Table of Contents:
o
Amendment made
by the Finance (No.2) Act, 2019 [W.e.f. 1.9.2019]
o
Income
Distribution Tax to be Grossed Up [Section 115R (2A)]
·
3.
[Section 10(35)]- Exemption of Income in the hands of Unit Holder:
o
Amendment made by the Finance Act,
2020
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·
Set Off or Carry
Forward and Set Off Of Losses under Income Tax Act Income-tax
is a composite tax on the total income of a person earned during a period of
one previous year. …
·
Assessment and
Audit under CGST Act, 2017 Word “Assessment” has been defined
in Section 2(11) of the CGST Act, 2017. As per Section 2(11), Assessment means
determination…
·
Input Tax Credit
or ITC under GST Under the GST regime. the Centre will give
input tax credit for Central GST/IGST and the States will give input…
·
Deemed Profits
chargeable to Tax as Business Income [Section 41 and 176(3A) & (4)] By
virtue of section 41, the following receipts are chargeable to tax as business
income notwithstanding that the business or…
·
Chapter VI of
Central Goods and Services (CGST) Rules, 2017 Chapter VI of
Central Goods and Services (CGST) Rules, 2017 has laid down various rules
relating to— (1) CGST…
·
Tax on Total
Income of a Company 1. Rates of Income Tax of a
Company other than covered U/s 115BA A company is assessed like any other…
·
Investment
Planning for Tax Savings 1. Investment in Sukanya
Samriddhi Yojana (SSY) The Sukanya Samriddhi Yojana interest rate for January
to March 2020 (Q4, FY…
·
Alternate Minimum
Tax (AMT) on all Persons other than Companies [Section 115JC to 115JF Chapter
XII-BA] AMT. which was hitherto applicable to LLP only. has
been made applicable to all assessees other than a company. (1)…
·
[Section 64]-
Clubbing of Income of an Individual with income of Spouse, Minor Child, etc. 1.
[Section 64(1)(ii)]- Remuneration of Spouse from a Concern in which the
Other Spouse has Substantial Interest: In computing…
·
Assessment of an
‘Individual’ An individual means a natural person i.e.
human being. Individual includes a male, female, minor child and a
lunatic or…
·
Interest Payable
By / To Assessee under Income Tax Act 1. [Section
234A]- Interest Payable by the Assessee for default in furnishing Return of
Income U/s 139(1) The assessee is…
·
Exemption Under
Section 11 to 13 in case of Public Trusts for Charitable or Religious Purposes The
income derived from a property held under charitable or religious trusts is
exempt from tax under section 11 subject…
·
[Section
115JB(1)]- Provisions of MAT (Minimum Alternate Tax) for payment of Tax by
Certain Companies 1. Tax Payable for any Assessment
Year Cannot be Less than 18.5% of Book Profit: Where in the case of…
·
Assessment of
‘Firm’ 1. Salient Features of the Assessment of a
Firm: (1) A firm
(including LLP) is treated as a separate tax…
·
Limitation /
Compliance by Assessee , Assessing Authority, etc. Under Income Tax Act, 1961 1.
Advance Tax Advance Tax All assessees other than covered under
section 44AD or 44ADA Section Nature of Compliance by…
·
Levy and
Collection of GST under CGST Act, IGST Act and UTGST Act. Taxable
event and point of time for payment of tax were two different aspects under
indirect tax law in preGST…
·
Tax Invoice ,
Credit and Debit Notes under Section 31, 33, 34 of CGST / SGST Act, 2017 GST
Acts give immense importance to invoice and named it as tax invoice because it
is one of the most…
·
Taxation In
Companies - Company Taxation 1. [Section 6(3)]-
Definitions & Types of Companies with Residential Status (1).
Definition and Types of Companies 1. Company: As…
·
Advance Payment
of Tax [Section 207-211, 218, & 219] Advance payment of tax
is another method of collection of tax by the Central Government in the form of
pre-paid…
·
‘Residential
Status’ under Income Tax Act. 1956 1. Residential
Status of an Individual [Section 6(1)] According to the residential status, the
assessee can either be: (i) Resident…
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[Section 285BA]-Obligation to Furnish Statement of
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Service of Notice under the Income-tax Act [Sections 282
to 284]
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[Section 269T]- Mode of repayment of certain Loans or
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