The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, Income-tax Act has provisions for payment of taxes in advance during the year of earning itself or before completion of the previous year.
List of ITRs & Forms for e-Filing with Description
It is a declaration form to be filled up by individuals less than 60 years of age and HUFs stating their income is less than the Exemption limit to ensure that no TDS is deducted from their interest income in a year.
Thin capitalisation refers to the situation in which the portion of the debt is heavier than the equity. They are sometimes referred to as highly leveraged or highly geared companies.
This facility is for allotment of Instant PAN (on a near-real-time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, which is free of cost.
Any benefit or perquisite arising from exercise of business or profession shall be taxed under the head “Profits and Gains from Business or Profession”(PGBP).
The Finance Act, 2020, amended section194N with an intention of curb black money and to track people having huge cash withdrawal from bank and who haven't filed their return of income as per the requirement under income tax act.
31 August 2020 at 17:29
PM's "Transparent Taxation- Honouring the Honest" program has introduced us with the Faceless Assessment Scheme. How would be the functioning of such a Faceless Assessment Scheme?
IEC Code contains a 10 digit number issued by the DGFT, Department of Commerce and Government of India. IEC Code is the same as the PAN of the firm.
Equalisation Levy was introduced in India in 2016 via Chapter VIII of the Finance Act 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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