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Changes in Income tax act effecting an Individual Tax Payer
The Finance minister in her speech said, “Currently the Income Tax Act is riddled with various exemptions and deductions which make compliance by the taxp...
An overview of Direct Tax Proposals in Union Budget 2020
This article will help you to grasp the new insertions/amendments without going into the depth of each and every section.
A Word of caution to Charitable Institutions
Historically those institutions created with the main object of serving the general public without the aim to earn profits or distribute any income to the promoters of such institutions are called charitable institutions.
IND AS 24: Related Party Disclosures
The purpose is to provide users of the financial statements information about transaction, outstanding balances, including commitments
MAT Credit - An overview of its rationale and impact
"There was an era when the corporate entities mocked at the income tax department, since they had sizeable profits as per the accounting books but ended up contributing nothing to the coffers of the department. Taking the tax provisions to their adva
FAQs on the SEBI Settlement Scheme, 2020
31 July 2020
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Frequently Asked Questions on the SEBI Settlement Scheme, 2020 – One Time Settlement Scheme issued by the Securities Exchange of India on 27th July, 2020. The S...
Income Tax deadlines that end on 31st July 2020
Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers.
NOTES ON INCOME FROM CAPITAL GAIN
TRANSFERIt includes sales, exchange, redemption of zero coupon bonds and sale of anycapital asset with consideration. SHORT TERM CAPITAL GAINFor shares, securities hold for 12 months or less.Other assets hold for 36 months or less.For the following
Section 23(5) - Taxing of notional income in the hands of real-estate developer
Section 23(5) of the Income Tax Act -Explained
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