ACCOUNTING & TAXATION: First Time Dual Income Tax Rates for Individuals in Income Tax Every time the Finance Minister makes the changes in the Income Tax at the time of presentation of annual budget proposals. This year a historical change is announced by the Finance Minister along with the various provisions that keep changing in … Read More →
ACCOUNTING & TAXATION: Taxation of Cash Transactions under Income Tax Act, 1961 Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various … Read More →
ACCOUNTING & TAXATION: Income Tax on dividend received from company WEF 01.04.2020 Up to Assessment Year 2020-21, if a shareholder gets dividend from a domestic company then he shall not be liable to pay any tax on such dividend as it is exempt from tax under section 10(34) of the Act. However, in such cases, … Read More →
The Novel Coronavirus (COVID-19) has been declared a global pandemic by the World Health Organization (WHO) and its rapid spread is causing severe economic disruption. To contain the spread of COVID 19, India is in lockdown mode like many other countries and this has been impacting individual taxpayers. In response, the Government of India has … Read More →
The COVID-19 pandemic has produced a ‘black swan’ set of events. With countries banning international travel, stock markets crashing every day and lockdown across the globe, there is an unticked box of income-tax which is also impacted by COVID-19. Set out below are some key Indian income-tax aspects which can get impacted due to this unfortunate … Read More →
ACCOUNTING & TAXITION Retirement Benefits and Tax Liabilities: Retired life begins with liquidation of retirement benefits such as Provident Fund, Gratuity, Leave Encashment, Superannuation Fund & Pension. These retirement benefits, which have been built over decades of discipline savings are meant for enjoying post retired life without any financial worries. A person on the verge … 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 →
ACCOUNTING & TAXATION New Income Tax Rate for manufacturing companies @ 17.01% To boost manufacturing in India and to promote SMEs, Government took this initiative of reduced tax rate for manufacturing Company. Let me give you a complete understanding of to whom it is applicable, how and when. Read the complete article to not miss … Read More →
NEW DELHI: The Income Tax department has now made it mandatory for all its officers to not issue any notice, order, summons or any other correspondence without a computer-generated Document Identification Number (DIN). The move is aimed at clamping down of all unauthorized notices and summons issued to individuals and corporates. 5 things to know … Read More →
20 Tax free Incomes in India Tax is your single largest expense; Tax collected from an individual is used for building the nation (infrastructure & other development), to increase arms and ammunition for the defense of the country and for other welfare-related work. That’s why it is said that “Taxes are paid nation are madeâ€. … Read More →