Rachna sold her residential property and invested the entire amount in the purchase of a new residential property in the joint names of her daughter and son-in-law and claimed exemption under section 54 of the income tax act. The tax officer disallowed her exemption on the grounds that new property can only be purchased in …
Central Govt relaxes provisions of TCS under Section 206C(1G) of Income tax Act,1961 in respect of non-resident individuals visiting India. The provisions shall not apply to an individual who is not a resident in India in terms of Clause 1&1A of Section 6 of the Act. Press Release issued
Central Board of Direct Taxes ( CBDT ) extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income tax act Act,1961. The application for registration or approval in Form No. 10AB can be filed upto 30th September, 2022. Details in the Press …
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 …
Continue reading “KEY TO BUDGET DOCUMENTS – BUDGET 2019-2020 .”
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 …
Continue reading “CBDT Issues SOP Regarding Handling Of Cash Deposit Cases”
Section 68 of Income tax act attract when Investor invest in your company. This section describes that when company issues its share then it has to prove Credit-worthiness of Investors and genuineness of transactions. In a recent case a company issued its shares for Rs.17.60 crore to the investors companies. Income tax official questioned the …
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 …
Continue reading “Why Singapore is a Hub for Indian Startups?”
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 …
Every business has Loans and Liabilities and everyone wants to pay it on time. Sometime situation arises where we are not able to repay it. So non-payment of loans and liabilities brings liability of Income Tax because Income Tax act treated it as your income. Let’s take a brief look, how income tax is levy …
Continue reading “Why income tax levy when Loans are waived and Payables are ceased”
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 …
Continue reading “Post budget your salary would be exempted upto Rs.7.85 Lakh”
