Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory for individuals to quote their Aadhaar number for various purposes related to income tax. The primary objectives of this section are to: Enhance taxpayer compliance and curb tax evasion by linking Aadhaar with PAN (Permanent […]
Quoting of Aadhaar Number [Section 139AA] Read More »
1. Unexplained Cash Credits [Section 68] Where any sum is found credited in the books of an assessee, maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited
Unexplained Cash Credits, Investments, Money, Etc. [ Section 68 TO 69D] Read More »
1. Firm to be Assessed as Firm Essential conditions prescribed under section 184 of the Income-tax Act, 1961: (i) Partnership should be evidenced by an instrument i.e. there should be a written document giving the terms of partnership. (ii) The individual share of the partners should be specified in that instrument. (iii)
Features of Assessment of a Firm including Limited Liability Partnership (LLP) Read More »
When it comes to dealing with various processes and procedures, understanding the time limits, forms, and fees involved is crucial. Whether you’re applying for a visa, filing a legal case, or submitting an application, having a clear understanding of these factors can save you time, money, and unnecessary stress. 1. Appeal to Commissioner (Appeals) Time
Time Limit, Form, Fees & Timelines for Filing an Appeal Read More »
Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit audit reports to the tax authorities. These prescribed audit reports play a crucial role in ensuring transparency and accuracy in the tax assessment process. Relevant Rule of IT Rules Relevant Section of IT Act Prescribed Audit Report Relevant
Prescribed Audit Reports under the Income Tax Rules/ Act. Read More »
As per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions: The useful life to compute depreciation of the asset has been taken as per Part C of Schedule II The residual value of an asset has been taken as 5% of the original cost of the asset Nature
Rates of Depreciation under Companies Act, 2013 [Depreciation Rate Chart] Read More »
Under the Explanation to section 288(2), an “accountant” means a chartered accountant within the meaning of the Chartered Accountants Act, 1949, and includes in relation to any State, any person who by virtue of the provisions of section 226(2) of the Companies Act is entitled to be appointed to act as an auditor of companies
Investment planning is an essential aspect of financial management, especially for middle-class families. With the new financial year, A.Y. 2022-23, just around the corner, it’s important to start thinking about how to make the most of your hard-earned money. In this blog post, we will discuss some effective investment strategies and options that are suitable
Investment Planning for Middle Class Family Read More »
The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation of income earned by individuals and businesses. It is important for every taxpayer to have a basic understanding of these laws to ensure compliance and avoid any legal issues. 1. Income Tax Law The Income Tax Law
Understanding Income Tax (Section 1 To 4) Read More »
An individual may either be a: (a) Resident in India; or (b) Deemed to be Resident In India [Section 6(1 A)]; or (c) Non-Resident in India. An individual cannot simply be called a resident/deemed to be resident in India. If he is a resident in India, we have to further determine whether he
Residential Status of an Individual [Section 6(1) & 6(1A)] Read More »
