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Introduction:In current choice of investment avenue can make or break the realisation of financial dreams. It is because of the forces of inflation and taxes. These tend to reduce the purchasing power of your money and impede faster wealth accumulation. Along with percentage of return one needs to understand what will be the taxability of…
What is Section 194N According to Finance Act, 2020 read with various notification issued from time to time new section i.e. 194N is applicable in case of cash withdrawals of more than Rs 1 croreduring a financial year. Further this limit will be reduced to Rs. 20 Lahks in case where ITR for immediately three…
Remedy available with Suppliers in case of default in payment by debtor When it can be said that there is default in payment? Default is the failure to repay a debt including interest or principal on a loan or security. A default can occur when a borrower is unable to make timely payments, misses payments,…
Transparent Taxation Scheme Details: Recently government had initiated a concept of Maximum Governance and Minimum Government for honoring taxpayers. Our Honorable Prime Minister has stated that our Tax system will be sseamless, painless and faceless and there will be new reforms such as face-less assessment, faceless appeal & taxpayers charter. Accordingly, Faceless Assessment along with…
What is Initial public offer? An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. Public share issuance allows a company to raise capital from public investors. The transition from a private to a public company can be an important time for private…
1. Optimum salary structure is a tool to attract the right talent or good employees for the Company. Good Companies always try to structure their CTC in such a way that their employees have option to claim maximum Tax benefits. 2. Component of salary should be structured in such a way that it becomes symbiotic…
What is section 80G of Income tax Act, 1961. Whenever any donation has been made to any trusts/institution registered under section 80G then such donation can be claimed as deduction by the assessee. For claiming such donation as deduction there are some conditions such as Donation exceeding in cash exceeding Rs 2,000 will not be…
Udyam Scheme For Small Business Growth By indian Government Udyam Scheme an initiative by Indian Government to Promote micro, small and medium enterprise and boost their business which will ultimately boost the Indian Economy. An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria: (i) a…
On 13th July, 2020 Income Tax Department has issued circular providing relaxation for verification of Income Tax Returns. Whenever any ITR return is filled then in that case assessee is required to send ITR Form-V (Acknowledgement of ITR) so that department can process ITR filed by such assessee. In case if such acknowledgement is not…
Recently government has made major changes relating to Income tax provisions, specifically applicable to charitable trust registered. Union budget, 2020. Under the new tax regime, she proposed to amend Section 10(23C), Section 11, Section12A, Section12AA, Section 80G and proposed to insert a new Section 12AB. Here are the few Frequently asked Question for the Provision…