Introduction: To keep vigilance on high – value transactions entered by the taxpayers, The Income tax department has brought a new mechanism to furnish statement of financial transactions in the prescribed form 61A. Also known as Annual information return (AIR). It helps the department to curb the chances of tax evasion. Form 61A is a …
Profession tax is levied and collected by the State Governments in India and it is a Direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor, etc or any person who are into business such as service provider, manufacturer, trader, etc. are required …
The sole proprietorship is the simplest form of business under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can …
Introduction The new section – Section 115BAA has been inserted in the Income Tax Act,1961 to give the benefit of a reduced corporate tax rate for the domestic companies. Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% from the FY 2019-20 (AY 2020-21) onwards if such …
Introduction: FORM AOC-4 All companies under Companies Act 2013 are required to file annually Form AOC-4 (Financial Statement), AOC 4 XBRL (Financial Statement in extensible business reporting language), Form MGT-7(Annual Return), Form AOC-4 CFS (Companies which have Subsidiary/Associate company /Joint Ventures). Financial statements provide information of great significance to the stakeholders. It gives a broad …
Since its introduction, the GST provisions have gone through many amendments from time to time. Recently issued Notification No. 22/2019-CT (R) dated 30.09.2019 clarifies the Reverse Charge (RCM) applicability on Rent-A-Cab Service. GST is payable under Reverse Charge Mechanism” when the incidence of tax falls on the person receiving the service. Though the word “Rent-A-Cab” …
Purpose: Due to the significant rise in number of appeals pending disposal under Income Tax, which is burdensome on the Government preventing them from timely collection of revenue as well as for tax payers who has to spend time and resources on such appeals, the Finance Minister in her recent Budget has proposed “The Direct Tax Vivad Se …
Section 54 is applicable when an individual/HUF sells a residential property and buys another residential property, then he will be eligible for claiming Exemption u/s Section 54. Applicability If the newly purchased or constructed house is sold before 3 years from the date of capital gain on sale, then the exemption claimed earlier under section …
Who can Claim: This section is only applicable for Individual assessee Conditions to claim Exemption: a) Assessee should Purchase or construct a Residential house. b) The time limits for purchase or construction of Residential house: i) In case of Purchase: ii) In case of Construction: Max. amount of Exemption is: a) The complete amount of capital gain …
An investor in mutual funds usually makes profit by way of capital appreciation and dividend receipts on the capital invested. A capital gain is the difference between the sale value of investments and the initial purchase price. Holding Period for Mutual Funds: Taxability of Mutual Funds and Shares: