INCOME TAX BENEFIT ON INVESTMENT IN STARTUPS U/S 54GB Section 54GB of the Income Tax Act exemptions on capital gains from the sale of residential property if the proceeds are invested in startup firm equity shares. This exemption was created to provide assistance to an individual or HUF that want to establish or start a …
Condonation of delay in filing Form 10-IC for Assessment Year 2020-21 for concessional rate of tax at 22% Finally, a big relief to the domestic companies who opted for concessional rate of tax at 22% for AY 2020- 21 but could not file/forgot to file Form 10- IC on or before the due date of …
Income Tax Assessment issues of Private Hospitals, Nursing Homes etc. Auditing Requirement for Private Hospitals, Nursing Homes etc When an entity’s total income for the previous year exceeded the maximum amount not chargeable to income tax in respect of the following entities (without taking into account the exemptions available under the provisions referred to against such …
Taxpayers Charter under the Income Tax Act Taxpayer Charter Prime Minister Narendra Modi launched Taxpayers Charter under income tax Act on August 13, 2020, it pledges to protect income taxpayers’ privacy and confidentiality while also lowering the cost of complying with tax regulations. The income tax department’s commitments to income taxpayers, as well as what the agency …
3.59 Cr online-file-income-tax-reurns submitted till date (Press Release, Ministry of Finance dated December-16-2021) As on December-15-2021 For the AY 2021-2022, No of 3.59 Cr Income Tax Returns (ITRs) have been filed on the new e-filing portal of the income tax Dept. Number of Income Tax Returns submitted filed per day has crossed Six lakh & …
What are details in the Form 26AS? Your Tax Credit Statement, also known as Form 26AS, is an important tax document. The days of manually downloading Form 26AS to file your IT returns are long gone. The Internal Revenue Service has been updating Form 26AS to include more and more information. The statement’s scope has …
CBDT notifies Rule 11UD prescribing thresholds for determining ‘Significant Economic Presence’ in India CBDT has set revenue & user base threshold limits for determining ‘Significant Economic Presence’ in Notification No. 41 dated May 2021. Legislators have established circumstances in which foreign corporations are regarded to have a “business tie” in India, bringing their operations in …
Central Board of Direct Taxes extends deadline for electronic filing of various Forms under the Income-tax Act, 1961 :PIB Delhi The Central Board of Direct Taxes has decided to extend the deadline for electronic filing of certain Forms under the provisions of the I Tax act read with the Income-tax Rules of 1962 (Rules) due …
THE DEDUCTIONS U/S 80CCC, 80CCD & 80D BRIEF INTRODUCTION Section 80 Deductions For financial year 2019-20 (Including Budget 2020 amendments). Income tax department, in order to encourage savings and investments amongst the taxpayers, introduced and provided various deductions under chapter VI A, in order to reduce their taxable income and would thereby reduce their tax payment. 80C …
TAXATION OF DIVIDEND W.E.F FY 2020-21 Up till Assessment Year 2020-21, shareholders were not taxed in respect of the dividend received by them from an Indian Company, up to an amount of Rs 10 lacs, and the respective company paying dividend shall pay the tax in the form of Dividend Distribution Tax to the government …