Taxation of Cooperative Societies
Taxation of Cooperative Societies A co-operative society is a society registered under the Co-operative Societies Act, 1912, or any other law in the State which requires the registration of co-operative [Read More…]
Income Tax
Aadhaar-based instant PAN
Aadhaar-based instant PAN Applicable only for Individuals Permanent Account Number (PAN) PAN (Permanent Account Number) is a ten-digit alphanumeric unique number. It is issued by the Income-tax department based on [Read More…]
PM Modi to launch a platform for honoring the honest taxpayers
PM Modi to launch a platform for honoring the honest taxpayers Prime Minister Shri Narendra Modi will be launching a new platform for “Transparent Taxation – Honoring the Honest” through [Read More…]
TCS ON SALE OF GOODS – NEW PROVISION
TCS ON SALE OF GOODS – NEW PROVISION TCS (Tax Collected at Source) is a tax that is collected by the seller from the buyer and deposited to the account [Read More…]
What is better WILL or TRUST?
What is better WILL or TRUST? Succession planning is important as it will make the smooth disposal of the property or estate after the death of the concerned person. It [Read More…]
Verification of pending ITR – One time relaxation
VERIFICATION OF PENDING ITR – ONE TIME RELAXATION Background As per the Income Tax Act, any Income Tax Return (ITR) can be filed and verified using the following modes: – [Read More…]
Succession planning through WILL
Succession planning through WILL WILL is a legal document that reflects the desire of a person as to how he/she wishes to manage and/or distribute the assets after his death. [Read More…]
Changes in Form 26AS – Annual Information Statement
Changes in Form 26AS – Annual Information Statement (w.e.f. 1st June 2020) The government has introduced Rule 114-I in Income Tax Rules where Form 26AS has become an Annual Information [Read More…]
Key Changes in ITR Form for the AY 2020-21
Key Changes in ITR Form for the AY 2020-21 Interchangeability of PAN and Aadhaar PAN and Aadhaar can be interchangeably used while filing of the ITR. In other words, [Read More…]
CBDT provides relaxation for application of lower/NIL deduction TDS certificates
CBDT provides relaxation for application of lower/NIL deduction TDS certificates w.r.t. FY 2020-21 Due to the outbreak of the COVID-19 pandemic and the lockdown has caused disruption in the functioning [Read More…]
Companies Fresh Start Scheme, 2020
Companies Fresh Start Scheme, 2020 The government has issued a General Circular No. 12/2020 dated 30th March 2020 in order to revive the non-compliant companies. As per part of the government [Read More…]
Standard Deduction for salaried Individuals
Standard Deduction for salaried Individuals It is a deduction allowed to salaried individuals. It is mainly a flat amount that is subtracted from the salary income before the calculation of [Read More…]
Income Tax Slab Rates – FY 2020-21(AY 21-22)
Income Tax Slab Rates – FY 2020-21(AY 21-22) Applicable for AY 21-22 After the announcement of Union Budget 2020, on 1st February 2020, the slab rates have drastically changed compared [Read More…]