Income Tax Articles
Conditions to opt for lower income tax rate @22% u/s 115BAA
Recently the government announced a reduced rate of tax @22% (plus applicable surcharge and cess), for all corporations and firms provided they will not avail any exemption/Concessions/Tax Holidays as enjoying presently. As it is an option to the corporations and not mandate, taxpayers can continue with the existing rate of tax with availment of existing tax incentives as earlier.
MAT Credit Clarification issued by CBDT on opting for 22% corporate tax
The Central Board of Income taxes, vide Circular No. 29/2019 dated 2nd October 2019 have issued clarification on the usability of the Minimum Alternate Taxes (MAT), subsequent to the issue of the Taxation Laws (Amendment) Ordinance, 2019.
Dandiya between corporates taxpayers
Dandiya between corporates taxpayers, enjoy it
Tax audit under income tax laws
In light of extension of last date for filing Tax Audit Report and Income Tax Return till October 31, 2019, it becomes pertinent to have a brief look on law and provisions related to Tax Audit under Income Tax compliance.
Income Tax amendment - 2019 September
As a bold step to revive the current Indian economy, the Finance Minister announced various amendments in the form of reduced tax rate and incentives in the Income tax act.
Pointers of the Ordinance passed to reduce corporate tax to 22%
An ordinance has been passed to reduce the corporate tax rate to 22% + surcharge and cess to provide relief to business entities. Businesses have welcomed this slashing of tax rates as a promising step by the Govt. in helping the economy.
Checklist to file your ITR by 30th September
TOP 17 ISSUES TO CONSIDER WHILE PREPARING INCOME TAX RETURN FOR BUSINESSES. Here's a checklist of all the important points that an auditor must cover in order to ensure successful filing of the tax return for businesses.
Should the tax audit limit u/s 44ab be increased from 50 lac for professionals?
Do you think Tax Audit threshold limit U/s 44AB for Professionals should be increased from 50 lakh? - My point of view.
Key additional disclosures in ITR-6 A.Y. 2019-20
There are several amendments made in all the ITR Forms for A.Y. 2019-20 onwards.
How to check scrutiny risk in Tax Audit Report ?
The taxpayer should take due care while filing Income Tax returns. Tax audit is applicable to taxpayers whose turnover exceeds Rs. 1 Crore and for sec 44AD/44ADA presumptive taxation it is Rs. 2 Crore. For professionals it's Rs. 50 Lakhs. Now, e-assessment is also in process by Income Tax Department, while filing ITR and Tax Audit Report.
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