Revenue dept. looks to plug capital gains tax leakage
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. “The directorate of 1-T sys-tems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling […]
DIR 3 KYC Due Date Sept 30, 2022
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.
Non Disclosure Of Foreign Assets Comes Back To Haunt Thousands
A flurry of summons from the Income tax (I-T) investigation wing and the Enforcement Directorate (ED) over the past fortnight has come as a rude reminder to many that despite paying tax they may have a brush with the law. Thousands of recipients of such letters have been caught in a stern, yet often ignored, […]
Updated Tax Return is now called ITR-U
The Budget for the FY 2022-23 had allowed certain taxpayers to file updated tax returns, within 2 years of filing the original returns after paying taxes due. A taxpayer can file only one tax return per assessment year as an updated tax return. The income tax department has notified a new form called ITR-U that […]
Filling of Form DPT-3 as a Part of Legal Compliance
What is Form DPT – 3? Form DPT-3 is used for filing a return of deposit or particulars of transaction not considered as a deposit or both by the companies respectively. Which types of companies are required to file Form DPT 3? Private Limited Company Public Limited Company One Person Company (OPC) Small Company Interesting Read: Advantages for one person […]
5 Benefits of Accounting Outsourcing for all Mid and Small Size Businesses
Hiring an accountant is difficult for many small firms and start-ups. Particularly the one with the necessary abilities to handle their company’s financial statements, bank account operations, prepare outgoing invoices and do all that at a reasonable cost.
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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.
