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 →
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 →
ACCOUNTING & TAXATION TDS on Salary for FY: 2020-21 & Format to Opt Tax Regime Finance Act, 2020 has introduced optional based filing for individual and HUF whereby these types of assesses have to choose option amongst new and old tax slab rates at the time of filing of ITR. This type of filing is … Read More →
ACCOUNTING & TAXATION Tax on Capital gain on sale of Assets by Charitable Trust/NGO BACKGROUND 01 The definition of income under section 2(24) includes Capital Gains and therefore for the purposes of section 11, Capital Gains should form part of the income and consequently it should be treated at par with any other income under … Read More →
ACCOUNTING AND TAXATION: Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation, Due dates for filing return … Read More →
No wonder that even the industry biggies are mulling over the tragic effect that GST (Goods and Services Tax) will cause to the economy post its implementation. The question of the hour is we are ready to absorb this paradigm shift in the system or the economy will succumb to this transition. While we are … 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 →
Provisions for Taxation of Partnership Firms Partnership firm is subjected to taxation under the Income Tax Act,1961. It is the umbrella Act for all the matters relating to income tax and empowers the Central Board of Direct Taxes (CBDT) to formulate rules (The Income Tax Rules,1962) for implementing the provisions of the Act. The CBDT … Read More →
What are the Different Types of Taxes Taxes may be categorized into different as their nature as direct taxes, indirect taxes, progressive taxes, regressive taxes etc. Direct Tax A direct tax is the one, which is paid by the person or entity on whom it is legally imposed. It is collected from the persons or … Read More →
Quick Look at the Brokerage Charges as per SEBI Regulations: As per SEBI Regulations, every stock-broker, on the basis of his total turnover, is required to pay annual turnover charges, which are to be collected by the stock exchanges. In order to share the benefits of efficiency, NSE has been reducing the transaction charges over … Read More →