Filing of Updated Return under the Income Tax Act, 1961
The Finance Act, 2022 has inserted w.e.f. 1-04-2022, the provisions of filing an “Updated Return” in section 139(8A) of the Income Tax Act, 1961. This new provision allows a person…
Maintenance of Statutory Registers and Minutes under Companies Act 2013
INTRODUCTION Maintenance of statutory registers and records is essential for an organization to function efficiently and is mandatory for every company registered in India. Every company is required to keep…
Tax Collected at Source (TCS) Applicability on Sale Of Goods Applicable from 1st OCTOBER, 2020
The Finance Act, 2020 has extended the scope of Tax Collected At Source (TCS) on sale of Goods by specified sellers vide section 206C (1H) of the Income Tax Act,…
Transparent Taxation 2020: Faceless Assessment, Appeals and Taxpayers’ Charter
The Hon’ble Prime Minister of India launched the ‘Transparent Taxation – Honoring the Honest’ platform on 13th August, 2020 with the aim to reform and restructure the existing tax assessment…
High Value Transactions Tracked by Income Tax Department
Introduction The Income Tax Department (ITD) is always looking to track down high value transactions entered into by the assessees to determine any possible tax evasion. Assessees often attempt to…
Income Tax and GST: Further Extension of Due Dates 30th June 2020 onwards
The Government has further extended the due dates under Income tax and GST and other related Acts from 30th June 2020 onwards. Time limit extension in Income-tax Act and other…
New Form 26AS – Annual Information Statement from 1st June 2020
Form 26AS, also known as Annual Tax Statement under section 203AA, mainly provides details of tax deducted at source (TDS), tax collected at source (TCS), details of tax paid during…
Direct Tax Vivad Se Vishwas Scheme 2020: All you need to know
Direct Tax Vivad Se Vishwas Scheme 2020 was introduced in the parliament on 5th February, 2020 and after a number of clarifications and modifications, The Direct Tax Vivad Se Vishwas…
COVID-19: Compliance Relief Measures under Income Tax, GST and Company Law
The global COVID-19 pandemic has brought the world to a standstill with major economies in complete lockdown. Businesses in India are closed since the 24th March 2020 owing to the…
Income Tax Rules of Non-Residents Indians Individuals
Income earned by Non-residents become taxable in India if such income is earned or accrued in India. This requires certain non-residents to comply with the tax laws of India by…