CAclubindia Articles

TDS & Advance Tax

Posted by CA.R.S.KALRA 17 December 2020 14732 Views

The persons having a turnover of more than Rs. 1 crore but less than Rs. 2 crores and declaring income u/s 44AD would be required to deduct TDS. Furthermore, the eligible assessee is now required to pay advance tax by 15th March of the financial year.

Residential Status under the Income Tax Act

Posted by Venkat Raj 17 December 2020 4246 Views

Residential status is a vitally critical component under Income tax. It varies for various classes of assessees. The concept of residential status lies under Income tax and FEMA.

Is Transfer of TDR Taxable under Capital Gain

Posted by Parth Shah 16 December 2020 8451 Views

In Real E-State sector Transfer TDR is prominent method for utilizing the potential. Where in Holder of TDR transfer the TDR generated from waving the right, su...

Cancellation & Revocation of cancellation of registration under GST

Posted by CA Rahul Mittal 16 December 2020 22554 Views

The proper office may cancel the registration on his motion or on an application filed (In Form GST REG 16) by the registered person or his legal heirs, in case of death of such person.

Section 115BAC of Income Tax Act at a Glance

Posted by Sudiesh 16 December 2020 4467 Views

There is a new section called 115BAC intserted in Income Tax, 1961. This is going to effect from AY 2021-22. An assessee can opt old system or new as he wish. When an assesse opting for New he will lose some exemptions/deductions/carry forwad loss etc

Penalty for failure to get accounts Audited - Section 271B

Posted by CA.R.S.KALRA 16 December 2020 12338 Views

If the assessee fails to get his accounts audited or furnish a report of such audit u/s 44AB, a flat penalty u/s 271B shall be attracted. No penalty shall be imposed u/s 271B if the assessee proves that there was reasonable cause for such failure.

Credit Ratings: Basic Concepts Explained

Posted by Yashodeep Chauhan 16 December 2020 14648 Views

Credit rating is an opinion that is based on an assessment of credit-risk (credit risk is the risk of failure on part of the borrower to repay the loan). The entity that assigns the credit rating is called a Credit rating Agency.

COVID-19: Employer & Employees Should Settle wages dispute by themselves

Posted by CA Pradeep Kumar Rajput 16 December 2020 3629 Views

The obligation cast on the employer to make payment of wages of their workers at their workplace, without any reduction, for the period their establishments are under closure during the lockdown is no longer in operation.