If a company is earning profit then they provide it to the shareholders of the company which is known as dividend. Dividend is income for shareholders so it is taxable in the hands of tax payer.
Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax.
The COVID 19 pandemic has bought unprecedented changes and uncertainties in the in the business environment. It had disrupted lives / labour force, business operations, insolvency risks, resulted in inflation and supply chain.
Most of us have this question: Can we pursue our dream if we take up the CA course? Slashing all the myths and barriers here are some of the Chartered Accountants who have made it big in different fields by following their dreams.
Capital gain is "the amount by which the selling price of an asset exceeds the purchase price; the gain is realized when the asset is sold". (Word web Dictionary).
There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses.
On 1st Nov 2021 Income Tax Department has announced rollout of a new statement - AIS (Annual Information Statement). This (AIS) will give you all details (well almost all!) about YOUR financial transactions during the year.
If any person is receiving notice then they need to act on the notice. Recently CBDT which is known as Central Board of Direct Tax has launched the scheme that is termed as Centralized Communication Scheme, the scheme says that all the communication shall be made in electronic mode.
Minimum Alternate Tax or MAT is a provision that is in direct tax laws which is for companies, it is the provision for limit the tax exemptions which is availed by the companies.
For bringing suit for infringement of copyrights it is not necessary that subject matter should be registered with Registrar of Copyrights. But in case of infringement of a trade mark, the registration of trade mark is necessary for bringing any suit for infringement.
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