CAclubindia Articles
Tax Exemptions Available For Startups In India
In order to accelerate the spreading of the startup movement in India, the Government had announced an action plan known as the Startup India initiative that addresses all the aspects of startup ecosystems.
10 Significant Changes in Income Tax w.e.f 1st April 2021
The article highlights on a few significant changes which are going to give effect in Income Tax from 1st April 2021.
EPF: How to check PF balance online and Activate UAN?
Know how to check PF balance online on the EPFO Portal using UAN, using SMS facility and mobile number. Also, read the complete guide on how to activate UAN.
How to Explain GST to Your Friends: The Ultimate Guide
The Goods and Services Tax Council has set up a four-tier tax structure. The rates are 5%, 12%, 18%, and 28%, which means that the total tax burden on the product is likely to be around 18%.
Tax treatment of interest income on PF contributions
Interest portion on PF contributions exceeding 2.5L is taxable under the head "Income from Other Sources". Taxable Contributions = ((Contributions in excess of 2.5L/5L*)+(Interest accrued thereon)-( Withdrawals)).
KYC, Re-KYC, Misconceptions around KYC and Dormant Account
KYC is a mandatory process by which bank/s, FI/s obtain information about the identity and address of the customers to establish the legitimacy of a customer.
Section 48: Method Of Computing Capital Gain
The income chargeable under “Capital gains” shall be computed by deducting the amounts discussed in this article from the full value of the consideration received or accruing as a result of the transfer of the capital asset.
Important Care to be taken before filing Sept 21 GST Return
Once the return of September 2021 is filed, no changes or rectifications can be made further. Thus, taxpayers must reconcile their books and returns & make the final adjustments.
Taxability of Interest Accrued on Employee Contribution to Recognized Fund
The annual interest computed on employee contribution in excess of Rs. 2.50/5.00 lacs is taxable only at the time when the accumulated balance is paid to the employee.
Presumptive Taxation Does Not Create a Privileged Class of Taxpayers
It is the minimum rate u/s 44AD that has to be considered and higher income option is open for the taxpayers which has to be used if taxpayers have higher income.
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