Auditing means checking the correctness and genuineness of your accounts and verifying whether accounting principles and standards have been properly followed in conduct of your business and preparation of accounts. […]
Income Tax
Changes made in Form 3CD – Income Tax Audit (Statement of Particulars required to be furnished under section 44AB)
As you may be kindly aware that the due date for filing the tax audit report in Form No 3CA/3CB/3CD is 30th September, 2017 for AY 2017-18. In this regard, we […]
NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION ( V )
NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION (V) As per Notification no. 62/2022, dated 14-06-2022 following table should be used for the Cost Inflation Index :- Sl. No. Financial […]
Rates for tax deduction at source *
Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident in India- Section 192: Payment of […]
Sec 271(1)(c) cannot be levied on the basis of a mere surrender by the assessee if no incriminating material has been found during search
Ajay Traders vs. DCIT (ITAT Jaipur) Penalty under Explanation 5A to s. 271(1)(c) cannot be levied on the basis of a mere surrender by the assessee if no incriminating material […]
Tax Rates
Income Tax Slab / Tax Rates for Assessees Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or […]
DEDUCTIONS *
For Assessment Year (AY) 2021-2022 Financial Year (FY) 2020-2021 Section Nature of deduction Who can claim (1) (2) (3) Against ‘salaries’ 16(ia) Standard Deduction [Rs. 50,000 or the […]
Rates of depreciation
Block of assets Depreciation allowance as percentage of written down value AYs 2003-04 to 2005-06 AY 2006-07 to AY 2017-18 AY 2018-19 onwards 1 […]
Further extension to various timelines under the direct tax laws in India
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of novel Coronavirus (COVID-19), the Government of India […]
Time Limit for filing FY 18-19 ITR extended
CBDT Press Release 24.06.2020 Time Limit for filing FY 18-19 ITR extended to 31st July, 2020 earlier was 30th June, 2020 Time Limit for investments under Chapter VIA-B extended to […]