The employees are constantly worried about their income tax because they fall into the high tax bracket, which is 30 per cent plus cess and surcharges. The high-paying salaried employees are always worried about the income tax withheld by their employer. Generally, in the month of January, the company where you are working asks you …
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Taxability of Export Commission paid to Non-resident has always been a question. It looks non-taxable transaction when commission is paid to a person residing outside India and selling goods of Indian exporter outside India without having significant economic presence in India, however actual position is not as simple as we think. We need to look …
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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 …
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 …
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