The Government initially exempted the services by way of renting of residential dwelling for the residential purposes through the entry no. 12 of Notification 12/2017 Central Tax Dated 28.06.2017. Eventually the Government has brought an amendment through the Notification no.… Read More
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Section 194R Applicable wef 1st July 2022
The new section of TDS 194R is applicable wef from 1st July 2022 to all the assessees except Individuals and HUF subject to Tax Audit. Those individuals and HUF having tax turnover of exceeding Rs. 1 cr in of business… Read More
Incomplete GSTR-2B in some cases and consequent extension of deadline
The CBIC issued advisory on 15th May, 2022 regarding the difficulties being faced by the taxpayers at the time of filing GSTR-3B for the month April 2022. The department noticed that in some cases few details are not reflecting in… Read More
Don’t miss the deadline Form 10BD and Form 10BE is due by 31st May, 2022
The CBDT Notification 19/2021 dated 26th March, 2021 notified that a statement in Form 10BD is required to be submitted by all the entities registered under section 80G and Section 35(1) of the Income Tax Act. Post filing of the… Read More
E-Invoicing under GST
Latest Update E-Invoicing made mandatory for turnover above Rs. 20 Cr wef 1st April, 2022 The CBIC vide its Notification no. 01/2022 dated 24th February, 2022, reduced the e-invoicing turnover from present Rs. 50 Cr to Rs. 20Cr. GST e-invoice… Read More
BUDGET 2022 HIGHLIGHTS
The Union Minister of Finance Nirmala Sitharaman presented the Union Budget 2022 on February 1, 2022. Here are the sector wise highlights of the Union Budget 2022; 1. Tax and Economy Fiscal Deficit is 6.9% of the GDP. Reduced AMT… Read More
Section 194N
The First Fiscal Budget being presented by Honorable Minister of Finance Nrimala Sitaraman in 2019 introduced a new section 194N which will attract a TDS on cash withdrawals in excess of Rs. 1 Crore and is in force with effect… Read More
Section 12AB and 80G (New Registration Process for NGOs)
Latest News; Deadline for 12A and 80G renewal under new provisions has been extended till 31st August, 2021. The Finance Act, 2020 brought certain changes in the provisions related to NGOs in India for the new as well as already… Read More
Trading in F&O? All you need to know!
Dealing in F&O has become a very common investment option for investors now days. Unfortunately not many people know about the tax treatment and reporting of these transactions in their income tax returns. Failing to report these transactions in your… Read More
Section 12AB Introduced by the Finance Act, 2020 (New Provisions for exemption for Charitable/religious trusts /institutions etc. w.e.f 1st October, 2020)
Latest updated; In view of the Covid-19 outbreak in the country the new provisions for renewal u/s 12AB the deadline has been extended till 31st March, 2022. Finance Minister Mrs. Nirmala Sitaraman presented the Union Budget, 2020 on 1st February,… Read More