File Your Income Tax Returns
Simply put, Income Tax refers to the direct tax paid on income, to the government, within a given financial year (April-March). When the total income of a person from all sources of income exceeds the maximum amount permissible which is not...
Key facts about TDS return Filling Software for Companies
The fast growing global industry today is in the constant need of a software which can keep a track of the continuous changing laws and statutes which governs it. It is always beneficial to have a strong software working at the back office acting...
Why Income Tax Software Is Important For Tax Preparers?
Tax payer has the responsibility of preparing and filing his or her tax returns but the tax preparer has extended responsibilities. The tax preparers have the duty of preparing the tax and financial statements for the entire organization. This...
Impact of GST on FMCG sector in India
No doubt, GST has bought several non-tax payers into the Tax bracket. But, what about some genuine and necessary sectors which have been affected because of the GST? It has vitalized some FMCG companies, but what about the rest? More or less of the...
What is Place of Effective Management (PoEM) in India
The Indian Income Tax System places the incidence of tax based on the residential status of the assessee. If the assessee is Individual, it’s residential status is based on the number of days of his residence in India. However, in case of...
Taxation of Long term capital gain of listed securities for A.Y. 2019-20
The Finance Act,2018 withdrew the exemption provided under section 10(38) of the Income Tax Act,1961 and inserted section 112A to tax Long term capital gain arising from transfer of listed shares, units of equity oriented mutual fund and units of...
GST Annual Return Form GSTR-9
GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different...
Taxation of Dividends
1. Dividend is ordinarily used to refer to any distribution made by a company to its shareholders out of its profits in proportion to the number of shares held by the shareholder concerned in the company. 2. Section 115-O (1): Tax on...
Presumptive Taxation
A. Section 44AD: Special provision for computing profits and gains of business i) Applicable to - 1. Resident Individual, HUF and Firm (Excluding LLP) carrying on any business, and 2. whose total turnover or gross receipts in the previous...
Taxation of AOPs & BOIs
1. Introduction:- The income of an Association of Persons (AOP) and Body of Individuals (BOI) shall be computed normally applying the normal provisions of the Income tax Act.The business income of AOP/BOI shall be computed after allowing all...
Capital gain on Land & Building under Joint development Agreement
1. Introduction:- Under the existing provisions of section 45, capital gain is chargeable to tax in the year in which the transfer takes place except in certain cases.The definition of ‘transfer’, inter alia, includes any arrangement or transaction...
Taxation of Agricultural Income
1.Definition of agricultural Income: Any rent or revenue derived from agricultural landAny Income derived from such land by-i) agriculture, orii) processing of agricultural produce, oriii) sale by a cultivator or receiver of rent-in-kind of the...