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RELAXATION OF VALIDATION (SECTION 119 OF THE FINANCE ACT, 2012) RULES, 2021 NOTIFIED Department of Revenue, Ministry of Finance, Central Board of Direct Taxes, notified Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021 vide Notification No. 120/2021 Dated: 13th October, 2021.Form…
Who should file Income Tax Return and what are the advantages of filing an Income Tax Return?Any person as described under to section 2(31) of Income tax act are required to file Income tax return if their total net income falls under the taxable category.…
Incomes which does not fall under any of the other head will fall under the head of ‘Income from Other Sources’. INTEREST INCOMEInterest which are accumulates under the Saving Bank shall be mention under the head of ‘Income from Other Sources’ in tax return. Important…
The GST Policy Wing, Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance, Government of India, vide Circular No. 162/18/2021-GST and F. No. CBIC-20001/8/2021-GST dated 25.09.2021, issued Clarification on the issues in respect of refund of tax wrongfully paid as specified…
Income from salary is the remuneration which is received by an individual who is rendering services under any contract which is taken by him. The contract should be under employment. The amount received by an individual shall be considered as income from salary only if…
Arjun (Fictional Character): Krishna, nowadays more and more people are making investments in mutual funds through SIPs? Krishna(Fictional Character): Arjuna, SIPs i.e., Systematic investment plans are a convenient method of investing in mutual funds in which the investor can invest small amounts periodically. Investors can…
Who is eligible to use this Return Form?This Return Form can be used by a company as per section 2(17) of the Income Tax Act, This form is filed by a company other than a company which is required to file return in Form ITR‐7.…
Subscribe to receive regular Reminders of all these obligations7 – OctoberTDS / TCS Payment – Payment of TCS Collected or TDS deducted/deductible from the payments made, during the month of September10 – OctoberGST Payment & TCS Return GSTR-8 – For SeptemberEvery e-commerce operator required to…
■ The assessee trust filed its return of income in assessment year 2011-12 on 30-9-2011 declaring Nil income after claiming refund of tax deducted at source on the arrears of rent received during the year. It claimed that its income is exempt under section 10.…
Monthly Review of Accounts of Union Government of India upto the month of August 2021 for Financial Year 2021-22 The Monthly Account of the Union Government of India upto the month of August, 2021 has been consolidated and reports published. The highlights are given below:…