Clipped from: https://www.thehindubusinessline.com/economy/accounting-software-mca-defers-mandatory-audit-trail-norm-by-1-year/article34221295.ece?homepage=true In a big breather for small and medium-sized companies, the Corporate Affairs Ministry (MCA) has deferred by one year, the implementation of its
Category: Income Tax
What Is The Difference Between TDS and TCS?
Clipped from: https://www.canarahsbclife.com/knowledge-centre/blog/what-is-the-difference-between-tds-and-tcs.html Income tax is one of the most important financial planning aspects. You need to keep a check of your incomes, your investments and
TDS, TCS rates on interest, dividend, other non-salary payments effective April 1, 2021 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tds-tcs-rates-on-interest-dividend-other-non-salary-payments-effective-april-1-2021/articleshow/81703945.cmsSynopsis Effective from April 1, 2021, the TDS and TCS rates on these non-salary payments will be back to their original (higher) levels. Given
CBDT notifies new ITR forms for AY 2021-22, filing process unchanged–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/cbdt-notifies-new-itr-forms-for-ay-2021-22-filing-process-unchanged/story/435495.html Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been incorporated in the forms, CBDTin the notification
I-T Dept message to ‘revise’ ITR baffles tax payers – REPORTING INTEREST INCOME: The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/reporting-interest-income-i-t-dept-message-to-revise-itr-baffles-tax-payers/article34208713.ece?homepage=true Project checks discrepancies in reporting of interest income earned of over ₹5,000 Hundreds of bank deposit holders across the country were non-plussed on
Not disclosed interest on FD, bank savings? Be ready for Income Tax Dept notice–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/not-disclosed-interest-on-fd-bank-savings-be-ready-for-income-tax-dept-notice/story/435258.html There could be multiple reasons for taxpayers receiving the I-T notice. The prominent ones being non-reporting of FD interest and savings bank account
New Income tax rules 2021: Tax on PF interest, reduction in time limit of ITR filing, other changes–economic times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-on-pf-interest-pan-aadhaar-non-linking-fine-other-money-rules-that-change-from-april-1/articleshow/81759692.cmsSynopsis With the start of the new financial year on April 1, various tax and money rules come into effect. Here is a look
Decoding the maze of equalisation levy – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/decoding-the-maze-of-equalisation-levy/article34200358.ece Expanding the scope of this tax in last year’s Budget has made it more complex and burdensome India first introduced an equalisation levy
Five key changes in I-T laws, GST to come into effect from April 1 – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/five-key-changes-in-i-t-laws-gst-to-come-into-effect-from-april-1/article34198775.ece Employees Providend Fund, ULIP, TDS, re-opening of assessment, benefits for senior citizens to see changes Significant changes in both Income-Tax as well as
Your Queries (Loans): To avail PMAY, sell existing property and buy new one with home loan – The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-loans-3/2223431/ Once the home loan is fully repaid the PMAY subsidy is not possible to avail. You may request for an extension of moratorium.
10 most common mistakes taxpayers can avoid while saving tax – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/10-most-common-mistakes-taxpayers-can-avoid-while-saving-tax/2221531/ Common Income Tax Mistakes: Completing one’s tax planning exercise at the fag end of the financial year comes with its own share of
TDS Calculation: Rs 1 lakh Tax Deducted At Source on Rs 20 lakh cash payment to non-filers – New rule explained – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/tds-calculation-rs-1-lakh-tax-deducted-at-source-on-rs-20-lakh-cash-payment-to-non-filers-section-206ab-i-explained/2223038/ TDS Payment Rules 2021 (Section ‘206AB (I) Explained): The Finance Act 2021 recently cleared by the Parliament has introduced a “Special provision for
Tax audit of income from derivatives trading if turnover above Rs 1 crore – YOUR QUERIES (INCOME TAX): The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-tax-audit-of-income-from-derivatives-trading-if-turnover-above-rs-1-cr/2222658/ If income from futures & options trading is classified as business income and transacted on a recognised stock exchange, it is taxable as
CBDT notifies new rules, forms for trusts and non-profit organisations – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/cbdt-notifies-new-rules-forms-for-trusts-charitable-institutions-educational-institutions-among-others/article34182578.ece The forms are comprehensive and detailed as compared to the earlier forms requiring certain key details to be filled in the applications. The
India Budget 2021: The Direct Tax Fine Print–bloomberg quint
Clipped from: https://www.bloombergquint.com/business/budget-2021-the-direct-tax-fine-print BloombergQuintOpinion The Union Budget was presented in the backdrop of possibly one of the worst ‘black swan’ events in the last 100 years.
10 most common mistakes taxpayers can avoid while saving tax – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/10-most-common-mistakes-taxpayers-can-avoid-while-saving-tax/2221531/ Common Income Tax Mistakes: Completing one’s tax planning exercise at the fag end of the financial year comes with its own share of
Budget signals focus on improving tax compliance, increasing transparency–SURANJALI TANDON WRITES: indian express
Clipped from: https://indianexpress.com/article/opinion/columns/union-budget-tax-compliance-economy-gdp-growth-7190263/ With little flexibility to change rates or to redefine the tax base, it is expected that the rate of growth in tax revenue
6 income tax changes taxpayers should know about–business today
Clipped from: https://www.businesstoday.in/union-budget-2021/budget-for-the-salaried/budget-2021-6-income-tax-changes-taxpayers-should-know-about/story/429937.html The time-limit for re-opening of assessment is being reduced to 3 years. Originally this was six years. Re-opening of assessment up to ten
Budget unleashes reforms in tax dispute resolution mechanism–business today
Clipped from: https://www.businesstoday.in/union-budget-2021/columns/budget-unleashes-reforms-in-tax-dispute-resolution-mechanism/story/429938.html Substantial changes have been introduced in relation to Tax Dispute Resolution mechanism to impart greater efficiency, transparency and accountability by eliminating interface to
SPAC Tax Issues: Round tripping, taxation issues to mar billion dollar ‘SPAC’ dreams of Indian firms, unicorns – The Economic Times
Clipped from: https://economictimes.indiatimes.com/tech/startups/round-tripping-taxation-issues-to-mar-billion-dollar-spac-dreams-of-indian-firms-unicorns/articleshow/81718113.cms Synopsis-Indian firms face hurdles akin to those faced by Indian and MNC mergers in past Indian startups and companies that are hoping to
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