Nirmala Sitharaman, Finance Minister in her press conference on Atmnirbhar Bharat announced various direct tax-related measures and other measures in the amid of COVID-19. As per the press conference announcements, the measures related to direct taxation are as follows: Due Date of Income Tax Return For FY 19-20 Particulars Due Date Extended Due Date Due…
Table of Content What is Income Tax Refund? Eligibility for Income Tax Refund How to get Income Tax Refund in India Interest on income tax refund How to check refund status? What to Do If Refund is Not Processed? What is Income Tax Refund? We often come across the term ‘tax refund’. What does it…
Table of Content GST on Real Estate Sector Brief summary of new scheme: Ongoing Projects: GST on Real Estate Sector Real Estate Sector plays a very important role in the development of an economy. There are many concerns raised by builders/developers/construction companies regarding high GST rates on the real estate sector. The Government has granted…
Table of Content Introduction ROC Annual Filing of LLP Filing of Annual Return of LLP (Form -11) Filing of Annual Accounts of LLP (Form -8) LLP Filing under Income Tax Act Due date to file ITR of LLP for FY 19-20 Introduction: Limited Liability Partnerships (LLP) are a form of business entity which allows individual…
Table of Content What does set-off of loss means? Intra-head Set Off Exception of Intra-head set-off Inter-head Set-Off Exception of Inter-head set-off Carry forward losses and set-off Order of set-off of losses What does set-off of loss means? Set off of losses means adjusting the losses of current year or previous year against the profit…
Introduction India has perpetually been a land of inventions whether you talk about jaipur foot, plastic surgery, optic fibre or zero. To supplement these inventions a patent act, 1970 was brought into light, which was enforced on 20th April, 1972. Inventing something takes on variant efforts and time therefore is the process of registration of…
Table of Content What is Clubbing of Income Circumstances of clubbing Income of Minor Child {Section 64(1A)} Income of Son’s Wife {Section 64(1)(vi)} Income of Hindu Undivided Family from property converted by individual {Section 64(2)} Transfer of Income without transfer of assets (Section 60) Transfer of revocable Asset (Section 61) Exception from clubbing Frequently Asked…
Table of Content What is House Property? Types of House Property Self-Occupied House Property Let-out house Property Inherent house property How to calculate taxable income from House property Calculation of Gross Annual Value of Property Deductions under Income from House Property Deduction Under section 80EE Deduction Under section 80EEA For repayment of borrowed money Under…
Table of Content Types of Electronic ledgers Electronic Cash ledger Payment by challan Electronic Input Tax Credit Ledger Electronic liability ledger Order of discharge of tax and other dues Goods and Services Tax, allows taxpayer to maintain electronic ledgers on the GST portal. Taxpayer pays income tax form these electronic ledgers. Whenever a taxpayer undertakes…
Table of Content Introduction Process for Conversion of LLP into company Treatment under capital gain Introduction As globalisation is seeking its peek the world is moving towards corporatisation and professionalism. Everybody knows that LLP is a modern era body corporate but the increasing demand and market blocks the very essence of the same. Therefore a…