* Due dates for Income tax return deadlines extended. Here are the new dates. * In the wake of Covid-19, the Central Government has extended various Income tax related deadlines. Today, the Central government has decided to extend Income tax related deadlines further. The due date for filing ITR for F.Y. 2018-19 was 30th June … Read more Centre extended various Income Tax related deadlines for Individuals
The Law of Limitation in India comprises of the Limitation Act, 1963 and the a few other special laws. The combined effect of all these laws provides for the period after which a legal action cannot be brought to a judicial forum. This period is called the limitation period and any legal suit brought to … Read more Law of Limitation in India
The CBDT has notified the Income Tax Returns for the F.Y. 2019-2020 (A.Y. 2020-2021) on 29th May, 2020 which became effective from 30th May, 2020. Some of the new changes or disclosures asked in the new ITR forms are as follows: Joint House Ownership: Individual Taxpayers who are joint owners of house property cannot file … Read more New disclosures in ITR forms_F.Y. 2019-20 (A.Y. 2020-21)
a registered person, whose aggregate turnover in the preceding financial year did not exceed Rs. 1.5 Cr. (75 lacs for Special category State except for the state of Assam, Himachal Pradesh and Jammu & Kashmir,) may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may … Read more What is the eligibility Criteria for Composition Levy in GST? Know here.
All about new Form 26AS (Annual Statement) We all have seen Form 26AS where we check the details of the tax deducted by our employer or by our clients in various sections. Form 26AS shows all the tax deducted from our income or collected on our income. TDS deducted on interest income received on FDs … Read more All about new Form 26AS (Annual Statement)
Special Economic Zones are established for the promotion of exports and for matters connected therewith or incidental thereto. “Special Economic Zone” means each Special Economic Zone notified under the proviso to sub-section (4) of section 3 and sub-section (1) of section 4 of SEZ act 2005 (including Free Trade and Warehousing Zone) and includes an … Read more What is SEZ? How does it operate? Explained.
Corporate Social Responsibility is the way companies manage their businesses to produce an overall positive impact on society through economic, environmental, and social actions. Corporate social responsibility (CSR), also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/ businesses. Business depends for its survival on long term prosperity of the society. It is … Read more CORPORATE SOCIAL RESPONSIBILITY
FACTORS OF DIFFERENCE ARBITRATION CONCILIATION MEDIATION Flexibility No flexibility, had to act as per the procedure considered in law High flexibility with the parties Flexibility with the parties but not as much in conciliation Legal power The awards are to be considered in judiciary proceeding also, so it had legal power. Not to be considered … Read more What is the difference between Arbitration, Conciliation, and Mediation?
Conciliation is limited to encouraging the parties to discuss their differences and to help them their own proposed solution. It’s an amicable way of resolving disputes. It is voluntary, flexible, confidential, and interest-based process. The parties seek to reach an amicable dispute settlement with the assistance of the conciliator, who acts as a neutral third … Read more CONCILIATION
Arbitration, is a form of alternative dispute resolution (ADR), it is a way to resolve disputes outside the courts. The dispute will be decided by one or more persons (the “Arbitrators”, “Arbiters” or “Arbitral tribunal” [“arbitral tribunal” means a sole arbitrator or a panel of arbitrators]), which will render/deliver the “Arbitration award”, It can be … Read more ARBITRATION
Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. Most of these transactions are trading or business in nature. It does not affect the common man. 1. … Read more Tax Collected at Source (TCS) – Payment, Exemption, and Rates
A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. A PAN is a unique identifier issued to all judicial entities identifiable under the Indian Income … Read more What is PAN – Permanent Account Number? Know everything about PAN.