Introduction: “The best way to predict the future is to invent it”. The materializing of self-driven cars, cloud computing, and artificial intelligence have proven that innovation is not bound by any limits and has no goals to rest. Driven by human imagination, innovation has touched our lives in an unprecedented manner. One such revolution in the… Continue reading DRONE FINALLY TAKES OFF
Category: Income Tax
Union Budget – Amendments missed by WhatsApp forwards
Firstly, let’s discuss the difference between an Interim Budget and the Union Budget since confusion may arise because of the budgets held twice this year. Interim Budget is the one which is held once in 5 years and Final Budget is the one which is held every year. Interim Budget is only applicable in the… Continue reading Union Budget – Amendments missed by WhatsApp forwards
Lower Deduction Certificate u/s 197 – Reduce your TDS Burden
Introduction Income tax provisions of several countries provide for withholding of tax on certain specified payments. Similarly, Indian income tax law also provides for deduction of tax at source (TDS) / collection of tax source (TCS). Person responsible for making the payment is entrusted with the responsibility of deducting the tax at specified rates either… Continue reading Lower Deduction Certificate u/s 197 – Reduce your TDS Burden
Government’s ‘Angel’ move – Angel Tax on Startups eased
The Department for Promotion of Industry and Internal Trade (DPIIT) issued a notification on February 19, 2019 giving a major tax relief to the start-ups which have received funding from Angel investors and has, thus, become an angel for the Indian start-up ecosystem. Here is a detailed analysis on the issue of Angel Tax: A)… Continue reading Government’s ‘Angel’ move – Angel Tax on Startups eased
Prosecution Notice under TDS
Background In past couple of months, it was reported that the Government of India (GoI) is likely to miss fiscal deficit targets due to revenue shortfall from taxes. The direct tax collection for F.Y. 2018-19 was projected at 11.5 Lakhs, which is likely to be missed. Against this backdrop, the income tax officers have been… Continue reading Prosecution Notice under TDS
Decoding Rebate u/s 87A post interim budget for the F.Y. 2019-20
In the interim budget of F.Y. 2019-20, it is proposed to increase maximum amount of rebate from Rs. 2,500/- to Rs.12,500/- to resident individuals having net total income upto Rs. 5 lac. Effectively, a resident individual having net total income of Rs. 5,00,000/- shall not be liable for any tax. Following example will help you understand… Continue reading Decoding Rebate u/s 87A post interim budget for the F.Y. 2019-20
Two amendments to Income Tax that will hit hard to Builders & Developers
While Real Estate sector all over country is facing stagnancy and even downward trend due to multiple factors such as high rates of GST, compliance under RERA, absence of financial credit, etc., two amendments made to Income Tax Act through Finance Act, 2017 and Finance Act, 2018 will act as further blow to industry. Most… Continue reading Two amendments to Income Tax that will hit hard to Builders & Developers