Relief From Angel Tax to Startup Companies

Analysis of Notification by DPIIT to revise exemptions for start-ups under Section 56(2)(viib) of the Income Tax Act, 1961 Taxation of start-ups on account of issue  of shares at a premium above the fair market value under Section 56(2)(viib) of the Income-tax [...]

GST Audit

MeaningExamination of records, returns  and other documents maintained or furnished by registered person under this Act or rules made there under any law  for the time being in force  to verify the Correctness of turnover declared, taxes paid, refund Claime[...]

Intimation under 143 (1) of Income Tax Act

INTIMATION u/s 143(1) OF INCOME TAX ACT Understanding 143 (1) Intimation Intimation under section 143(1) is sent to a taxpayer only in case any tax or interest is found payable or refundable or there is any increase / reduction in loss declared as pe[...]

Mismatch in GSTRs Assessee will be Liable for Penalty Us 125

PENALTY ON NON-DISCLOSURE/UNDER DISCLOSURE OF INTERSTATE SUPPLY TO UNREGISTERED DEALERS IN GST RETURNS As per CBIC circular 89/08/2019-GST dated 18-02-2019, Penalty will be levied if there is mismatch in the details of the Inter-state supply to unregistered person, in GSTR 3[...]

Setting off Inputs GST of Different Heads

INPUT CROSS UTILIZATION IN GST As we all know that IGST Input can be utilized against IGST output, then against CGST after setting off CGST input and SGST after setting off SGST input accordingly. But the same has changed consequent to the insertion of Sections 49A and 49B [...]

What is Income Tax Clearance Certificate?

There are a few transactions where obtaining an Income-Tax Clearance Certificate is currently required under the Income-Tax Act. Earlier, many transactions required obtaining an Income-Tax Clearance Certificate. For instance, while filing a tender for government works, regis[...]

Check Top Tricks to Save Money

All of us are well aware of the fact that evading or avoiding taxes is a crime, and it can invite serious consequences. All of us are well aware of the fact that evading or avoiding taxes is a crime, and it can invite serious consequences. However, the first-time taxpayers w[...]

How to Link Aadhaar Number with PAN Card?

Income Tax return filing season is on. You are required to link your Aadhaar number with the PAN card. Users have the flexibility to do it both online and offline. Have you been nudged with a pop-up message from the Income Tax department, asking if you have linked Aadhaar wi[...]

All Education Loans Do Not Get Income Tax Benefits

While education loans from all banks can provide you the section 80E benefit, loans from NBFCs may or may not. As the cost of higher learning has risen, demand for education loans has gone up. According to a study by Crif High Mark, one of the four credit bureaus in India, [...]

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