ACCOUNTING & TAXATION: Brief notes on Income from other sources Incomes which are charged to tax under the head ‘Income from other sources’ ‘Income from other sources’ is the residual head of income. Hence, any income which is not specifically taxed under any other head of income will be taxed under this head. Further, there … Read More →
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: Which ITR applicable to whom for FY 2019-20/AY 2020-21 Brief on Applicability of Income tax return (ITR) form for Financial Year (FY 2019-20)/Assessment Year (AY) AY 2020-21 All the taxpayers are mandatorily required to file their ITRs electronically except individuals over the age of 80 years who have the option of … 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: All about TCS on sale of Goods- Section 206C(1H) All about TCS on sale of Goods [newly inserted sub section 1H in Section 206C] Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. The rate of TCS is … Read More →
ACCOUNTING & TAXATION: Capital Gains Tax & GST on sale of Gold, Jewellery, Sovereign Gold Bonds & Gold ETF Capital Gains Tax and GST on sale of Gold, Jewellery, Sovereign Gold Bonds and Gold Exchange Traded fund (ETT) Thinking of selling gold during Novel Coronavirus pandemic to meet day to day expenses? check Capital Gains … 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 →
ACCOUNTING & TAXATION: Presumptive taxation- Section 44AD, 44ADA, 44AE Article discusses about Meaning of presumptive taxation scheme, Presumptive Taxation Scheme of Section 44AD, Section 44ADA, Section 44AE, For whom the presumptive taxation scheme of is designed?, Businesses not covered under the presumptive taxation scheme, No need to maintain books of account as prescribed under section … Read More →
ACCOUNTING & TAXATION: Charitable & Religious Trusts – GST Implications With the introduction of Goods & Services Tax Act (GST), the taxability of various transactions in different sectors of the Industry has got changed. In this article, we will discuss about the impact of GST on organizations which works without profit motive i.e. for Charitable … Read More →
ACCOUNTING & TAXATION Impact of COVID 19 on GST Indian government chose complete lockdown as an important measure to protect human life’s from the rapid spread of COVID 19 outbreak. Besides human life which is the most important, nationwide complete lockdown has had a worst impact on the economic activities resulted into huge revenue loss … Read More →