To earn the most is the dream of every person but the only thing which everyone wants to avoid is TAXES, which are levied according to the norms of running acts in the current period. Let’s talk about the INCOME TAX ACT, 1961, which is currently applicable in our country, there are a lot of…

Introduction Section 194IB is introduced under Finance Act 2017, which states that TDS will be deducted, if  rent payment exceeds Rs 50,000 per month or part of the month is made. If Salaried person is paying rent more than Rs. 50,000 per Month and claiming HRA then he is also required to deduct and pay TDS…

Many investors started dealing in the security market in the financial year 2020-21 due to lockdown. They must have dealt with short term, long term, intraday & F&O transactions through the year. There was a rapid increase in the customer base of broker and trading volume too. We are in the month of March, Hence,…

Table of Content Income Tax Slabs for Individuals in FY 2020-2021 Income Tax Slabs for Senior Citizens in FY 2020-2021 Income Tax Slab for Super Senior Citizens in FY 2020-2021 Income Tax in India is imposed and collected by the Government of india. Tax can be categorised into two parts- Direct Tax and indirect Tax….

Table of Content What is TDS Rates? In the case of a person other than a Company TDS Rates applicable where the person is resident in India TDS Rates applicable where the person is not resident in India TDS Rates applicable where the Company is a Domestic Company TDS Rates applicable where the Company is…

Table of Content 6 pillars of Union Budget 2021-22 Income under head salaries Profits and gains from business and profession Income under the head capital gain Return of Income TDS/TCS Provisions Provisions regarding Charitable/Religious Trust Provision Related to deductions Assessments and Appeal Other Provisions The Union Budget 2021 was Presented by The Finance Minister ,…

Content: Introduction Legal provisions Conclusion  Introduction: In GST regime as well as in the previous regime, ITC on exempted supply of goods or services shall be reversed and not qualified for availment. One of the exempted supplies is sale of shares/mutual funds. The provisions relating to ITC reversal on such supply are as follows: Legal…

Table of Content What is Tax Audit Applicability of Tax Audit What information/ books of accounts are required for a tax audit ? Purpose of Tax Audit Process Of Tax Audit Report Filing Due Date For Filing Tax Audit Penalty for Filing Tax Audit Report How and when tax audit report has to be furnished?…

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…

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