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The Income Tax Department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates on cash withdrawals above Rs 20 lakh in case of a non-filer and above Rs 1 crore in case of a filer of the income tax return…

RBI ANNOUNCEMENTS AND ITS IMPACT ON BORROWER, DEPOSITIRS AND BUSINESSS STAKEHOLDERS 5 things to know:The Monetary Policy Committee ( MPC) of the Reserve Bank of India (RBI) in an off-cycle meeting decided to cut the repo rate by 40 basis points (bps) to 4 per cent while the reverse repo rate…

With requirement of digital signature delaying monthly GST return filings and tax payment, the government has allowed businesses to verify the return through EVC till June 30. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said any registered person during the period from the April 21,…

To Provide Speedy dispute resolution for investors, the Central Board of Direct Taxes (CBDT) has modified the norms for Mutual Agreement Procedures (MAP) by prescribing two years as the average time-frame for resolving cases. What is MAP?MAP is aimed at bringing in certainty via an alternative dispute resolution mechanism. It…

1.Introdcution: Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, exemption under section 11. The term religious purpose is not defined under the Income-Tax Act. However, Section 2(15) of the Act defines “charitable purpose” to…

S.no Forms  Allicability and Purpose Due Date Remarks Penalty and Late Fees 1 E-form – INC-22A (Active Company Tagging Identities and Verification) Every company incorporated on or before 31st of  December, 2017 for filing particulars of the company and registered office with MCA On or before 25th April, 2019 (Notification…