Contents: What do you mean by section 269ST? What does section 269ST say? Non- applicability of Section 269ST. Penalty under section 271DA. Practical examples on Section 269ST & 2lakh Cash Transaction limit. Other important Points on Section 269ST. Restriction on Capital Expenditure for Business in Cash above ₹10000 [Section 43(1) and section 32]. Reduction in…

Contents: Tax provisions about gifts Exclusions of certain gifts Gifts received by persons engaged in business or profession Tax implications for salaried on the gifts received Tax implication for neither salaried nor self employed on Deepawali Tax provisions about gifts According to section 56(2) of the Income Tax Act, 1961 if the total value of…

Contents Loss from Business/ profession (Sec 72) Loss from a house property (sec 71B) Loss from capital gains (Section 70- 74) Loss under the head ‘Other sources’ (Section -71) Loss from Business/profession [Sec 72] Loss from Business/ profession other than speculation loss and depreciation can be set off against any other business income or any…

Due to Covid-19 pandemic, all the due dates are revised and the compilation of all the revised due dates are as follows: Extended due dates Chart under the Income Tax Act – 1961 Particulars Original or Extended Due Date Belated Income Tax Return for the A.Y. 2019-20 30th November 2020 Revised Income Tax Return for the A.Y. 2019-20…

Contents Introduction of shipping business Disallowance of expense on account of Non- deduction of TDS Deemed Income of Shipping business Summary Assessment Introduction of shipping business India has a coastline spanning 7517 km with 13 major ports and about 200 small ports. According to the Ministry of Shipping, around 95 per cent of India’s trading…

In case of assessee who has to obtain and upload Audit report under section 44 AB of the Income Tax Act has to file Income Tax return for the same previous year. Since there are some information or data which are same in ITR and Tax audit report. So assessee has to take care about…

Content What do you mean by Motor Vehicle? Tax on Sale of Motor Vehicle Tax on Purchase of Motor Vehicle Measures Taken by Govt. to Promote Sale of Electric Motor Vehicle GST on Motor Vehicle What do you mean by Motor Vehicle? Motor Vehicle includes Cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks….

Content Can I update a salary detail? How can I update a salary record? Can I add a salary detail? How can I add a salary detail? Can I delete a salary detail? How can I delete a salary detail? Can I update the assessment year of a regular TDS/TCS statement by filing a correction…

Content Procedure in appeal Appeal fees Presentation of appeal Time for filing an appeal Delay in filing an appeal Payment of admitted tax Death of an assessee  Procedure in appeal An appeal is to be filed to Commissioner in Form No 35 and to the Tribunal in Form No 36. Cross objections are to be…

Basic features: This section is applicable only in case of seller whose total sales, gross receipt or turnover from the business carried on by him exceeds ₹10crores during the financial year immediately preceding financial year in which sale is carried out. This simply means that seller will be only liable to collect TCS when turnover…

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