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Article - 19 issues Clarified by CBDT in respect of filling-up of the ITR forms for AY 2019-20
19 issues Clarified by CBDT in respect of filling-up of the ITR forms for AY 2019-20 The Income-tax return (ITR) forms for the Assessment Year (AY) 2019-20 were notified vide notification bearing G.S.R. 279(E). dated the 1st day April, 2019. After notification of the ITR forms various queries have b
Read MoreArticle - Corporate Compliance Calendar For the month of August, 2019
Corporate Compliance Calendar For the month of August, 2019 About Article : This article contains various Compliance requirements under Statutory Laws. Compliance means adhering to rules and regulations. Compliance Requirement Under 1. Income Tax Act, 1961 2. Goods & Serv
Read MoreArticle - GST council meeting postponed; rescheduled for July 27
GST council meeting postponed; rescheduled for July 27 The 36th GST Council meeting, which was to be held on thrusday through video conferencing has been rescheduled for July 27. The meeting was to be held on 25.07.2019. According to sources, the meeting has two items to consider. First item is to c
Read MoreArticle - 36th GST Council meeting today; may cut tax on e-vehicles, rationalise tax on lottery
The 36th meeting of the GST Council to be held on 25.7.2019 Finance Minister Nirmala Sitharaman will chair the 36th meeting of the GST Council through video conferencing in Delhi today. Among other issues, the GST Council is expected to announce its decision on lowering tax rates for electric vehicl
Read MoreArticle - Hardship caused to the tax payers of the country while filing returns of income for AY 2019-20
Hardship caused to the tax payers of the country while filing returns of income for AY 2019-20 Bombay Chartered Accountants’ SocietyHarnessing Talent&Providing Quality Service7, Jolly Bhavan 2, Ground FloorNew Marine Lines, Mumbai – 400020 16th July, 2019, To Hon’ble Smt
Read MoreArticle - FAQs on Salary Income : Tax Calculation on Salary Income
FAQs on Salary Income : Tax Calculation on Salary Income What is considered as salary income Section 17 of the Income-tax Act defines the term salary. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility
Read MoreArticle - Significant Direct Tax Proposal In The Finance (No. 2) Bill, 2019
Significant Direct Tax Proposal In The Finance (No. 2) Bill, 2019 Rates of tax No change in tax rates and basic exemption limit Tax rates for all persons, other than domestic companies, would continue to be the same for A.Y. 2020-21 as applicable for A.Y. 2019-20. Further, there would be no change i
Read MoreArticle - Buyback Tax Extended to Listed Companies
Buyback Tax Extended to Listed Companies : Tax on income distributed to shareholder in case of listed companies Section 115QA of the Act provides for the levy of additional Income-tax at the rate of twenty per cent. of the distributed income on account of buy-back of unlisted shares by the company.
Read MoreArticle - Tax Incentives to International Financial Services Centre (IFSC)
Tax Incentives to International Financial Services Centre (IFSC) In order to promote the development of world class financial infrastructure in India, some tax concessions have already been provided in respect of business carried on from an IFSC. To further promote such development and bring these I
Read MoreArticle - Download Memorandum To Budget 2019-20
Download Memorandum To Budget 2019-20 FINANCE (No.2) BILL, 2019 PROVISIONS RELATING TO DIRECT TAXES & RELATED LAWS Introduction The provisions of Finance (No. 2) Bill, 2019 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as the Act), to continue to provide
Read MoreArticle - Whats your take (as an investor) on Deloitte and KPMG Fraud
Whats your take (as an investor) on Deloitte and KPMG Fraud Lets say you are an investor who wants to invest in a company A Ltd, you look at the financials of the company and you see that it has tremendous profits over the last few years. So you invest your hard earned money in […]
Read MoreArticle - Why should one differentiate between employees, contractors and consultants
Why should one differentiate between employees, contractors and consultants Differentiating between an employee, a contractor and a consultant may not be decisive for companies or start-ups, because all of them supply services (or goods in some cases). The Income Tax Act however recognises them sepa
Read MoreArticle - Corporate Compliance Calendar For the month of July, 2019
Corporate Compliance Calendar For the month of July, 2019 About Article : This article contains various Compliance requirements under Statutory Laws. Compliance means adhering to rules and regulations. Compliance Requirement Under 1. Income Tax Act, 1961 2. Goods & Services Tax Act, 2017 (GST) 3
Read MoreArticle - ICAI President’s Message – July 2019 – (29-06-2019)
ICAI President’s Message – July 2019 – (29-06-2019) My dear Professional Colleagues, Let me wish a very happy Chartered Accountants Day to all of you! Being the worlds second largest accountancy body today, we are all ready to celebrate our Platinum Jubilee CA Day completing the 70
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