Interchangeability of PAN and Aadhaar Existing sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who has not been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It [Read More]
FAQ on declaration of dividend by companies Q: Is it mandatory for a company to declare dividend? A: No, it is not mandatory for a company to declare dividend. Q: In case a company declares dividend, what shall be the [Read More]
Due date of Filing of Income Tax Return for Asst. Year 2019-20 has been extended from 31 July 2019 to 31 August 2019 in respect of certain categories of tax payers who were liable to file their returns by 31st [Read More]
Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals Proposals under Finance Bills 2019: Clause 46. After section 194LD of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of [Read More]
Budget 2019 Highlights Vision for the decade Vision statement: Building physical and social infrastructure; Digital India reaching every sector of the economy; Pollution free India with green Mother Earth and Blue Skies; Make in India with particular emphasis on MSMEs, [Read More]
Amendments proposed in budget 2019 The major amendments proposed in budget 2019 with impact on future assessments are listed below: Issue Before Budget 2019 After Budget 2019 Impact Analysis TDS by certain individuals or HUF for payment made to contractor [Read More]
Income tax Incentives in Budget 2019 As you all are aware that budget for financial year 2019-20 is presented is presented in lok sabha on 5th July 2019 with the words “Mr. Speaker Sir, I rise to present the budget [Read More]
Sale for Audit under GST Q 1. What is the turnover that should be reckoned to determine the applicability of audit under GST? Ans. Section 35(5) commences with the expression “every registered person whose turnover during a financial year exceeds [Read More]
Due dates for the Month of July 2019 7th Income Tax – TDS Payment for June 10th GST – Return for authorities deducting tax at source – GSTR 7 for June – Details of supplies effected through e-commerce operator and [Read More]
Supply under GST in light of latest amendment Introduction: Goods and service tax as defined under Article 366(12A) of constitution is any tax on supply of goods or services or both except taxes on the supply of the alcoholic liquor [Read More]