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 …
Ministry of Corporate Affairs in view of COVID-19 has taken the following measures to reduce the compliance burden and other risks
General Circular No. 08/2021 : TIME GAP BETWEEN TO BOARD MEETINGS
Please note that in view of the difficulties arising due to resurgence of Covid-19, the gap between two consecutive meetings of the Board may extend to 180 days during the Quarter 1 i.e. April to June 2021 and Quarter 2 i.e. July to September 2021 richa, instead …
It is a widely held view that every crisis also presents an opportunity. Given the prevalence of inequality in Indian economy, the implementation of a fiscal stimulus across sectors will not only lift the economy out of the woods, but also address some of the existing distortions in income and wealth distribution.
The United Nations, in its mid-year update of the World Economic Situation and Prospects (WESP) which was first released in January 2021, projected that the Indian economy would …
The Finance Act, 2019 introduced a new section, Section 194N which brings the concept of TDS on cash withdrawal. In order to strengthen the Digital Economy and to curb on physical cash movement, the Government of India took the initiative to tax the person(s) who withdraw heavy cash from the bank account and below is the brief about deduction of TDS on cash withdrawal.
Who is liable to deduct TDS
Every country believes in keeping foreign reserves on a higher side to balance the economy. For that purpose, every economy tends to encourage the exports and motivate the indigenous production. To encourage the exporter every country provides a lot of benefits in terms of Duty Drawback etc. India is not behind compared to any other country to promote their exports and to reward the exporters.
However, there are a lot of benefits and facilities are mentioned in the FTP which …
Section 197 of Income Tax Act, 1961 contains the provisions for Lower Deduction Certificate. Generally, where the actual income tax liability on the income of the assessee is less than the TDS which has been deducted by the payer as per Chapter-XVII, then it may cause a major problem of working capital management for the assessee. The solution is, file an application for LDC i.e. Lower Deduction Certificate with Income Tax Authorities.
Before understanding the proceeding, I would like to …
Dear Clients,
On 4th May 2021, our team suffered a terrible and an irreparable loss, Mr. Neeraj Bhagat- Founder, Neeraj Bhagat & Co. passed away. He was the pillar of the organization and he shall always remain alive in our hearts. We understand this message may be difficult to process, however, courage is the most important of all the virtues.
In this difficult times, we’d like to take the opportunity to thank all NBC’s loyal supporters, all our clients …
India’s e-commerce sector stands 9th in global cross border growth. While China takes the first position, Japan follows India at the tenth place after India as per the global rankings for the growth in e-commerce sector.
Introduction
India known for its rich diversity and culture, is more of a combination of various splendid cultures that make India one of a kind. The cultural diversity makes India unique, beautiful and ethnically diverse nations in the world.
India is the second largest country in …
The Ministry of Corporate Affairs (MCA) has issued the Company (Accounts) Amendment Rules, 2021, Companies (Audit and Auditors) Amendment Rules, 2021 and made amendments to Schedule III under the Companies Act, 2013 (“the Act”). These amendments require significant additional disclosures in the statutory financial statements of companies, enhance reporting responsibilities of the auditors and require companies to use and maintain accounting software with audit trail functionality.
Companies (Accounts) Second Amendment Rules, 2021
Rule 3 – Manner of books of account …
An Export in International Trade means Goods and Services produced in one country and sold to buyers in another country (Foreign buyer). India’s Exports & Imports complete the term International Trade and together it decides the country’s Trade Balance. When the country’s export exceeds the imports it leads to Trade Surplus, however it accounts to Trade Deficit when the country’s imports are more than the exports.
With an objective to spur economic growth and cross border trade, it’s imperative to …