The Ministry of Finance announced the extension of the last date of filing Income Tax Return (ITR) for financial year 2019-20 from 31st July 2020 to 30th November 2020. If the taxpayer do not file the income tax return before 30th November 2020 then he/she will be liable to pay Income Tax late fee and…

Central government, State governments, RBI, SEBI, and Ministry of corporate affairs (MCA), ICSI and ROC have provided various business support measures in response to Covid-19. Due to Covid-19, there has been introduced some changes in the traditional way of carrying out compliances and conducting day to day activities among the businesses. Due to this pandemic,…

Content What is Form-16? What is the due date of issuing Form -16? What are the components of Form-16? Is it mandatory to file return of income even after deduction of TDS? What is the due date of filing ITR for an individual salaried person? FAQ’s on Form-16 What is Form-16? When it comes to…

As we all know that digitalization has gained much importance now days. Entry of new players in the digitalization market created immense competition in this sector results into many cashback offers, reward, discounts, etc available. Now the query arises about income tax on these receipts. These offers seem like an income and confused about the…

Risk is defined as ‘the possibility of an event occurring that will have an impact on the achievement of objectives’. In simple words, risk management is concerned with positive and negative aspects of risk. Risk can have an adverse impact as well as can have potential benefit. Content Types of risks Risk management framework Steps…

The Finance Act, 2020 has introduced a new Section 194-O for deducting 1% TDS on payments made to E- commerce Participants, which will be applicable for the transactions from 1st October 2020 onward. In simple words, this section states that if any person purchased any product or received any service through an E-commerce operator (ECO)…

Content What is society? Purpose for creation of society Eligibility and requirement to form a society Procedure to form a society Post compliances  What is society? A society is an association of several persons combined for the promotion of a common cause without any monetary gain. Society is a legal form and is governed by…

Table of Content Cancellation of registrations (section 29) Provision Form for cancellation under GST laws Revocation of cancellation of registrations (section 30) Cancellation of registrations (section 29) Proper officer may either on his own or on applications received from registered person or by his legal heirs in case of death of such person, cancel the…

Content Section 159- Publication of information in respect of persons in certain cases Section 160- Assessment proceedings, etc., not to be invalid on certain grounds Section 161- Rectification of errors apparent on the face of record Section 162- Bar on jurisdiction of civil courts Section 163- Levy of fee Section 164- Power of government to…

The Income Tax law of our country allows all the persons to self- assess their income and pay taxes. However, to protect the revenue base, unearth concealed income and to act as a deterrent, tax authorities have been vested with powers to conduct surveys and searches (commonly referred to as ‘raids’). These raids are conducted…

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