Government eases process for startups to seek tax exemption on angel fund investments – The Economic Times The government has eased the procedure for startups to seek income tax exemption on investments from angel funds as part of efforts to address concerns of budding entrepreneurs, official sources said. Various startup founders have recently claimed of …
Government had selected Major IT Company Infoysys to implement next gen- Income tax filing system which will reduce IT Return processing time to 1 day from current average time of average 63days. The project is to be completed in 18 months. The government has sanctioned approx ₹4200 cr budget for the project. Thank you CA …
Section 56(2)(viib) update- start up recognised by DIPP to be eligible for exemption from the section provided: Agreegate amount of paid up share capital including premium does not exceed Rs 10 crores Investor has minimum returned income of Rs 50 Lakh or more in previous FY (preceding investment) Net worth of such investor exceeds Rs …
The Income Tax Appellate Tribunal (ITAT) Mumbai bench has held that no tax relief under section 54 can be granted to the assessee for the sale of an old property if the new property was purchased in the name of his wife and daughter. The assessee sold his old residential property and purchased a new …
No Tax Relief for Sale of Old House If New One purchased in Wife & Daughters’ Name: ITAT Read More »
Throwbacks from 32nd GST Council Meetings: 1.The GST registration threshold limit doubled. It has increased to Rs 40 Lakhs from the existing limit of Rs 20 Lakhs. 2. Kerla allowed to impose 1% cess for 2 years,for Kerla flood relief 3. Composition taxpayer allowed to pay GST quarterly and file returns annually. 4.Composition scheme introduced …
GST (Amendment) Act, 2018 The President has given its assent to the The Central Goods and Services Tax (Amendment) Act 2018 , The Integrated Goods and Services Tax (Amendment) Act 2018. , The Union Territory Goods and Services Tax (Amendment) Act 2018. , The Goods and Services Tax (Compensation to States) Amendment Act 2018. on …
GST (Amendment) Act, 2018 – Changes in CGST Act 2017 w.e.f 01.02.2019 Read More »
Auditors Not To Put Value To Companies They Are Auditing –The Economic Times An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups. The Bangalore Income Tax Appellate Tribunal (ITAT) …
Auditors Not To Put Value To Companies They Are Auditing –The Economic Times Read More »
Govt Notifies New Annual Gst Return Forms; To Be Filed By June 30 – Business Standard GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is for composition taxpayers, while GSTR-9C is a reconciliation statement. The government has notified new annual GST return forms, which are required to be filed by businesses registered under …
Govt Notifies New Annual Gst Return Forms; To Be Filed By June 30 – Business Standard Read More »
Avoid cap on remuneration of independent directors: CII to govt – The Economic Times Industry chamber CII has urged the government not to cap remunerations of independent directors under the amendments to the Companies Act, 2013. It appears from the ‘Report of the Committee to review offences under the Companies Act, 2013′ that the intent …
Avoid cap on remuneration of independent directors: CII to govt – The Economic Times Read More »
