Income Tax Articles
Points to remember while finalizing books of accounts of pvt ltd company for FY 2018-19
In this article, what points should be taken care off, while finalizing the books of accounts of the private limited company is explained
Tax rate on New Manufacturing Companies In India
The article throws light on the tax rate on new manufacturing companies in India
Income Tax Slabs & Rates : AY 2020-21 or FY 2019-20
Income tax slab for ay 2020 21, here you can know all about Income Tax Slabs & Rates AY 2020-21
No deduction if return not filed
There may be some hope for relief from the courts based on the 1955 circular of CBDT and the decision of the Supreme court in Goetze case but it appears to be very risky. Therefore the author would advise all the entities to file the return immediately before 31-10-2019 without going for risky adventurous legal battle.
TDS on payments made to government/government agencies
As most of you are aware, from years this issue is bothering many vendors who are dealing with either the government or with governmental agencies. I researched...
Treatment of Notional Loss on account of Mark-to-Market
Before going into the concept of notional loss arising out of Mark-to-Market on forward contract, let's brush up some important basic definitions relating to the above treatment.
Analysis of Sec 115BAA of the Income Tax Act
With the introduction of sec 115BAA, domestic companies who are paying tax at the rate of 25% (or 30%) now have an option to pay tax at a lower rate through sec 115BAA. Any person who had opted for sec 115BAA being a domestic company will pay tax at the rate of 22% on its total income irrespective of its turnover during the previous year.
Quarterly financial results: Impact of reduction in the income tax rates
The listed companies would have to prepare the quarterly financial results for the quarter ended 30 September very soon, and hence the decision have to be taken by them as to the income tax rates they opt for.
Taxation of gifts as per income tax
In today's scenario the custom of gift sharing is in much trend. Also since Diwali festival is approaching, many people exchange very valuable gifts.
March towards cash less economy
Cash has always been a facilitator of black money since transactions made in cash do not leave any audit trail. It is easy to hide the identity of the payer and receiver of cash making it difficult to trace the transaction and realise tax or other revenue legitimately due to the government.
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