme (LRS), Section 206C(1G)(b) – TCS on selling of overseas tour package and Section 206C(1H) – TCS on sale of any goods [except goods on which […]
In Income Tax Act there are various section which are frequently being used by the assesse and assessing officer in their day to day working but still assesse and department is not consensus on various points of various section. Section 154 titled as ‘RECTFICATION OF MISTAKE‘ is also one of those section of the Income […]
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought […]
In this article I have tried to compile some major technical glitches, errors, issues in GSTN. Hope few of them may be the reason why Mr. Nielkani was called for and to resolve them in time.
The Reserve Bank of India surprised many by permitting banks to allow a moratorium of three months on payment of installments falling due between March 1, 2020 and May 31, 2020. Q1. What is a moratorium on loans? Simply put, a moratorium is an extension, not a waiver. The banking regulator has allowed all banks, […]
Question: How to file income tax return in case of profit/loss from F&O trading? Do we get our accounts audited in case of loss from F&O Trading? I will try to answer all questions relating to F&O Trading through this article so that it can be of help to people in filing income tax returns.
43 Key Highlights of Finance Minister Smt. Nirmala Sitharaman press conference dated 26.03.2020 1. Government to contribute 12% from the employee and employer side to the PF, for firms having less than 100 employees. Government will contribute 12% from the employer side and 12% from the employee side to PF accounts. This for those firms […]
