The annual interest computed on employee contribution in excess of Rs. 2.50/5.00 lacs is taxable only at the time when the accumulated balance is paid to the employee.
Once the return of September 2021 is filed, no changes or rectifications can be made further. Thus, taxpayers must reconcile their books and returns & make the final adjustments.
The income chargeable under “Capital gains” shall be computed by deducting the amounts discussed in this article from the full value of the consideration received or accruing as a result of the transfer of the capital asset.
KYC is a mandatory process by which bank/s, FI/s obtain information about the identity and address of the customers to establish the legitimacy of a customer.
Interest portion on PF contributions exceeding 2.5L is taxable under the head "Income from Other Sources". Taxable Contributions = ((Contributions in excess of 2.5L/5L*)+(Interest accrued thereon)-( Withdrawals)).
The Goods and Services Tax Council has set up a four-tier tax structure. The rates are 5%, 12%, 18%, and 28%, which means that the total tax burden on the product is likely to be around 18%.
Beneish Model is a statistical model created by Professor Messod D. It is a model that studies the trend of the organisation through various ratios. This model is based on eight financial ratios.
There were a lot of practical difficulties which were faced by individuals and professionals. However, CBDT has published two notifications that give clarity regarding the meaning of a specified bank and form of declaration.
A person who is a specified professional cannot opt for Section 44AD of the Income Tax Act, but there is no bar for such persons to opt for Section 44ADA on their professional income.
Discussing GST legislative amendments, CBIC Notifications, Circulars, Judicial Developments - SC, HC & Tribunal rulings, Important Advance Rulings under GST, Key pre-GST rulings and other major updates.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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