Direct Tax Updates: CBDT clarified that the revised higher threshold for filing appeals would be applicable to all pending cases as well. The Board directed the income tax department to withdraw all such pending cases where claim amounts fall below the revised limit from appellant forums by October 31. Indian startups with turnover in excess …
CHOICE BETWEEN BITCOIN AND ALTCOINS Most cryptocurrency investors opt to hold both Bitcoin and altcoins. Bitcoin is that the most established cryptocurrency, and it’s safer than most altcoin investments. However, altcoins tend to provide higher returns in a bull market, thereby making them an attractive investments option for risk-tolerant individuals. ALTCOIN- CRYPTOCURRENCY Altcoin refers to any cryptocurrency, which is …
Direct Tax Updates: Direct Tax panel suggests rate relief for Individuals in personal tax slab to benefit middle and upper-middle-class including an across the board 25% tax rate for both local and foreign companies. Income Tax department has initiated consultations with Sebi to explore the idea of getting details of investment returns of taxpayers. This …
Direct Tax Updates: CBDT circular “brings in more safeguard by requiring assessing officers to procure his or her supervisor’s consent before starting on any inquiry under the angel tax provision against a start-up company which has not got DPIIT approval. Indirect Tax Updates: The last date for filing annual GST returns has been extended by …
Direct Tax Updates: Document Identification Number (DIN) Must For Any Communication By Income Tax Authority To Assesses- In order to prevent such instances and to maintain proper audit trail of all communication, the CBDT has, vide Circular No.19/2019 dated 14.08.2019 laid down parameters specifying the manner in which any communication issued by any income-tax authority …
What Is Start-up Funding Companies Compliance in India BRIEF INTRODUCTION Startup Funding Companies Compliance in India basically refers to abiding by the principles. In today’s world of business, compliance has become integral for survival. Failing this, businesses are prone to various fines and penalties under varied regulations and laws. With the laws getting amended on …
INPUT TAX CREDIT(ITC) ON GOODS AND SERVICES TAX BRIEF INTRODUCTION Input Tax Credit refers to the amount of tax, which a taxpayer pays on the inputs purchased, for providing outward taxable supplies. Such an amount of ITC can be used to set off as against the outward tax liability, thereby reducing the outward tax to …
Simplification of process of formation of Section 8 Companies: With a view to simplify the process for incorporating Section 8 Companies, requirement of prior filing of INC-12 for new section-8 companies is being dispensed with vide the Companies(Incorporation) Sixth Amendment Rules, 2019 dated 7th June, 2019. Henceforth, Section 8 Companies can be incorporated by either …
Direct Tax Updates: CBDT had exempted registered startups from the purview of the angel tax provision except for those that have already received tax demand notices with the intent of granting them relief at the appeals stage. Gift received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was …
Direct Tax Updates: Reference is invited to the Circular No. 3 of 2018 dated 11.07.2018 (the Circular) of Central Board of Direct Taxes (the Board) and its amendment dated 20th August, 2018 vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal High Courts and SLPs/appeals before …