July 1st of every year will be the CA day. The 74th Anniversary of its foundation will be celebrated by the Institute of Chartered Accountants of India (ICAI) on July 1st as it is 2022. To date, in a massive country like India, a country with at least a billion people, there are only 4 lakh Chartered Accountants of the Indian Institute of Chartered Accountants. Due to the fact that this organization has set high standards for clearing the …
Section 194H contains guidelines about tax deductions on the amount paid as brokerage or commission. Entities making a payment as commission or brokerage to a resident have to make a tax deduction at a 5% rate.
This amount has to exceed Rs. 15,000 in one financial year otherwise individual/HUF are not responsible to deduct TDS. However, individual and HUF who are liable to tax audit under Section 44AB must make tax deductions under Section 194H. TAN and PAN of both …
Slowly and steadily after a long gap, several countries have opened their door for foreign tourist. Last two years have been worse hit for travelling both domestic & international whether for fun or for business and education etc. But now since this restriction is almost over so for those who intend to pack their bags & head to for destination – a covid respite here is some information in relation to permissible limit of foreign currency that they can carry …
Property purchases using companies have become increasingly popular in recent years.
If you are a business owner, contractor, or independent professional who operates through a company, you may have contemplated purchasing property through your company. Property purchases using companies have become increasingly popular in recent years. For most higher-rate taxpayers, acquiring rental properties through a company makes sense. It offers complete tax savings on mortgage interest, as well as lower tax rates and more flexibility.
Key considerations before purchasing property …
In the last two years, startups in our country faced unprecedented challenges due to the ongoing pandemic. Funds dried up for most, many entrepreneurs reeled under the multiple taxes, and quite a few shut down operations.
Now, all eyes are on Finance Minister Nirmala Sitharaman as this year’s Union Budget is about to be unveiled. Start-ups are looking for policy changes that will help them surge ahead and boost recovery from the long drawn-out pandemic.
Let’s take a look at …
The Division bench of the High Court of Delhi in the case of Mon Mohan Kohli Vs Assistant Commissioner of Income Tax & Anr. quashed all reassessment notices on 15th Dec, 2021 issued by taxmen under the old regime on or after April 1, 2021, bringing in a huge relief for the taxpayers. They made it clear that the revenue cannot use the administrative power ‘undermining the expression of Parliamentary supremacy in the form of an Act of Parliament.’ …
An approved SRN can be cancelled and the entire process is offline and consists of following steps and documentation: –
Visit the respective ROC of the States, where the registered office of the Company is situated.
Submit few documents such as an
After submitting the aforesaid documents, the ROC will scrutinise the form in respect of which …
As per Section 17CA of Income Tax Rules (1962), an Electoral Trust (ET) is a non-profit organization established for orderly receipts of voluntary contributions from any person for distributing the same to political parties, registered under Section 29A of the Representation of People Act, 1951.
Objective of Electoral Trust
Electoral Trusts are designed to bring in more transparency in the funds provided by corporate entities to the political parties. The objective of an Electoral trust is not to receive …
Section 80G of the Income Tax Act, 1961 enables an assessee to claim deduction for donation made by him to certain organizations. This deduction is subject to certain conditions. The motive of Government of India behind introduction of 80G deduction is to encourage donation towards worthy causes. Under 80G, the amount donated to notified funds or institutions can be claimed as deduction at the time of filing income tax return. Only donations made to institutions registered under section 80G or …
Amid the verge in COVID 19 cases in this second wave of the deadly pandemic, unfortunately, we have faced a lot of deaths in this second wave. Therefore, it is pertinent to discuss the tax implications in case of a deceased Assessee
Computation of Income of the Deceased
All the income earned from the start of the year till death would be considered as the Income of the deceased. Any income earned from the assets inherited from the deceased is …