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Income Tax

Income Tax Guide: IT return, e-filing

Income Tax is a tax levied directly on the income or wealth of a person. Here is a complete guide on Income tax return,slab rates and e-filing. ..

Posted in articles |   3 comments |   6286 Views

TRACES Login | How to log in to TRACES portal and download Form 16B?

TRACES portal- Step by step guide to download Form 16B and TDS TRACES login..

Posted in articles |   1 comments |   2715 Views

Step by step procedure of filing TDS Return | TRACES portal

TRACES - Sometimes navigating and uploading a TDS return on the TRACES portal can be difficult for some of the taxpayers. Complying with the data procedure too has been ..

Posted in articles |   11 comments |   8246 Views

HUF - A boon for all Hindu households!

Since generations, India had a prevailing tradition of the Joint Hindu Family (JHF). The system is an extended family arrangement prevalent throughout the Indian subcontinent, consisting of many generations living in the same home, all bound by the common relationship. A joint family consists of a husband and wife; their sons; their daughters, and so on up-to generations. In the case of Surjit Lal Chhabra (101 ITR 776 SC), a join..

Posted in articles |   381 Views

Mutual Funds Sahi Hai - Tax perspective?

I’m sure most of you’ll must be aware of the "Mutual Funds Sahi Hai” media campaign launched by the Mutual Fund industry to create large scale investor awareness about mutual fund investments. The media campaign has been so successful that the industry has been able to attract lakhs of new investors and has witnessed rise in the Assets Under Management (AUM). What is a mutual fund? In simple words, a mutual fund is essentially a pooling vehicle whi..

Posted in articles |   349 Views

Taxation of companies after the taxation laws (amendment) ordinance ,2019

Dear friends and colleges, we are going through an unprecedented lockdown, due to COVID-19 Pandemic. This pandemic has killed more than 5.00 Lakhs and people and its killing spree is still going on. The whole world is facing lockdown and due to this their economies suffered a lot. The movement of people, transport, goods and services are badly affected, this leads generation of unemployment and anarchy. We have seen in these days how people are dying because their governments have not taken a..

Posted in articles |   308 Views

Measures to discourage Cash Transactions and to promote Digital Economy by CBDT

Introduction:- Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. False cash transactions give birth to unaccounted money which in turn increases tax evasion. Mode of taking or Accepting certain loans deposits and specified sum {Sec.269SS of I.T Act 1961}..

Posted in articles |   2 comments |   683 Views

Five Major Finance Changes effective from 01.07.2020

In this article, I have brief five major changes effective from 01.07.2020. Restrictions on ATM withdrawals are back The Finance Minister on 24 March, 2020 announced that for three months debit cardholders could withdraw cash from any bank’s ATM free of charge for the next three months. From today onwards, these relaxations has ended and the regular limits and charges will apply. Penalty for non-maintenance of bank account balance An..

Posted in articles |   1053 Views

Tax implications of cancellation of shares pursuant to capital reduction

As a process of Internal Reconstruction, capital reduction is undertaken for various reasons, such as eliminating losses, simplifying capital structure, writing off fictitious assets, to make the balance sheet look healthy and many others. There is a recent judgement by Income Tax Appellate Tribunal ("ITAT"), Mumbai in the case of M/s. Carestream Health INC dealing with the issue of whether the loss arising on the cancellation of shares pursuant to capital reduction should..

Posted in articles |   156 Views

Amendment to section 44AB in Budget 2020

Section 44AB of the Income Tax Act provides that every person is required to get his accounts audited if his : (a) total sales, turnover or gross receipts, in business exceed Rs. 1 crore in any previous year, in case of business. (b) gross receipt in profession exceeds Rs. 50 lakh in any previous year, in case of profession. The Budget 2020 has come up with the proposal of increasing the threshold, for the applicability of&nbs..

Posted in articles |   2799 Views

e-tax payment- Pay your taxes online

E Payment of Taxes Income tax payment was considered to be as one of the most challenging and highly cautious processes almost 5 to 6 years back but today thanks to our internet revolution that have turned the tables entirely around. By merely two clicks one can make payment of all kind of taxes. To make e- payments of all kind of direct taxes one can visit the official site of NSDL i.e. <a href="

Posted in articles |   361 Views

India Widens Taxation of Cross Border E-Commerce Transactions

1.0 Background The Digital Economy and e-commerce businesses are growing exponentially and impact all of us. This would cover within the ambit online subscription-based services, online sale of goods/ services/ software, online gaming, hotel/ flight booking etc. such as Netflix, Amazon, Flipkart, Uber, Airbnb, MakeMyTrip, and Nintendo. Taxation of cross border e-commerce transactions has been a challenge for the whole world, including India due to location of the supplier, absence..

Posted in articles |   899 Views

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