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…
Content: Who is responsible to deduct TDS under section 194O? What do you mean by E-commerce, E-commerce operators and participants? What is the point of deduction of TDS u/s 194O? At what rate TDS has to be deducted u/s 194-O? What are the exceptions to the section 194O? Whether the TDS is to be deducted…
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…
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…