Double TDS : Non Filing of income tax return by due date...
Posted Date : 14-Mar-2022 , 11:38:15 am | Posted By
CA. Dr. Gaurav Bhambri
Budget 2022 proposed that if you haven’t filed your income-tax returns for a year, you will need to pay a higher TDS (tax deducted at source). Earlier, this window was two years. But there is a catch.
The due date to file your returns for income earned in 2021-22 is coming up in July 202...
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Category : Income Tax |
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Tax Compliance and Statutory due dates for the month of March, 2022
Posted Date : 03-Mar-2022 , 11:48:31 am | Posted By
Ishita Ramani
Compliance Calendar for March 2022
Being the last month for the financial year, March is a significant month from the point of view of the tax compliance and other statutory due dates for ROC Reporting, GST Return Filings, and Income Tax Filing as it is the last month of the fiscal year. Ev...
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Category : Corporate Law |
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0 | Hits : 4308 |
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Undisclosed income found in tax raids : Budget 2022 bars set off of losses
Posted Date : 07-Feb-2022 , 05:43:58 pm | Posted By
CA. Dr. Gaurav Bhambri
In this article we explored The Budget 2022 which has proposed a new anti-tax evasion rule that will prevent people from misusing the provision of setting off losses on any undisclosed income discovered during a search operation or a survey by the income tax department. The Finance Bill 2022 has pro...
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Category : Income Tax |
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1 | Hits : 8487 |
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Guidance on uploading of Manually submitted Form 15CA and Form 15CB
Posted Date : 03-Feb-2022 , 04:09:04 pm | Posted By
CA. Rahul Dwivedi
Guidance on uploading of Manually submitted Form 15CA and Form 15CB 7th between June to 15th August 2021
At the initial time of Migration from Old income Tax Portal to Advance version of Income Tax Portal, the facility for uploading the form 15CA & 15CB was not activated on the new portal &...
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Category : Income Tax |
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TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions
Posted Date : 02-Feb-2022 , 01:46:47 pm | Posted By
KRIESHAN GROVERR
TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions :
Nature of Payment
Basic Cut off (Rs)
Individual /Company and others New Rate %)
If No Pan or Invalid PAN (Rate %)
192 – Salaries
Slab Rate
...
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Category : Income Tax |
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0 | Hits : 2724 |
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Tax Compliance and Statutory due dates for the month of February, 2022
Posted Date : 01-Feb-2022 , 05:49:38 pm | Posted By
Ishita Ramani
Tax Compliance and Statutory due dates for February, 2022
Compliance Calendar for the month of February 2022
Starting, owning, or doing a business in India comes with important compliance that a business irrespective of its structure, has to adhere to during a financial year. Be it filing of Incom...
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Category : Corporate Law |
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0 | Hits : 1673 |
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Taxation on Income from Crypto/Crypto currency
Posted Date : 01-Feb-2022 , 05:39:04 pm | Posted By
Vijay Kumar Gupta
Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency (Effective for the AY 2023-24)
These are specific sections i.e., 2(47A), 115BBH, & 194S are proposed to be inserted under Income-tax Act by Finance bill 2022-23 to tackle the taxation issues relating to the transacti...
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Category : Income Tax |
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$1 billion a year in gold-backed loans : Rupeek Fintech Achievement.
Posted Date : 11-Jan-2022 , 07:33:53 pm | Posted By
CA. Dr. Gaurav Bhambri
This article is highlighting Rupeek Fintech, a startup that lends against gold as collateral, raised $34 million to accelerate its efforts to monetise India’s $1.5 trillion private stash of the precious metal. The Bangalore-based firm, whose technology links nearly a...
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Category : Corporate Law |
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3 | Hits : 5407 |
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Support to resource crunched MSMEs :Extension of FY21 GST annual return .
Posted Date : 04-Jan-2022 , 06:31:29 pm | Posted By
CA. Dr. Gaurav Bhambri
This Article mainly higlighting on relief to Covid-battered businesses on compliance front, the government on Wednesday extended till February 28 the deadline for them to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FO...
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Category : GST |
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5 | Hits : 5422 |
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Tax Compliance and Statutory due dates for the month of January, 2022
Posted Date : 01-Jan-2022 , 02:34:44 pm | Posted By
Ishita Ramani
Compliance calendar for the month of January, 2022
Starting, owning, or doing a business in India comes with important compliance that a business irrespective of its structure, has to adhere to during a financial year. Be it filing of Income Tax Return or GST Return or complying with the ROC Annual...
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Category : Corporate Law |
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0 | Hits : 1715 |
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Reasons for Suspended CCI 2019 nod : Amazon deal with Future Co.
Posted Date : 28-Dec-2021 , 10:46:42 am | Posted By
CA. Dr. Gaurav Bhambri
In this article the main highlights are suspended CCI 2019 nod for Amazon deal with Future co. India's antitrust body competition commission of India (CCI) on Friday said Amazon's 2019 deal with Future to remain in abeyance, citing US e-commerce major's failure to notify certain comm...
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Category : Corporate Law |
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0 | Hits : 3607 |
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Plan to ban most cryptocurrencies : India is set to go ahead with its plan under a long-awaited bill.
Posted Date : 26-Dec-2021 , 11:21:17 am | Posted By
CA. Dr. Gaurav Bhambri
In this article main highlights are the planned legislation aims "to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)".According to a government bulletin, the ban is part of the proposed Cryptocurrency and Regulati...
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Category : Income Tax |
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0 | Hits : 928 |
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First Mover Asia: Asia Bump Sends Bitcoin Over $49K
Posted Date : 22-Dec-2021 , 07:21:14 pm | Posted By
CA. Dr. Gaurav Bhambri
After a price bump during Asian hours, bitcoin was well above the $48,000 level for all of Tuesday after the opening of U.S. markets. At the time of publication, bitcoin had soared beyond the $49,000 threshold.
While bitcoin sellers have dominated the market during Asian hours for...
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Category : Income Tax |
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0 | Hits : 1095 |
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Taxation of gains on crypto currencies
Posted Date : 02-Dec-2021 , 06:05:58 pm | Posted By
Mahesh Bansal
Millions of Indians have invested in crypto currencies and have made huge gains in last couple of years. Now, it is the time to file their income tax returns. But they are not sure how to treat the income from cryptocurrency trading in their ITR. Nothing is specifically prescribed in Income Tax laws...
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Category : Income Tax |
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Micro finance: Empowering a Billion Dreams
Posted Date : 01-Dec-2021 , 03:28:57 pm | Posted By
MANMOHAN JINDAL
Micro finance: Empowering a Billion Dreams (Inaugural Address by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - October 27, 2021 - at the Sa-Dhan National Conference on “Revitalizing Financial Inclusion”)
Highlights:
The theme for this year 2021...
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Category : Bank |
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0 | Hits : 1706 |
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New Indian Companies Act: More Flexible & Less Stringent
Posted Date : 26-Nov-2021 , 10:03:29 am | Posted By
CA. Dr. Gaurav Bhambri
In this article main highlights are changes like decriminalizing various penal provisions of the Companies Act, 2013, setting up more benches of NCLAT, the establishment of Corporate Social Responsibility (CSR), etc. were brought up in the Companies Act, 2013 on the suggestion of the Company Law Com...
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Category : Corporate Law |
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5 | Hits : 10884 |
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My Experience in Registered Valuer Exam
Posted Date : 21-Nov-2021 , 01:25:08 pm | Posted By
MANMOHAN JINDAL
My Experience in Registered Valuer Exam
Passed the exam with bright colours. I thank the Almighty and my parents for blessings.
Understand the concepts by reading thoroughly and by listening experts through webinars time and again. It is concept based exam.
After one or tw...
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Category : ICAI |
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0 | Hits : 1298 |
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GST Rate analysis on Ice-cream parlours supplying manufactured ice creams
Posted Date : 15-Nov-2021 , 11:11:59 pm | Posted By
CA Ronak Khandelwal
*Takeaway from 45th GST Council meeting*(Ice-cream parlours supplying manufactured ice creams)
Recently in the 45th GST council meeting, it has been recommended that "Ice-cream parlours supplying manufactured ice-creams will be taxed @ 18% GST”. Further, the Circular issued pursuant t...
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Category : GST |
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Forms of Business Existing in India and Which one to choose? – Simplified
Posted Date : 21-Oct-2021 , 06:33:12 pm | Posted By
CA Akhil Kumar
Before we all start a profit-oriented business, we have a query which form of business you should go with? Since there are lot of options we get confused like Proprietorship, Partnership firm, LLP, One Person Company, Private Limited and Public Limited Companies.
We have simplified the major forms ...
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Category : General |
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0 | Hits : 2224 |
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Risks of leaving your bank account dormant
Posted Date : 19-Oct-2021 , 04:47:03 pm | Posted By
Mahesh Bansal
Are you also in habit of leaving your bank accounts unattended for long? Then, it's time to be alert. You may be deprived of entire money in your accounts by fraudsters. Howsoever rich you may be, but you won't want your single rupee to be taken away by fraud.
In a latest development, Delhi Po...
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Category : Banking |
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0 | Hits : 2539 |
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Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks for the year 2021-22
Posted Date : 14-Oct-2021 , 07:50:21 am | Posted By
CA.Khurana Vivek
Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks for the year 2021-22
Sl. No. Name of the Bank Names of audit firms approved for appointment as SCAs for FY 2021-22 Term in FY 2021-22 (in years)
1
...
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Category : Income Tax |
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India’s app developers, start-ups seek interim relief from CCI against Google’s new billing policy
Posted Date : 11-Oct-2021 , 07:04:24 pm | Posted By
CA. Dr. Gaurav Bhambri
This article is focus about the Alliance of Digital India Foundation (ADIF) on behalf of India’s app-developers & the start-up community has filed a petition before the Competition Commision of India (CCI) against Google’s new billing policy which comes into effect from March 2022. T...
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Category : Corporate Law |
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5 | Hits : 6519 |
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LEGALITY STATUS OF ITC BLOCK BY GST DEPARTMENT
Posted Date : 07-Oct-2021 , 04:11:18 pm | Posted By
CA. PIYUSH KAPOOR
The article explains the Meaning of Input Tax, Eligibility and Condition of Taking input tax credit, what is Blocked Credit under GST, and the Legality of block credit
Introduction
“input tax” in relation to a registered person, means the central tax, State tax, integra...
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Category : GST |
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Turnover Calculation & Taxability of Future & Options – Simplified
Posted Date : 06-Oct-2021 , 03:30:27 pm | Posted By
CA Akhil Kumar
Future and Options is a derivative tool which was designed to hedge a portfolio but we all are aware that it has become one of the most traded instruments for regular gains. Hence Income Tax has realized the above and the Income from Future and Options is taxable under the head ‘Income from ...
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Category : Income Tax |
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0 | Hits : 1797 |
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Highlights of 45th GST Council Meeting dated 17th September, 2021
Posted Date : 20-Sep-2021 , 11:50:49 am | Posted By
Ishita Ramani
Introduction
The 45th GST Council Meeting was held on 17th September, 2021 under the charimanship of Honourable Finance Minister Smt. Nirmala Sitharaman. The said Meeting took place at Lucknow, Uttar Pradesh. The meeting was attended by MOS Shri Pankaj Chaudhri besides Finance Ministers of States &...
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Category : GST |
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0 | Hits : 1855 |
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Tax Compliance and Statutory due dates for the month of September, 2021
Posted Date : 01-Sep-2021 , 06:40:10 pm | Posted By
Ishita Ramani
Compliance Calendar for the month of September 2021
It is crucial for every business, irrespective of the business structure to adhere to the statutory compliance and complete all the necessary filings before the due dates. It is important to stay compliant with enormous compliance falling in the y...
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Category : Corporate Law |
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0 | Hits : 2424 |
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Latest GST News, Information, Notifications & Announcements
Posted Date : 18-Aug-2021 , 05:59:53 pm | Posted By
CA. Dr. Gaurav Bhambri
Author CA.Dr. Gaurav Bhambri
Latest GST News
1. 2021 GST Updates
30th July 2021
A GST registered person whose aggregate turnover in the financial year 2020-21 is up to Rs.2 crore has been given exemption from filing Form GSTR-9 (annual return) for the FY 20202-21.
The section 35...
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Category : Income Tax |
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0 | Hits : 1690 |
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Solution to problem of New Income Tax Portal
Posted Date : 17-Aug-2021 , 03:55:17 pm | Posted By
CA. Dr. Gaurav Bhambri
In this article, I have tried to cover up most of the issues commonly being faced & there suggested resolutions.
1. Whether filing of ITR for AY 2021-22 started on New Income Tax Portal?
Yes, ITR filing has started on New IT Portal. Form ITR 1 & ITR 4 can be filed with both offline utility...
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Category : Income Tax |
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5 | Hits : 7603 |
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90 unique problems related to new income tax e-filing portal reported
Posted Date : 17-Aug-2021 , 03:49:38 pm | Posted By
CA. Dr. Gaurav Bhambri
The government has said that more than 700 emails dealing with 2000 issues including 90 unique issues/problems in the new income tax e-filing portal have been received from various stakeholders. These issues were reported by various stakeholders including tax professionals, Institute of Chartered Ac...
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Category : Income Tax |
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4 | Hits : 9228 |
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Drinking water supply through mobile tankers taxable at 18%
Posted Date : 16-Aug-2021 , 11:46:09 pm | Posted By
CA Ronak Khandelwal
Drinking water supply through mobile tankers taxable at 18%
1. Supply of drinking water to the public through mobile tankers or dispensers by a charitable organization is taxable at 18 percent under the GST, AAR has ruled.
2. The Andhra Pradesh bench of the Authority for Advance Ruling (AAR...
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Category : GST |
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0 | Hits : 1693 |
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