Period of holding starts from the day when the asset is acquired by the assessee and ends on the day when it is sold/disposed off/transferred otherwise.
Schedule AL is a statement of disclosure of assets and liabilities which the taxpayer shall disclose in the Income Tax Return (ITR). This was introduced from AY 2016-17.
The New Income Tax Portal has now enabled the Registration as Legal Heir, which will ensure easy filing of Income Tax Return (ITR) of a deceased person.
The Bill proposes to provide that no tax demand shall be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28.05.2012.
Maintenance of books of accounts is one of the most important tasks for any business or profession. Discussing the provisions u/s 44AA of the Income Tax Act, 1961 related to maintenance of accounts.
Discussing the top 5 cash transactions that can attract IT notice with regard to savings/current account, credit card bill payment, bank FD, mutual fund/stock market/bond/debenture and real estate.
Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during the FY. This section will apply to all sums of money or an aggregate of sums withdrawn from a particular payer in the FY.
Any loss of a business incurred during the year in which it ceased to exist and which could not be set off against any other income of that previous year shall be set off against deemed incomes.
Any person, being an e-commerce operator facilitating the sale of goods or services of an e-commerce participant through its digital or electronic facility or platform is responsible to deduct TDS u/s 194O.
In case any capital expenditure is incurred for acquiring a license to operate telecommunication services and payment has been made, a deduction of an amount equal to the appropriate fraction shall be allowed.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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