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The 37 Council meeting chaired by Union Finance Minister Nirmala Sitharaman on 20 September concluded with various amendments in tax laws including tailoring of corporate tax rates from 30% to 22%. The reform is the breeze of relief for India in this stressed economy. Depressed GDP (current 5% from 8% a year ago), on the […]
With the approaching due date for Income Tax Audit Report filing, taxpayers and their hired professionals are excessively occupied with the task of completing the Income Tax Reports. While some are busy bundling the documents others are struggling to accurately file the compliance. Tax Audit Reports are submitted by taxpayers whose annual turnover is more […]
The current situation is a catastrophe for the income tax governance as the revenue collection target for 2019-20 is seeming beyond the reach. The first half of the financial year (April to mid-September) has ended with lower than expected growth in revenue collection, giving the signs of a severe economic slowdown. The advance tax collection […]
A company is referred to as a Section 8 Company when registered as a Non-Profit Organization (NPO) i.e. when it has the motive of promoting arts, commerce, education, charity, protection of the environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives. The […]
What is AOC 4 Form in MCA? Financial statements are the source on the basis of which the Board of Directors and shareholders can evaluate the performance of a company. MCA form AOC 4 is for filing the company’s financial statement for every financial year with the Registrar of Companies. The company is responsible for […]
Recently the government announced that the indirect tax dispute resolution scheme which was discussed in the budget session will be coming from 1st September and will be live till 31st December. As per the statement released, “Government expects the scheme to be availed by a large number of taxpayers for closing their pending disputes relating […]
Jammu and Kashmir may now come under the premises of equalization levy. With the abolishment of Article 370 in the Parliament, e-commerce companies advertising on global social media, which were earlier immune from Google taxes on their operations in Jammu & Kashmir, will now have to furnish tax up at 6 per cent. As per […]
Government is pressing pedals to curb tax evasion by widening the taxpayer base and by augmenting the class of people for compulsory filing of ITR.According to the official data, the total number of income tax returns (ITRs) filed in 2017-18 is 6.86 crore which registers an elevation of 23 per cent over the last year. […]
The ITR-6 Form for Income Tax Return filing with the IT department of India is meant for only those companies that are not claiming exemption u/s 11 (Income from property held for charitable or religious purposes) New Update in Form ITR 6 Get Demo of Gen IT Software for ITR 6 Form Who Can File […]
