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 →
ACCOUNTING & TAXATION Income-tax on buyback of shares by unlisted companies: As we all aware that in simple terms, buy-back of shares means the situation when the company repurchases its own shares. Buy back of shares is one way to distribute companies’ surplus profit, the another way to disburse its surplus profit is to declare … 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 →
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 →
The Major Objectives & Importance of Tax What are the objectives of Tax The idea of tax was started with a perspective to generate government revenue in its absolute beginning stage. In course of time it has been used for different purposes. To raise government revenue for development and welfare programs in the nation. To … Read More →
All You Needs To Know About Income Tax Scrutiny Have you received an income tax notice to scrutinize your tax returns? If yes, there is no need to feel stressed about it. The fact of the matter is that the Income Tax Department sends out notice for scrutiny to a large number of individuals and … Read More →
The initial phase in filing of a tax return is to choose the right Form of return. It must to be noticed that the Forms of return might be changed in the middle the year. The taxpayer, hence, need to file in the new form. There are seven Forms of return advised by the tax … Read More →
Taxation of Individuals in India Individuals are subject to income tax. Income tax is a direct tax levied on the income earned by individuals, corporations or on other forms of business entities. The Indian constitution has empowered only the Central Government to levy and collect income tax. The Income Tax department set up by … Read More →