List of Income Tax Benefits available to Small Businessmen
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List of Income Tax Benefits available to Small Businessmen
Read moreRates of depreciation for income-tax
Read morePresumptive Taxation - Income Tax
Read moreThe Central Board of Direct Taxes (CBDT) has revised the ‘E-assessment Scheme, 2019’ notified on September 12, 2019. Now, e-assessment scheme shall be called Faceless Assessment. Now, the National e-Assessment Centre shall intimate the assessee for conduct of faceless assessment in case wherein notice has been issued by AO.
Read moreTo discourage cash transactions and to move towards the cash-less economy, the Finance (No. 2) Act, 2019 inserted a new Section 194N to the Income-tax Act, 1961. Section 194N provides that a banking company or a co-op. bank or a post office is required to deduct tax at source
Read moreCompulsory Audit of books of accounts - Income Tax
Read moreIncome under the House Properties
Read moreMSMEs to get loans at 9.25% under Centre’s Rs 3-trillion package , GST Officials seek Directors Remuneration Information , WhatsApp allowed for GST ,Excise related virtual hearing
Read moreEven while the country is in a complete lockdown to control the spread of Coronavirus in the country, the new financial year (FY) 2020-21 has sneaked in from April 1. For income tax purpose, while the FY 2020-21 has begun on April 1 and will end on March 31, 2021, the relevant assessment year (AY) will be AY 2021-22. All income earned during the FY is assessed in the AY and income tax return for FY 2020-21 is accordingly filed in the AY 2021-22. As a taxpayer and even if one is not a taxpayer, there have been several important changes that one needs to be aware of. Here are a few of those key income tax changes effective April 1, 2020.
Read moreLets Know the Various Income Tax Notices that may be received by you...
Read moreThe dividend so distributed is income in the hands of the recipient instead of the company. Therefore, the incidence of the tax should have been on the recipient. Under pre-budget regime, the incidence of tax was actually on the payer company/mutual fund. Moreover, the pre-budget provisions levied tax at a flat rate (15%) on dividend distribution, irrespective of the marginal rate at which the recipient would have otherwise been taxed. Hence, the provisions were considered iniquitous and regressive.
Read moreLets discuss the Various Reasons that may attract an unwanted Notice from the Income Tax Department
Read moreHike in threshold limit for appointing a CS: The MCA has amended the Rule 8 A which changes the threshold limit for appointment of whole time Company Secretary in a private company. Now, companies having paid up share capital of 10 crore of more must have whole time CS in a board otherwise penalty will be imposed on such companies. At present, threshold limit of paid up share capital is 5 crore or more.
Read moreThe Ministry of Corporate Affairs (MCA) has launched ‘MCACMS’ Portal for issuing show cause notices electronically for non – compliances under Companies Act, 2013 and submitting replies from companies, directors with their clarifications and submissions. Based on the replies or submissions, the Register of Companies, Ministry of Corporate Affairs shall initiate penal actions for violations referred to in the show cause notices.
Read moreIncome Tax Returns Filings- Checklist of Documents to provide to your Tax Consultant for Timely and Correct Filings
Read more31st July is due date for Income Tax Returns. Penalty is payable upto 10000 payable if returns not filed on time.
Read moreThe statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A. The Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect of a financial year 2017-18
Read moreHowever, gifts received by bride and the groom , on the occasion of their wedding, are exempt from tax.
Read moreThe Finance Bill, 2018 proposed insertion of a new Explanation 2A to Section 9 to clarify that 'Significant Economic Presence' in India shall also constitute 'Business Connection' in India. This would enable levy of tax on dot com companies who are doing business in India through digital means without any physical presence.
Read more31st March, 2018 is the final due date for filing Belated Returns for AY 2016-17 & AY 2017-18 and Revised Returns for AY 2016- 17.
Read moreJust one more month for end of the current financial year. Let us list out the tax saving investments you can make to save your income tax to the best possible. Also includes list of Payments deductions of which can be claimed for tax saving . So plan your taxes well in advance.
Read moreThe standard deduction, which replaces tax-free transport allowance of Rs 1,600 per month (Rs 19,200 a year) and medical expense reimbursement of Rs 15,000 per annum, will accrue automatically to salaried class and pensioners without the requirement of furnishing proof like medical bills that are in vogue now.
Read moreWe are keen to network with Tax Professionals / Global Consultants / CPAs / Global Accounting Professionals.We are willing to take up Accounts Outsourcing & Tax Filings from Mumbai for Global Clients.
Read moreProsecutions have been initiated for wilful attempt to evade tax or payment of any tax; wilful failure in filing returns of income; false statement in verification and failure to deposit the tax deducted/collected at source or inordinate delay in doing so, among other defaults.
Read moreHave you received a Income Tax Noitice u/s 143(1) ? Don't Panic ! Check the basics below first
Read moreIncome Tax Raid , Search are terms that can scare even a tax compliant person. Read on to know a the actual income tax provisions , truth and clear misconceptions !!
Read morePlease find below link to download list of various income tax benefits available to small businessmen
Read moreincome Tax Rates
Read moreIts past 31st March, 2017 and its time to know if you will need to file income tax returns for the income earned by you in the previous year. Read on to know more.Also link to download the latest income tax return utilities as provided by the government is provided. If you are still confused and think you need professional guidance you may get in touch with us.
Read moreCompliance Calendar 2017-2018
Read moreAre you a professional? Are you confused regarding your income tax obligation? If yes,we hope most of your queries will be resolved below
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