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How to Claim Credit on Foreign Tax Paid

Introduction Foreign Tax Credit (FTC) is a non-refundable tax credit for income tax payments made to a foreign government as a result of foreign income tax withholdings. The assessee may claim relief for taxes paid on income earned in a foreign country that is also taxed in his or her home country. The objective of […]

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Restricted Stock Units – When, Where and How is it taxable?

Introduction Restricted Stock Units (RSUs) are performance-based employee benefit by means of stocks granted by the company that entitles the employees to enjoy the shares of the company (or cash equivalent of the shares) on the exercise date, provided that the conditions pertaining to performance and duration of work have been fulfilled over the vesting […]

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ITR Filing Deadline December 31 for the financial year 2020-21: Keep These Documents Ready before Filing Income Tax Returns

All you tax payers, have you filed income tax returns (ITR) for the financial year 2020-21? If not, it is mandatory to do it before December 31 as this is the ITR Filing Deadline. We suggest that taxpayers should not wait for the last moment because if you miss the deadline to file the IT […]

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What is Retrospective Tax? What are its Implications? Let us Explain it Using Examples

Retrospective tax enables a country to pass a rule on taxing certain products or services. It is charged for transactions in the long past and can be a new or additional charge on transactions done previously. Several countries apart from India including the US, the UK, the Netherlands, Canada, and Italy have retrospectively taxed companies […]

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Special Income Tax Benefits for Senior Citizens

India’s history hails from a culturally enriched background in which the elders are regarded in the family with respect. In tandem with keeping the cultural and moral values intact, the Indian government offers special income tax benefits for senior citizens. If your senior citizen parents have been planning their investments and taxes, then it is […]

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A Short Guide for Starting your Business

Entrepreneurship is an idea that may sound appealing to many but starting a business is a very challenging process. It involves planning, making financial decisions, doing market research, and acquiring knowledge in areas of your respective business interest. It is crucial to note that there is no one size fits all model to starting a […]

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How to Check Tax Filing Status for the New Section 206 Compliance

The Finance Act, 2021, has inserted two new Sections 206AB and 206CCA, with effect from 01-07-2021. These sections provide for deduction or collection of tax at a higher rate in the case an assessee has not filed a tax return. CBDT has issued a new functionality on the income tax portal to ease the compliance […]

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GST Impact on Hospitality Industry Business in India

The implementation of GST has had a tremendous impact on the Hospitality Sector. This significant industry is expected to rise to over Rs 32.05 lakh crore by 2028. The major reasons behind this growth are that the GST has helped the hospitality sector, by cutting costs for customers, harmonizing taxes, and reducing business transaction costs. […]

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TDS / TCS New Rules Applicable to Non Filers of Income Tax Returns

The Finance Act 2021 has introduced a new provision relating to withholding tax (Section 206AB) which provides for a higher withholding tax rate in case the vendor to whom the payment is to be made has not filed his tax return for the previous two financial years.

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Return of Outstanding Deposits – DPT 3

On 22nd January 2019, the MCA came up with a new amendment in the Companies (Acceptance of Deposits), Rules, 2014

Every Company other than Government Company shall file a one-time return of outstanding receipt of money/ loan taken by the company but not considered as deposits.

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GST Due Dates Extended in May 2021

GST extension notifications No. 8/2021-Central Tax to 14/2021-Central Tax issued by CBIC on 01.05.2021 by which relaxation has been provided in respect of Various GST Returns and GST Compliances.

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How to Calculate Capital Gains Tax on Sale of Residential Property?

‘Capital Gains’ can be defined as the profits or gains arising from the transfer of capital assets. These are chargeable as the income of the financial year in which the sale or transfer takes place.

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Extension of Certain Income Tax Due Dates on May 1, 2021

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DIR 3 KYC Due Date Sept 30, 2021

Director identification number (DIN) refers to a unique identification number of 8 digits allotted to an individual who is willing to become a director or is an existing director of a company.

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Accounting Standards Applicability for Non Corporates

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