Top finance officials representing most of the world’s economy have backed a sweeping revision of international taxation that includes a 15% global minimum corporate levy to deter big companies from resorting to low-rate tax havens. Finance ministers from the Group of 20 countries endorsed the plan at a meeting Saturday in Venice. U.S. Treasury Secretary …
G-20 FINANCE MINISTERS BACK REFORMS TO STOP USE OF TAX HAVENS Read More »
Seth Carbon and Alloys Private Limited Vs DCIT (ITAT Mumbai) We find that assessee by furnishing all the aforesaid documents had duly explained the nature and source of credit in the form of share capital and share premium received from the aforesaid two shareholders. From the balance sheet of the shareholders, it could be seen …
SECTION 68 ADDITION FOR SHARE CAPITAL & PREMIUM WITHOUT ANY VERIFICATION NOT SUSTAINABLE Read More »
1) TDS Q4 Filing Date – Extended to 15th July, 2021 2) Form 16 date – Extended to 31st July, 2021 3) Application for 10A, 10B, 10(23C),12AB and 80G – Extended to 31st August, 2021 4) Compliances u/s 54 to 54GB for Capital Gains – Extended to 30th September, 2021 5) 15G/15H Declaration Submissions – …
CBDT Extension of due dates under Income Tax Act Read More »
🌴 Steps to check the ITR filing status for the purpose of Section 206AB and 206CCA 🍉 Step: 1 Go to Reporting Portal at URL https://report.insight.gov.in. 🍓 Step: 2 On the left sidebar of the Reporting Portal homepage, click on Register button. 🥭 Step: 3 User is redirected to the e-filing login page. Or 🍍 …
Income Tax Department | Reporting Portal | Project Insight report.insight.gov.in Read More »
🥭 As per circular no 11 issued today I.e. 21-6-21, the deductor can verify from income tax portal about its vendor’s status of filing tax return in preceding 2 years. 🌴 Further it has been clarified that preceding 2 previous years for FY 2021-22 shall mean 👉 FY 2018-19 and 👉 FY 2019-20. 🍓 The …
🌴 1) The new IT Portal gets information / data / linkages from various other authorities such as BANKS, CIBIL, CAMS, TRACES, CDSL, IRDA, GSTN, STOCK EXCHANGES.. 👉 It is possible that the data obtained from above will be soon appearing in Form 26AS ⛲ 2) It is likely that for faster refunds there would …
In order to address the problem of Base Erosion and Profit Shifting (BEPS), the Organisation for Economic Co-operation and Development (OECD) framed various Action Plans. BEPS Action Plan 1 suggested measures to addresses the challenges posed by the Digital Economy. Taking a cue from this Action Plan, India has been a front runner in implementing …
DIRECT TAX ALERT – THRESHOLDS FOR SIGNIFICANT ECONOMIC PRESENCE IN INDIA NOTIFIED Read More »
The Central Board of Direct Taxes has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 vide Notification no.21/2021 in G.S.R. 242(E) dated 31.03.2021. Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change have been made to the ITR Forms in comparison to …
CBDT notifies New Income Tax Return Forms for AY 2021-22 Read More »
The Central Board of Direct Taxes (CBDT) has notified a new set of rules under which assessees will have to submit an electronic form for determining the taxable portion of any amount – other than salary – paid to an non-resident Indian or a foreign company in cases where assessee believes that the entire amount …
CBDT NOTIFIES RULES FOR TAX DEDUCTION ON NON-SALARY PAYMENTS TO NRIS Read More »
🚨 A GST taxpayer is required to keep the following in mind at the beginning of the FY 2021-22. 👉 1. The functionality to opt for composition scheme has been made available for FY 2021-22 in the dashboard of taxpayers at GST Common Portal. The eligible taxpayers, who wish to avail the composition scheme from …
🌺 8 Important things to do before the new Financial Year begins (F.Y. 2021-22) Read More »
