Income Tax Articles
Extend Tax Audit, Transfer Price Audit and Income Tax Return due date for AY 2020-21
Several organizations have come together to collectively request the FM Smt. Nirmala Sitharaman for an extension in the due date for filing of Tax Audit Report, Transfer Price Audit Report, and Income Tax Return for AY 2020-21.
Securities Transaction Tax - An Overview
STT is a tax levied on the purchase and sale of securities listed on stock exchanges in India. Amidst the COVID-19 pandemic, the interest rate for delayed payments of STT made between 20.03.20 and 30.06.20 has been reduced to 9% per annum.
LTC Cash Voucher Scheme - Should you Opt for it?
An employee is eligible for LTC and leave encashment of 10 days for travel to home town or any other destination twice in a block of four years. The cost of the ticket is exempt whereas the leave encashment is taxable.
Benefits under the Income Tax Act for creation of employment
A taxpayer is eligible for deduction up to 30% of Additional Employee Cost for three consecutive assessment years, starting from the relevant previous year in which a new employee was employed.
Amendments in relation to residential status as per Finance Act 2020
One of the major changes in the Finance Act, 2020 ('FA, 2020') is with respect to amendments in residential status criteria, which directly impacts the Non Resident Individual (NRI) community.
Section 80JJAA: Deduction in respect of employment of new employees
In order to promote Employee generation, deduction under this section is given to all Assesses, whose books of accounts are required to get audited u/s.44AB. Know more about the section here.
Practical Case Studies on Tax Payable under the Vivad se Vishwas Scheme, 2020
The due date of making payment of disputed tax was extended to 31.12.2020. Let us discuss the practical Case Studies on Tax Payable under the Vivad se Vishwas Scheme, 2020.
Section 194M - Deduction of TDS by Individual and HUF from payments to contractors and professionals
Budget 2019 has proposed a new Section 194M, which requires an individual or an HUF , to deduct TDS @ 5%, where they make payment exceeding Rs. 50 Lac in a year...
Section 206(1H): Applicability of TCS on Export & Import of goods
Section 206(1h) - Applicability of TCS on Export & Import of goods as per Finance Act, 2020 and Applicable Date Clarity
Practicing as a Chartered Accountant under the Faceless Income Tax Era
In this article, we understand why e-faceless assessment is different from the earlier face to face assessment and why we need to fill gaps existing in our offices, if any, to face future challenges.
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