ASSOCIATION OF PERSON (AOP) UNDER INCOME TAX ACT An Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated is treated as a person u/s 2(31) of the Income Tax Act, 1961. It is important to note that an AOP or BOI shall be deemed to be a person, whether or not, it was formed […]
Determination of Income of Association of Person (AOP) under Income Tax Act Read More »
ATAL PENSION YOJANA: TAXPAYERS CANNOT JOIN THIS SCHEME W.E.F 1st OCTOBER 2022 Atal Pension Yojana, launched on 9th May 2015, is a Government of India pension scheme. The Atal Pension Yojana, basically, focuses on the unorganized sector workers. The Yojana encourages and enables the applicant to save for their retirement. Notably, the Atal Pension Yojana
CBDT Notifies Taxpayers cannot join Atal Pension Yojana w.e.f 1st October 2022 Read More »
SECTION 194R: TDS ON BENEFITS OR PERQUISITE The government has recently introduced the section 194R. In the Finance Act 2022, a new TDS section 194R, has been inserted in the Income Tax Act, and which has been made applicable w.e.f. 1.7.2022. What is the eligibility criteria for Tax Deductor? Any person (Resident or Non Resident)
Section 194R: TDS on Benefits or Perquisite Read More »
APPLICABILITY OF RERA ACT RERA stands for Real Estate Regulatory Authority (“RERA”) which is established under the Real Estate (Regulation & Development) Act (“Act”). This Act was introduced in the year 2016 to regularise the problems existing in the real estate sector. The Act will be implemented at the State level, and the governing authorities
RERA: Applicability of RERA Act Read More »
ANALYSIS OF UAE CORPORATE TAX The Government of UAE announced on 31st January 2022 that UAE would be promulgating legislation for levying federal Corporate Tax (C T) on business profits and the same shall be effective for the tax period commencing on or after 1st June, 2023. For years UAE has been considered as a
A Detailed Analysis of UAE Corporate Tax Read More »
COMPLIANCE CALENDAR FOR THE MONTH OF AUGUST 2022 Compliances under Income Tax: Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for the previous month is 07.08.2022. Due date for furnishing of form 24G by an office of the government where TDS/TCS for the month of July 2022 has been paid without
Compliance Calendar for the month of August 2022 Read More »
FILING OF NON-PREFERENTIAL CERTIFICATE OF ORIGIN IS EXTENDED TILL MARCH 2023 What is Certificate of Origin? A Certificate of Origin is a certificate that is used to identify the country of manufacturing of any goods or commodity. The Certificate of Origin carries many other points of information such as what the product is, its destination
DGFT extends due date for filing of Non-Preferential Certificate of Origin Read More »
CBIC REDUCES LIMIT FOR E-INVOICE FROM RS. 20 CRORE TO RS. 10 CRORE W.E.F 1ST OCT 2022 What is E-invoice? E-Invoicing/E-Invoice is a form of electronic billing which is increasingly mandated by Governments across the World due to tax evasion. A. E-invoicing shall not be applicable to the following categories of registered persons irrespective
CBIC: Limit for E-invoice is reduced from 1st October 2022 Read More »
CERTIFICATE OF COMMENCEMENT OF BUSINESS Commencement of Business’ this concept was there in the erstwhile Companies Act, 1956 and it was also introduced by the Companies Act, 2013 under the Section 11 of the Companies Act, 2013. However, section 11 was omitted (deleted) LATER ON by the companies (Amendment) Act, 2015 w.e.f. 29th May 2015. Declaration
How to obtain Certificate of Commencement of Business Read More »
CBDT REDUCES TIME LIMIT FOR VERIFYING INCOME TAX RETURN What is ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature/ Aadhaar OTP/ EVC mode. On receipt of ITR-V you have to sign the
CBDT: Time limit for verifying Income Tax Return is reduced to 30 days Read More »
