Direct Tax Updates: Income tax registration U/s. 12AA cannot be denied for one suspicious donationIf the genuineness of a donation in one year is doubted, the addition, if any, can be made in the assessment of the relevant assessment year in accordance with law. M/s Urmila Devi Charitable Trust Vs CIT (Exemptions) (ITAT Delhi). RBI …
Direct Tax Updates: CBDT has notified changes in Form 16, the certificate issued by employers for tax deducted at source (TDS) for salaried employees, seeking disclosure of more details, especially about exempt allowances. Form 16 is a certificate issued by an employer detailing the TDS deducted with respect to payment to its employees. According to …
Direct Tax Updates: The increase in effective tax rate to 43% for those earning Rs 5 crore and more has spread disquiet in India Inc’s Csuite, raising the possibility of salary reviews. As per the latest records available, 144 executives of BSE 500 companies on average earned Rs 11.4 crore annually. CBDT new guidelines says …
Corporate And Professional Updates on 16th July 2019 CBDT has issued Clarification regarding the taxability of income earned by a non-resident investor from off-shore investments routed through an Alternate Investment Fund. Govt has re-calibrated and fixed the direct taxes collection target for this financial year at Rs 13.35 lakh crore, a task that the …
Corporate and Professional Updates on 15th July 2019 Direct Tax Updates: Income Tax Advance Tax last date is 15.06.19 of first instalment for FY 2019-20. Pay on time & avoid levy of penal interest. If your landlord happens to be an NRI, make sure you deduct TDS each month from the rental payment. TDS needs …
Indirect Tax Updates: The amendment to Section 17 (5) of the Central Goods and Services Tax (CGST) Act deals with blocked credit. “Section 17 (5) of the CGST Act and the respective state Acts have led to a paradoxical situation by denying credits as the objective of the GST is free flow of credits when the output …
Corporate and Professional updates on 11th July 2019 Direct tax Updates: The taxman will ‘suo motu’ allot a fresh PAN to a person who files tax returns with only Aadhaar as part of a new arrangement to link the two databases, the CBDT chief said after the Budget proposed that only the biometric ID is …
Corporate and Professional Updates on 10th July 2019 Indirect Tax updates: Centre will now pay the input tax credit (ITC) refunds of state taxes, thereby reducing transaction time and costs, and manual interface in claim processing. The central government has been authorised to pay the amount of refund towards state taxes the taxpayers,” according to …
Filing of E-form DPT-3-Return of Deposit-due date of filing of e-form is 30th June 2021 E-form DPT-3 is required to file by all the companies pursuant to section 73 read with rule 16 of the of the Companies (Acceptance of Deposits) Rules, 2014 expect Government Companies due date of filing of e-form is 30th June …
Direct Tax Updates: Direct tax revenue has grown 78 percent i.e 11.37 lakh Crores from 2014 to 2019. Propose to enhance surcharge on taxable income of Rs. 2 to 5 cr and Above 5 Crore* effective tax rate will increase by around 3% and 7%, respectively Corporate Tax- Tax Rate of 25% on Companies with …