Section 12AB of Income Tax Act, 1961

Section 12AB of Income Tax Act, 1961

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…

Tax Planning Avenues for Salaried Individuals

Tax Planning Avenues for Salaried Individuals

Are you Ready to File Income Tax Return for FY 2019-20 ? Tax Planning Avenues for Salaried Individuals As we know income tax return filling season is approaching, so we at FIBOTA have made an attempt to help you with your return filing process and help you minimize your income tax liability in the most…

Elaborating Provision of RCM under GST

Elaborating Provision of RCM under GST

Definition of Reverse Charge Under GST: As per 2 (98) CGST Act, 2017; Reverse Charge means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9 of CGST Act,…

Recent Updates Under Income Tax Act,1961.

Recent Updates Under Income Tax Act,1961.

Income Tax Act,1961 Details: Introduction: During the recent pandemic of COVID-19 there are several steps taken by the government to come out from this recession period including, providing relaxation under various income tax provision. It has also slightly increased the compliance burden for some taxpayers. The lockdown impact of the COVID-19 has been largely disruptive…

Recent Updates Under GST Along With Recent Notification

Recent Updates Under GST Along With Recent Notification

Introduction: Recently three years has been completed to GST and now government is trying to streamline the various procedure by amending previously implemented law along with issuing various new notification. In recent times there were many changes in provision along with extensions of various due dates. Let us discuss various relaxation provided by government and…

How to Construct Optimum CTC Structure

How to Construct Optimum CTC Structure

Why it is important for company to constitute optimum CTC Structure? Even technology has developed an environment where we need minimal human intervention, but still at operational level, there are many companies that are dependent on individuals at the middle management level without whom the success of the organizations is in jeopardy. Companies like Apple…

Compliance during Covid 19 of GST for dealer having turnover more than INR 1.5 Crores and less than or equal to INR 5 Crores in previous financial year

Compliance during Covid 19 of GST for dealer having turnover more than INR 1.5 Crores and less than or equal to INR 5 Crores in previous financial year

GST Department has issued various notifications on 23.03.2020 and 03.04.2020 wherein the certain relief has been granted to the taxpayers for compliance with GSTR-1 and GSTR-3B. In this article we have mentioned the compliance due date for the dealers having turnover more than 1.5 Crore and less than or equal to 5 Crores in Preceding…