As per Section 139AA of the Income Tax Act, every person who has PAN as on July 1, 2017, is required to link their PAN with their Aadhaar number within the due date notified by the government.
This allowance is provided by the employer to cover the travel expenses of the employee when he is gone for a holiday trip. Leave Travel Concession is another name of LTA.
Preference shares are those shares which has priority over the equity shares in payment of dividend. These shares not only have a preferential right to receive dividends but also repayment of capital on winding up.
Export incentives are certain benefits exporters receive from the government as acknowledgement for bringing in foreign exchange and as compensation for the costs they incur.
With a view to making the disclosure more accurate and efficient, the NSE, in consultation with SEBI, has introduced a facility for filing RPTs in XBRL mode under regulation 23(9) of LODR Regulations, 2015.
It is the minimum rate u/s 44AD that has to be considered and higher income option is open for the taxpayers which has to be used if taxpayers have higher income.
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.
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