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Tax Audit under Section 44AB

April 4, 2020 518724 Views 18 comments Print

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 Clarifies GST Return due date extension and related issues

April 3, 2020 69870 Views 4 comments Print

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 […]

TCS provisions applicable from 01.10.2020 – Detailed Analysis

April 3, 2020 162561 Views 23 comments Print

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 […]

Rectification of Mistake | Section 154 | Income Tax | Some Issues

April 2, 2020 50043 Views 5 comments Print

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 […]

FM Releases Ordinance on relaxation Provided on 24th March 2020

March 31, 2020 55782 Views 6 comments Print

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 […]

57 Technical Glitches and Issues of GSTN

March 31, 2020 22851 Views 8 comments Print

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.

18 FAQs on Three Month Moratorium by RBI

March 29, 2020 8139 Views 2 comments Print

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, […]

Income tax return filing in case of Futures & Options (F&O) trading

March 29, 2020 646805 Views 100 comments Print

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 FM press conference dated 26.03.2020

March 26, 2020 18384 Views 1 comment Print

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 […]

Synopsis of GST notification issued on 21st and 23rd March 2020

March 25, 2020 21207 Views 0 comment Print

1. Notification 10/2020-Central Tax – Dated 21st March 2020 Prescribes manner of transition for persons who were registered in the erstwhile Union territory of Daman and Diu or Dadra and Nagar Haveli till the 26th day of January, 2020; and is in the merged union territory of Daman and Diu and Dadra and Nagar Haveli […]

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