Provision under Section 9B of Income Tax Act: Where a specified person receives any “capital asset or stock in trade or both” from a specified entity during the previous year in connection with the “dissolution or reconstitution” of such specified entity then the specified entity shall be deemed to have transferred such capital asset or […]
What Is a Unit Linked Insurance Plan (ULIP)? ULIP is a product issued by Insurance Companies. It’s a product combination of insurance coverage and investment exposure. Like all other insurance policy, Policyholder requires to pay the regular premium. There are many different ULIP plans available (Equity / Debts) in the market like life insurance, retirement income, […]
TCS Provisions on Sale of Goods under Section 206C(1H) along with TDS Provision on Purchase Transactions under Section 194Q TCS Provisions on Sale of Goods under Section 206C(1H): Finance Act 2020 had inserted a new sub-section (1H) under section 206 of the Income Tax Act. This new provision specifies the collection TCS on Sale of […]
The Central Board of Direct Taxes (CBDT) was issued Notification No. 21/2021, dated 31-03-2021and notify the changes in ITR Forms for the Assessment Year 2021-22. First understand what is ITR-1? ITR-1 (Sahaj), A simpler forms and filed by the small and medium individual taxpayer having income up to Rs 50 lakh and who receives income […]
Provision & Computation with Example’s The Finance Act, 2020, has allowed to defer the payment or deduction of tax on ESOPs allotted by an eligible start-up referred under Section 80-IAC. The tax is required to be paid or deducted in respect of such ESOPs within 14 days from the earliest of the following period: After […]
About Sovereign Gold Bonds (SGBs): Sovereign Gold Bonds (SGBs) are the alternative to investment in physical gold. These bonds are risk-free as issued by the Government of India. The Government launched this scheme in 2015 under Gold Monetisation Scheme. These bonds are backed with policies and procedures notified by RBI. Features: A Person resident […]
What is Offer for Sale (OFS)? An Offer for Sale is a method in which promoters of listed companies can sell their shares through the bidding platform for the Exchanges and transparently reduce their holdings. It’s an easier process for the promoter to dilute their stake with minimum compliance. OFS was introduced in 2012 by […]
Timeline to file belated Income Tax Return (ITR) under section 139(4): As per the Finance Act 2016 amendment from AY 2017-18 anyone can file a belated return on or before the relevant Assessment Year if missed the due dates mentioned in section 139(1) of the Income tax Act. Example: For AY 20-21 last date to […]
How to Get Instant PAN through AADHAAR Step 1-Go to website https://www.incometaxindiaefiling.gov.in/home. You found an option in left side in Quick Links called “Instant PAN through Aadhaar” as marked in below picture. Step-2 Click on link “Get New PAN” Step-3 Fill in your Aadhaar number in the provided apace, Enter captcha and confirm. Step-4 Applicant […]