ACCOUNTING & TAXAATION Set Off & Carry Forward of Loss under the head House Property What is set-off of losses means? Set-off of losses means adjustment of losses against the income of that relevant year. Where the losses are not completely set off against income of the same financial year then such losses can be … Read More →
ACCOUNTING & TAXATION Details analysis on filing of GST PMT-09 The CBIC has recently introduced Form PMT-09 for transfer of amount from one head to another head. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to the appropriate tax or cess … Read More →
ACCOUNTING & TAXATION COVID-19 enhancing the Transfer Pricing Risk The Coronavirus (‘COVID-19’) pandemic has already caused major health crisis in almost entire world and has led to disruption of the global economy. The situation has resulted in economic slowdown and is likely to get worse in coming time. The International Monetary Fund (‘IMF’) has stated … Read More →
ACCOUNTING & TAXATION Cash Transaction Limit – When to Say No Gradually, the Indian Economy is getting digitalized and ultimately moving towards a cashless economy. Electronic transactions ensure a clear money trail and make it very difficult for tax evaders. In a bid to curb black money as well as limit the number of cash … Read More →
ACCOUNTING AND TAXATION Section 68 applicability when sales receipt shown in P&L Accounts Whether Provisions of Section 68 are applicable in case of sales receipt shown in trading and profit and loss account? It has been observed that while passing an order for scrutiny assessment for cash deposited by the assessee during demonetization period, various … Read More →
ACCOUNTING & TAXATION How Does Budget 2020 Affect Long Term Capital Gains? As of 1 April 2018, the long-term capital gains (LTCG) on the sale of equity shares have been made taxable. In the case of equity, long-term refers to the holding period of more than a year from the date of purchasing. Simply put, … Read More →
ACCOUNTING & TAXIATION Turnover Meaning under GST Audit Every business entity engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 Lakhs in a financial year is required to be registered under the GST Act. For supply of services, aggregate turnover of Rs 20 Lakhs (10 … Read More →
ACCOUNTING AND TAXIATION Donation to PM CARES Fund by Corporates & its Employees under Consolidated Plan In the unprecedented time of COVID-19 pandemic, the Corporates are contributing open hearted to help in this global crisis. The contributions can be in the form of direct funding to the NGOs involved in supporting the cause or donation … Read More →
ACCOUNTING AND TAXATION Amendments in TDS/TCS applicable from FY 2020-21: Amendments in the Provisions of of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) applicable from Assessment Year 2021-22 (i.e. Financial year 2020-21) Through the Finance Act 2020 (which have received the assent of the President of India on 27th March 2020), the … Read More →
ACCOUNTING & TAXATION 26 INCOME TAX AMENDMENTS BY FINANCE ACT 2020 WE MUST KNOW: In this article an effort is made to list out and summarize the amendments (from income tax point of view, made by Finance Bill 2020, presented by our Finance Minister on 1st Feb, 2020. Unless otherwise stated, all the … Read More →