Income Tax

What is income  tax audit and when it is required

What is income tax audit and when it is required

                                                                             What is Tax Audit & when it is required   Before understanding…

Relaxation in TDS Rates in FY 2020-21 in Covid-19 Tax Reform Package

Relaxation in TDS Rates in FY 2020-21 in Covid-19 Tax Reform Package

In my earlier post on TDS Compliances,  I have shared what TDS was all about. When it is required to deduct? What are its due dates? Now, in this post I would like to share the Section wise TDS rates and the threshold limit thereon for TDS deduction in FY 2020-21.…

What are the TDS Compliance procedures?

What are the TDS Compliance procedures?

What is TDS ? TDS stands for Tax deducted at source. The concept of TDS is with the aim to collect tax from the very source of income. As per the Income Tax Act, any person or company (Deductor) while making payment after the threshold limit defined is required to…

Type of ISO certification and applicability as per the Business Activity

Type of ISO certification and applicability as per the Business Activity

When you make a plan to apply for ISO certification this question might come in your mind which ISO standard is most relevant for your company’s activity. There are so many ISO standards therefore it creates confusion between ISO Standard Numbers. And for an Organization it is difficult to choose…

Which tax regime is benefit to opt for?

Which tax regime is benefit to opt for?

NEW TAX REGIME OR OLD ? In Budget 2020, our finance minister had announced a new tax regime. The finance minister has given the taxpayers to choice between the new regime and existing one. The choice is depending on the taxpayers, on what regime they would like to opt for.…

Cash transactions Limit in india under different act

Cash transactions Limit in india under different act

                                                                                              Limit on Cash transactions…

Are Gilt Funds the most secure bet after the Franklin episode?

Are Gilt Funds the most secure bet after the Franklin episode?

Are Gilt Funds the most secure bet after the Franklin episode? Gilt funds invest primarily in Government securities (G-secs) issued by the RBI on behalf of the Government. Since it invests in bonds that are of highest credit quality, capital protection is more or less guaranteed. With redemption pressures mounting…

Are current liquid fund returns make it worth your while

Are current liquid fund returns make it worth your while

Are current liquid fund returns make it worth your while? At the moment liquid funds are delivering an annualized return of 5.5%-6%. This is lower than the 6.5%-7% seen a year ago. However, it is in line with the downward trending interest rates in the economy. If you are feeling…

FCRA – Foreign Contribution Regulation Act and Eligibility to obtain FCRA

FCRA – Foreign Contribution Regulation Act and Eligibility to obtain FCRA

  The Foreign Contribution (Regulations) Act started with an objective to regulate the acceptance and utilisation of foreign contribution or foreign hospitality by certain individuals or associations and It prohibits the acceptance and utilisation of foreign contribution or foreign hospitality for the activities can be harmful to the national interest.…

When and Where to file the Income Tax Return ?

When and Where to file the Income Tax Return ?

  BRIEF OF INDIAN INCOME TAX SYSTEM Tax is a financial charge imposed on the taxpayer. Through this, the Government revenue is raised for the betterment of society and improving the economic situation of a country. Indian government generates major of its revenue from this tax system. Indian Taxation System…

Benefits of ISO Certification and How does it work

Benefits of ISO Certification and How does it work

To initiate any activity to add growth in a business the first question rises up in our mind how does it benefit to my business. To identity more opportunities for business growth and access a risk, ISO helps to allow a strategic tool for management. It is processed to review…

What is Consultancy?

What is Consultancy?

CONSULTANCY What is consultancy? Consultancy means offering an expert opinion in a particular field. Consultants and consultancy firms are the common terms used with regards to professionals who provide wide knowledge on a particular subject. There is an increasing demand for the consultant for Chartered Accountant firm owners. This is…

Startup India

Startup India

  Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower startups to grow through…

What is HUF,  How to form a HUF and Taxability of HUF Income.

What is HUF, How to form a HUF and Taxability of HUF Income.

  HUF means Hindu Undivided Family. A HUF automatically comes into existence when a person gets married and start his family It’s not necessary that this new family should also have kids. The day when a Boy or a Girl get married, they have formed a HUF. HUF is a…

Will i get a registration certificate for my Proprietorship concern

Will i get a registration certificate for my Proprietorship concern

Will I get a registration certificate for my Proprietorship concern Sole Proprietorship is the easiest form of business as there is no government registration needed in order to start a sole proprietorship business in India. As there is no specific law applicable on the sole proprietorship it’s easy to operate and compliance are…

What is PAN and why is PAN needed?

What is PAN and why is PAN needed?

What is PAN and why is PAN needed? PAN stand for Permanent Account No. PAN is a 10-digit alphanumeric identification number (AAAAA1234A) issued to all individuals, companies, non-resident Indians or anyone who pays taxes in India. It’s one of identity proof which can be use as identity. The PAN card will be…

Who can Incorporate a LLP?

Who can Incorporate a LLP?

What is LLP As per Section 3 of the Limited Liability Partnership Act (LLP Act), 2008, an LLP is a body corporate formed and incorporated under the Act and a legal entity separate from its partners. It will have perpetual succession. The rights and duties of the partners are covered in the…

Whether Form 15CA has to be submitted in all cases since the Bankers demand it invariably ?

Whether Form 15CA has to be submitted in all cases since the Bankers demand it invariably ?

FILING OF FORM 15CA & 15CB IN CASE OF REMITTANCE(S) TO THE NON-RESIDENTS Nowadays, trade is not limited to one own’s country only. But in this globalised economy, it is very easy to trade with different countries. And with the help of digital net banking, it is also very easy…

Equalisation Levy

Equalisation Levy

Equalisation Levy 1.Introduction Equalisation Levy was introduced in India in 2016, via, Chapter VIII OF THE FINANCE ACT 2016. This act is applicable to the whole India except J&K. The main reason for introducing this section to impose a tax on google who generate revenue of Rs. 4108 in 2014-15…

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