The list of Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech, is given below: with Easy Words CA in Gurgaon Annual Financial Statement (AFS) Demands for Grants (DG) Finance Bill Statements mandated under FRBM Act: i. Macro—Economic Framework Statement ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement Expenditure Budget Receipt […]

CBDT Issues SOP Regarding Handling Of Cash Deposit Cases

Central Board of Direct tax (CBDT) has issued Standard Operating Procedure  (SOP) for hading of cases related to cash deposit during the demonetisation period. Income tax official issued around 3 lakh notices under section 142(1) for filing of Income tax return of which around 87000 assessee has not complied the notices. SOP has clearly spelled[…..]

Why Singapore is a Hub for Indian Startups?

The economies that rank highest in the ease of doing business are those that have consistently well designed business regulation and Singapore is amongst the top 3 countries as per the report of Worldbank. Several Indian startups, although operating in India, have registered holding companies in Singapore to benefit from increased funding opportunities, business and[…..]

Government may relax you from Angel tax

On Monday a committee of 5 members has been set up by the government to look into the Angel Tax issue come up with guidelines in one week. Department of Industrial Policy and Promotion (DIPP) on 16th January 2019 issued a notification, which exempt the Startups from Angel tax. Few conditions were laid down in[…..]

Post budget your salary would be exempted upto Rs.7.85 Lakh

Yesterday interim budget was presented. It was the budget for salaried employees. Till now the major source of collection of direct tax is salaried employees.  Salaried employees used say they are paying more tax than business class person. So Budget 2019 gifted them few tax benefits. Let’s understand the benefits and how we can exempt[…..]

How Bad debts are treated in Income tax act?

In spite of efforts made, few debtors refuse to pay either intentionally of unintentionally.  Bad debts are common in each and every business and there is a separate treatment of Bad Debts under the income tax act. Few years back when we used to written off the bad debts in books of accounts, onus was[…..]

What is Form 15CA and 15CB?

The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum, in such form and manner, as may be prescribed Rule 37BB defines the manner to furnish[…..]