Download 151 Land Mark Judgements of The Supreme Court
The All India Federation of Tax Practitioners (AIFTP) and other leading professional organizations have issued a publication containing 151 land Mark judgements of the Hon’ble Supreme Court of India.
Transfer of PPF account from post office to Bank
I have my PPF account in Post office but want to shift it to Bank where I have my Saving Bank account, can I do it?
How to transfer money to NRE account from USA?
How to transfer money to NRE account? How to transfer money to NRE account from USA? These are common questions many NRIs have. There are several ways in which you can transfer money to a NRE account from abroad. The money is deposited in Indian rupees.
Another question you may have is- can I deposit money in NRE account from India? You cannot transfer money to a NRE account from a savings account in India. However, you can transfer money from NRO to NRE account. You can also transfer money from one NRE account to another.
Do I need to pay tax on income earned on gift amount?
I have received Rs.15 lakhs from my father who is filing his income tax Return (ITR) regularly and paying tax on his income. Money so received was invested somewhere and earned an interest income around Rs.2,25,000/-.Do I have to show such amount (i.e. Rs.15 lakhs) in my ITR?Do I need to discloses & file my ITR for interest if don't have any other income except interest, I understand that income up to Rs.2,50,000/- is not taxable.
GST Council Meeting Updates
Recommendations of the 42nd GST Council Meeting
The42nd GST Council meeting
has been held through video conferencing under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.The GST Council has made the following recommendations:
New Requirement in Tax Audit Report and in ITR 6
New Tax regime i.e. "propagated as concessional tax rate" has been introduced in Finance Act which provide options to taxpayer to adopt any one of the two options and pay tax accordingly. A lot of deductions/allowance which were availed earlier by the tax payer shall be forgone.
Section 115BAA and section 115BAB are introduced for company assessee and section 115BAC and Section 115BAD have been brought for assessee, being an Individual, HUF and Co-operative society. so that tax payer can opt for concessional tax rate regime subject to fulfillment of various conditions given in these sections.
Do you need to maintain books of accounts for Income Tax purpose ?
Are you maintaining Books of accounts to disclose proper Income for Income Tax purpose?
you are filing your income tax return and declaring a certain amount as income , just think that you have received a notice from income tax department to prove your income, how will you prove that you have declared your true income? are you maintaining books of accounts and keeping record of the income and expenditure, if yes , very good but what if you are not maintaining,can Income tax department force you to maintain books of accounts or can department may penalize you for not keeping record?
Just join me here to know what is required and what is not required , I am going to discuss the provisions relating to maintenance of books of Accounts.
GST taxpayers get relief in implementation of e-invoice
As per twitter handle of CBIC , One time relaxation has been given in implementation of E-Invoice Provisions for the month of October, 2020. Read full press release below:-
Tax collected at Source on sale of Goods effective from 01st October 2020
Tax collected at Source on sale of Goods effective from 01st October 2020
Due date for filing Annual return
and audit report under GST has been extended, tax payer got some relaxation
however new compliance requirement has been introduced which is applicable from
01st October 2020 i.e. tax to be collected at source on sale of
goods.
Vide Finance Bill, 2020
sub-section (1H) of section 206C of the Income Tax Act has been introduced
which has proposed for tax collection at source (‘TCS’ ,will use it in
remaining part of post), originally it was scheduled to be effective from 01.04.2020
but later has been provided that section will be effective from 01.10.2020.
I am just trying to explain it in frequently asked question (FAQ) format, hope that it will make easy to understand and comply with Law:-
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