Key points: The Finance Act, 2020 came with the change in registration process of charitable and religious organizations and also all the existing trusts or institutions registered under section 12A/12AA need to be re-registered themselves under section 12AB. And section 12A &12AA are omitted. Section 12A(1) speak about the conditions to be fulfilled by any […]
Section to be discussed with relevant Rules: Section 44AB Audit of Accounts With Section 44AD Presumptive Income from Business With Section 44ADA Presumptive Income from Profession Rule- 6G Audit Report Section 271B Penalty Section 44AB. Every person- (a) Carrying on business and his total sales, turnover or gross receipts, as the case may be, in business […]
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 […]
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 […]
What is Dividend? If you buy shares of any listed company then you are the shareholder in that company and out of the surplus/ profit and retained earnings share of profit pay out to the shareholder is called Dividend. The value of dividend is determined on per share basis and approved by Board of directors. […]