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)…

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…

Content How to save tax? Meaning of Specified disease Calculation for deduction amount Increased deduction for senior citizens Other things to know Conclusion How to save tax? Tax can be saved by claiming deduction through medical treatment of specified and serious disease under section 80DDB of Income Tax Act, 1961. This deduction is applicable to…

What is Section 56(2) (x) of Income Tax Act, 1961? Section 56(2) (x) of Income Tax Act, 1961 states that where any person “receives” any “specified property” (which includes shares and securities without consideration or for a consideration which is less than its fair market value, as determined in accordance with the applicable rules (tax…

One of the main mottos behind the introduction of the GST Act is to avoid the cascading effect of taxes and to ensure seamless flow of credits. The GST Act includes provisions, restricts admissibility of ITC of goods and/or services. The provision which restricts admissibility includes conditions for claiming ITC contained in section 16 of…

What is Tax collected at source (TCS) TCS is the tax payable by a seller which he collects from the buyer at the time of sale.  Eligibility If sale of any type of goods above Rs. 50 lakhs; and Turnover is of Rs. 10 Crores and above during the FY 2019-20 and onwards Effective from…

In last one year, government announces various measures to increase liquidity in the hands of individuals and corporate and defeat corona virus to reduce financial distress. The various measures announced by government in Direct Tax are as follows: Introduction of section 115BAA: During last one year, a new section 115BAA has been inserted in the…

Content What is input tax credit? AAR (Maharashtra) in case of M/s Nikhil Comforts Question raised by applicant Explanation by the applicant Report of concerned officer Conclusion What is input tax credit? Input tax credit means credit of the input tax. It could be claimed of any goods and services intended to be used in…

Content What is Agricultural Income Examples of agricultural income Tax on agricultural income Steps of computation of taxable income Benefit under section 54B Quantum of exemption Agricultural income means the revenue earned from farming or agricultural land, building on agricultural land and any commercial product obtained from horticulture land. It may be received in cash…

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