During the Budget 2020, Finance Minister proposed changes in the criteria for determining residential status for Non Residents Indians for tax purpose. On March 23, 2020, the proposal was accepted in Lok Sabha with certain amendments, granting relaxation in the criteria originally proposed. Finance Bill 2020 was...
Meaning of related party So what does the term ‘Related Party’ mean.? How important this is to companies and individuals. What are the conditions to be recorded or understood before any transaction takes place? When and How it is to state in the...
The Finance Minister Ms. Nirmala Sitharaman, in the press release held on 13.05.2020 announced various relaxations in respect to deadlines and due dates under Income tax return filing, Tax Audit, Vivad se Vishwas scheme and RERA,2016. Have a look at the revised due dates below: Income Tax Returns Deadline For 2019-20...
Section 44AB of the Income Tax Act contains provisions pertaining to the tax audit under the Income Tax Audit. Tax audit refers to the independent verification of the books of accounts of the assessee form an opinion on the matters related to taxation compliances undertaken by the...
The Big 4’s are world’s four largest professional service firms. We can call them as the secret Google, Microsoft, Apple & Amazon of Accounting firms. Their revenues are huge and they have strong entry barriers in their sector. They have large employee strength and presence in almost all...
As on 10th of May 2020, there are around 4.06 million reported cases of coronavirus confirmed all around the globe, costing humanity as many as 280’K lives. And, looking forward it looks like the virus isn’t going to spare companies either. Since the pandemic had brought the whole world...
"Never let a serious crisis go to waste. And what I mean by that it's an opportunity to do things you think you could not do before." Well said by Rahm Emanuel The current situation has prompted many startups to rapidly change course. Many new startups have be tumbledown yet...
This article focuses on provisions of The Income Tax Act, 1961 and rules made there under relating to Set Off and Carry Forward of Losses. Adjusting of income under one head against the loss under another head is called setoff. This is done...
The Finance Bill introduced alongside the Union Budget 2020 brought about an amendment in Section 6 of IT Act,1961 “Residence in India”, leading to Modification in Residency provisions and impact on NRIs.   The Residential status of any person is the very foundation for determining whether a person is liable to be...
Filing of Income Tax Returns and paying taxes are the responsibility of every Indian citizen. Failure in paying the tax or filing the ITR can lead to interest payments. It is in your utmost interest to file your Income Tax Returns on a regular basis within the...