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...
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...
It was 8 pm on the 8th November when heartbeat of every Indian skipped a beat because the Honourable Prime Minister of India announced that since midnight 500 rupee and 1000 rupee currency notes would no longer be a legal tender. The citizens were given time until December 31,...
Extensions in Due Dates & Reduction in the Interest Rates was announced by the Finance Minister on 24th March 2020 through Press Release to relax some of the key compliance timelines & various relief measures Statutory and Regulatory compliance matters across Sectors for the taxpayers so that compliances can be met and there are no penal consequences for delays which are beyond the control of the everyone.
Benjamin Franklin once said, “In this world nothing is certain but death and taxes”. So Why is that, When is that, What is that, Who is that and How. Okay, here’s the answer to this- Advance Tax. This article will give you a good view of it.
The Union Budget brought about an insertion of Section 194O in the Income Tax Act,1961 effective from 1st October,2020 which warranted a tax deduction of 1% of the gross amount of goods, services, or both by the E-Commerce Operator while making payment to E-commerce participant.   E-Commerce Operators and E-commerce Participants   As per the provisions of...
General Scheme of PAN Allotment: A new facility of instant e-PAN through Aadhaar based e-KYC has been introduced by the Honourable FM in Budget 2020. Electronically issued and Digitally signed e-PAN is now a valid mode of issue of Permanent Account...