Thursday, July 29, 2021
A) Due dates for Compliance under Income Tax 7 June 2021 - Due date for deposit of Tax deducted/collected for the month of May, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central...
What is Professional Tax? Professional tax is a tax that a state government levies on any individual who earns income through any medium. Unlike the name suggests, it is not just for professionals but for all individuals. Who is applicable...
Any payment made to a non-resident or a foreign company is subject to various rules and regulations. As per provisions of Section 195 of Income-tax Act,1961 any person responsible for paying money to a non-resident including a foreign company shall deduct income tax for...
1. What is the Return of deposit (Form DPT-3)? Any receipt of money by way of deposit or loan or in any other form, by a company other than receipt of money not considered as deposit as per rule 2 (1) (c) of...
Announcement by The Institute of Chartered Accountants of India Criteria for classification of Non-company entities for applicability of Accounting Standards. The Council, at its 400th meeting, held in March, 2021, considered the matter relating to applicability of Accounting...
As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of “advance tax”. Thus, any taxpayer whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his tax in advance by...
ITAT has announced that e-filing portal will be launched for filing of appeal before the Income tax appellate tribunal.It has been mentioned that e-filing portal shall be live from 21.06.2021 but same shall be available in a phased manner and same shall be available for all the...
Depreciation is allowed as a deduction under section 32 of the Income Tax Act, 1961. In the computation of taxable income, the depreciation rate as per income tax act will be allowed as deduction while depreciation as per book profit is added back. Depreciation rate chart for...
The Central Board of Direct Taxes (CBDT) on Thursday issued the Guidelines for compulsory selection of returns for Complete scrutiny during the Financial Year 2021-22. In the case pertaining to Survey under Section 133A after the issue of notice u/s 143(2) of the Act...
Begani Dyeing Mills Pvt.Ltd., Surat v. The Pr.CIT., Surat Facts of the caseThe case of the assessee was selected for scrutiny through CASS and accordingly original assessment in case of assessee was completed u/s. 143(3) of the Income Tax Act, 1961. Subsequently, the case of the assessee was reopened...

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