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 [...]
The ITR forms have undergone some changes when compared to previous year ITR forms as notified by the government. These changes were made keeping in mind the changes made in income tax laws and Budget 2018 for FY 2018-19 and onwards. Here are nine changes in ITR forms 1 and 2 tha[...]
The Government of India presented one of the most awaited budgets in recent times to the parliament on July 5, 2019. The budget, presented by the Finance Minister Nirmala Sitharaman, outlined the government’s plan to boost the economy and spur growth with several incentives for[...]
Ministry of Corporate Affairs Notification
dated 22nd February 2019 made it mandatory to fill Form INC-22A
by every Indian company.
Now, let us have brief discussion about the
This form is
said to be filed for doing Company KYC. This will help MC[...]
Form 15G and Form 15H are
used for avoiding the TDS deductions at source if deductee expects his
Income to be lower than the taxable limit.
In this article we are discussing important points to remember while submitting
the Form 15G and Form[...]
new section has been inserted in Income Tax Act, 1961 with effect from
Assessment Year 2018-19 (Financial Year 2017-18).
Under this section, fee
(penalty) is levied if the Income-tax return is not filed within due date.
Earlier penalty for delay in filing o[...]
in the limit to opt into the scheme has been increased from Rs. 1 Crore to
Rs. 1.5 Crore.
effective changes to GST Composition
scheme for both suppliers of goods and services will apply from
1st April 2019.[...]
Income Tax return
filing season is on. You are required to link your Aadhaar number with the PAN
card. Users have the flexibility to do it both online and offline.
Have you been nudged
with a pop-up message from the Income Tax department, asking if you have linked
Who should pay it? Advance tax is mandatory for all the person like individual, Corporate & Companies as an when there tax liability increases more than Rs. 10,000/-, However, salaried employees need not to pay advance tax if your employer deducts tax at source (TD[...]
In the Union Budget 2018, there has been a
clear effort to empower rural economy by providing support to agriculture and
boosting infrastructure and social sectors. Reduced tax burden for senior
citizens has been met with great cheer and is a good step. Populist demand of