Wednesday, October 28, 2020
The government has made many changes in Income Tax Returns and reporting of various details are made compulsory since last two years. Also the government wants to link all the details such as bank account, Aadhar details, property and investment details relating to assessee with the return...
When a company appoints an auditor, it is obliged to accept the appointment of an auditor to the Registrar of Companies (ROC) in a specified manner in compliance with section 139(1) of the new company act 2013. In this reason the Form ADT-1 is used. Under Section 139(1)...
The Direct Tax Vivad se Vishwas Act, 2020 introduced a dispute resolution scheme, which was applicable to all appeals/petitions filed by the taxpayers or the income tax department, which were pending until 31 January 2020, before any appellate forum. In essence, it offered complete waiver of interest and penalty if the...
Capital gain is the profit or gain that is earned from the sale of any capital asset. There are two types of capital gain: a) long term capital gain and b) short term capital gain. While calculating capital gain tax, a taxpayer must take careful consideration...
With the aim to Digitalize India, the Indian government has undertaken various reforms in the Tax department. With the main objective of consistency and greater transparency in the system of assessment, the Finance minister proposed the introduction of a scheme of faceless e-assessment. The scheme seeks to...
TDS stands for 'Tax Deducted at Source'. It is a form of direct tax. Every person, before making payments in relation to service taken, dividend, rents, interest, commission, or any such payment as per provisions of TDS, shall deduct a percentage to tax and deposit the same...
What is new Income tax Slab for AY 2020-21? -> Under existing regime the taxpayers (Individuals and HUF) were taxed @20% with taxable income in the range of Rs 5 lakh to Rs 10 lakh. There were expectations from government to slash the...
The year 2019 has been a very significant one to the taxation regime as the government has introduced various revolutionary changes in the laws and rules and regulations. The contribution of the judiciary including the Supreme Court and various High Courts...
PM Narendra Modi may have shocked the nation with his 8 PM, 8 Nov 2016 announcement , but the Prime Minister’s move was not a step which was not known or never done before. India has pulled back selected denominations of its currency twice before on 12th Jan 1946 and...
The FM has announced New Income Tax Slab for AY 2020-21 giving taxpayers an option to pay taxes as per the new tax slabs. Income Tax Slab for A.Y 2020-21 and 2021-22 for Individuals/HUF New Income Tax Rate For...