CAclubindia Articles

Taxability Of Gift Received By Individual Or HUF

CA Rahul Mittal 20 July 2020 at 09:42

Gift received from relatives is exempt. Gift received on other occasions (e.g. gifts on birthday, etc.) from the non-specified person shall be taxable under the head income from other sources.

Section 44 AD: Special Provisions For Computing Profits And Gains of Business On Presumptive Basis

CA CMA Piyush Taurani 20 July 2020 at 09:42

The presumptive Taxation scheme under Section 44AD covers all small businesses with total turnover/gross receipts of up to Rs. 200 Lakh (Except the business of plying, hiring and leasing goods carriages covered under section 44 AE).

TDS Section 194N| TDS on cash withdrawal

CA Chanchal Jain 20 July 2020 at 09:42

Section 194N specifies that a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies, co-operative society engaged in the business of banking, or a post office shall deduct TDS @ 2% of a sum exceeding one crore rupees that a person (recipient) withdraws from one or more of these accounts.

PAS-6 | Reconciliation of Share Capital Audit Report

Mohit Gulati 20 July 2020 at 09:42

MCA, has amended the earlier rule 9A(8) of Companies (Prospectus and Allotment of Securities) Rules, 2014 and introduced the concept of filing of PAS-6 within a period of sixty days of the conclusion of each half-year basis after certification by a Company Secretary in practice or Chartered Accountant in practice.

Internal Audit/Supervision - Why is it so Important?

CA Raj Doshi 20 July 2020 at 09:42

Internal Audit has benefits like monthly Visits for analysis of data, guidance to accounts team and informal training, and many more.

Tax Implications on income of non-resident

Venkat Raj 20 July 2020 at 09:42

Non-resident Individuals irrespective of age Limit the basic exemption limit is RS 2,50,000. There is no concept of a senior citizen or a super senior citizen.

New Income Tax Regime or Old Regime: What should a Salaried Taxpayer choose?

Abhishek Ranjan Singh 20 July 2020 at 09:42

In the Union budget 2020, the Finance Minister proposed a New Tax Regime as an alternative to the existing Old Tax Regime.

The never ending story of GST transitional credit

Pradeep Jain 18 July 2020 at 14:59

The dispute regarding transitional credit in the GST regime has not resolved even after 3 years of the implementation of GST and God knows when this story would end

Income Tax Savings on Home Loan

Ajay Kumar Maggidi 18 July 2020 at 14:13

Income tax act provides tax benefits to borrowers of home loan with respect to principal repayment, interest payment and registration charges

MSMEs and Role of Professionals in Self Reliant India

Rupal 18 July 2020 at 14:13

MSME sector is the spine of the Indian economic structure and has interminably acted as the bulwark for the Indian economy, providing it buoyancy to fend off global economic shocks and adversities.