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…
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)…
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…
Table of Content What is Section 56(2) (x) of Income Tax Act, 1961? Points to be noted with respect to this section Exceptions to Section 56(2) (x) Key words 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…
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…
Table of Content What is Tax collected at source (TCS) Eligibility Exemptions from TCS Detailed Description Key provisions 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…