Knowledge Hub
Apart from the fact that taxes are viewed as a financial burden, what could further add to the stress could be a lack of knowledge about tax-planning. A majority of tax-payers struggle with fitting the tax-saving piece in the puzzle of their finances. So here is a list of various tax-saving instruments which can help […]
It is an examination or review of accounts of a business or profession carried out by taxpayers from the perspective of INCOME TAX which is to be conducted by a Chartered Accountant in full time practice.Applicability: To reduce the compliance burden on small and medium enterprises, the budget 2020 introduced a proviso for taxpayers carrying […]
Objective: To control the circulation of black money and create a disincentive against cash economy, the Government introduced section 269ST (Mode of undertaking transactions) w.e.f 01 April 2017. Provision: No person should receive an amount of INR 2 lakhs or more other than by an account payee cheque or account payee bank draft or use […]
Objective: This section regulates the repayment of loans or deposits or specified advance and similar to section 269SS. Provision: The amount alongwith interest should be repaid only by an account payee bank draft, account payee cheque or through electronic clearing system via bank account if,
Objective: To curb the increasing cash transactions which are leading to accumulation of black money, the government had introduced section 269SS which restricts cash payments. Provision: Any deposit, loan or specified sum should not be accepted or taken from any person other than by an account payee bank draft, account payee cheque or through electronic […]
Scenario pre-Budget 2020 Tax on distributed profits of domestic companies – Section 115-O – Domestic companies were liable to pay Dividend Distribution Tax (DDT) at 15% (plus applicable surcharge and cess) of the aggregate dividend declared, distributed or paid. Exemption – Section 10(34) – Dividend received from a domestic company is exempt in the hands […]
The Ministry of Corporate Affairs (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable companies make good of any filing-related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity. It has issued a General Circular No. 12/20 dated 30.03.2020 explaining the various aspects of […]
The financial package under the mission of “Aatmanirbhar Bharat” has announced various measures for MSMEs for the uplift them from the economic stress during the COVID-19 situation. MSME stands for Micro, Small and Medium Enterprises and are the backbone of the economy for developing countries like India. Relief measures for the MSMEs were the highlight […]
Year 2020 has become a dooming year when the whole world is fighting against COVID-19. Declaration by the World Health Organisation (WHO) as a pandemic has heightened the attention of the world on the serious consequences of the disease. This has compelled the governments at various levels to undertake necessary preventive and relief measures. The […]
The Budget 2020 announced by our Finance Minister Mrs. Nirmala Sitharaman introduced a new tax regime for individuals and HUFs by widening the income tax slabs and reducing rates while taking away most of the exemptions and deductions being availed. Section 115BAC has been introduced with a paradigm shift in the way individuals and HUFs […]