1. Any person, being an individual or a Hindu Undivided Family, responsible for paying any sum to a resident, for carrying out any work under any contract or by way of fees for professional services rendered during the financial year.…
1. Section 2(13A) – Definition of Business Trust: Business Trust means a trust registered as, i) An Infrastructure Investment Trust under the SEBI regulations, 2014; or ii) A Real Estate Investment Trust under the SEBI regulations, 2014, and the units…
1. Non-Resident Indian means an individual being a citizen of India or a person of Indian origin who is not a resident. 2. Foreign Exchange Asset means any specified asset which the assesse has acquired or purchased with or subscribed…
1. Section 2(42C): Definition of Slump Sale: Transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. 2. Section 50B:…
1.Eligible assesse – All assesse engaged in the business of growing and manufacturing tea, coffee or rubber in India. 2.Quantum of deduction – Lower of the following a. Amount deposited in NABARD or deposit account b. 40% of PGBP of such business…
1. Eligible assessee – Any assesse i.e. Company or non – corporates 2. Quantum of deduction – Deduction @ 15% of the actual cost of the new asset installed. 3. Condition of setting up new undertaking – Assessee should set up an undertaking…
Income Tax The new Direct Tax regime proposed by our finance minister Smt. Nirmal Sitaraman is an optional scheme. However, a few taxpayers may not be able to switch back to the existing tax slab once they opt to follow…
Every business organization is engaged in finalizing books of accounts and preparation of Balance Sheet for each financial year. It becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet.…
The new Direct Tax regime proposed in Budget 2020 is an option to continue existing or choosing the new tax regime. There may be confusion as to which regime is more beneficial than other. Under the old tax regime, the…
The Finance Bill, 2020 has brought a major amendment to section 44AB of the income tax act. After insertion of such changes, Tax Audit limit has been increased from Rs 1 crore to 5 crores provided the taxpayer has Cash receipts which…
