Form 10IE to opt for new tax regime From Assessment Year 2021-22 and onwards, taxpayers have a choice to furnish the income tax return by opting for either the existing tax rates or the concessional […]
Applicability of AS to Non-Corporate Entities ICAI has revised the classification criteria of Non-Corporate entities. Based on the classification of such Non-company entities, the applicability of Accounting Standards will be determined. Entities at levels II, […]
Section 115BAC of Income Tax Act What are the tax rates under the alternate tax regime?| Tax Rates u/s 115BAC Note: Surcharge and education cess shall be applicable as per the prevailing rates. Who can […]
Income tax compliance calendar There are various compliances that need to be taken care of by corporate as well as non-corporate assessees. Any divergence from the compliances under Income Tax Act or Goods & Service […]
Conclusion The restriction imposed by the provisions of the above section has considerably reduced the circulation of cash. India is slowly moving towards the digital economy.
Penalty under section 271 AA under Income Tax Act 1961, for failure to keep and maintain information and document in respect of certain transactions
Accounting entries if TCS is booked on a RECEIPT basis The assumption that receipts have crossed Rs. 50 lakhs from a particular buyer starting 1st April 2021. TCS will be collected at 0.1% w.e.f. 1st […]
Surcharge on Income Tax FY 2020-21 (AY 2021-22) TAX on TAX is called SURCHARGE. The surcharge is applicable only if the total taxable income exceeds a certain prescribed limit. This prescribed limit in the case […]