Recently the government announced a reduced rate of tax @22% (plus applicable surcharge and cess), for all corporations and firms provided they will not avail any exemption/Concessions/Tax Holidays as enjoying presently. As it is an option to the corporations and not mandate, taxpayers can continue with the existing rate of tax with availment of existing tax incentives as earlier.
Cash has always been a facilitator of black money since transactions made in cash do not leave any audit trail. It is easy to hide the identity of the payer and receiver of cash making it difficult to trace the transaction and realise tax or other revenue legitimately due to the government.
The Central Board of Income taxes, vide Circular No. 29/2019 dated 2nd October 2019 have issued clarification on the usability of the Minimum Alternate Taxes (MAT), subsequent to the issue of the Taxation Laws (Amendment) Ordinance, 2019.
01 October 2019 at 10:40
Dandiya between corporates taxpayers, enjoy it
In light of extension of last date for filing Tax Audit Report and Income Tax Return till October 31, 2019, it becomes pertinent to have a brief look on law and provisions related to Tax Audit under Income Tax compliance.
As a bold step to revive the current Indian economy, the Finance Minister announced various amendments in the form of reduced tax rate and incentives in the Income tax act.
An ordinance has been passed to reduce the corporate tax rate to 22% + surcharge and cess to provide relief to business entities. Businesses have welcomed this slashing of tax rates as a promising step by the Govt. in helping the economy.
TOP 17 ISSUES TO CONSIDER WHILE PREPARING INCOME TAX RETURN FOR BUSINESSES. Here's a checklist of all the important points that an auditor must cover in order to ensure successful filing of the tax return for businesses.
Do you think Tax Audit threshold limit U/s 44AB for Professionals should be increased from 50 lakh? - My point of view.
There are several amendments made in all the ITR Forms for A.Y. 2019-20 onwards.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
