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Order under Section 154 of Income Tax Act, 1961

Steps: What to do when you receive order under section 154 of Income Tax Act, 1961 Notice u/s 154 under the Income Tax Act is nothing but the rectification order issued by the tax department either in response to a rectification request filed by you or Suo-moto by the tax department when they notice any

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Clarification on extension of due dates of Capital Gains

Clarification on extension of due dates of Capital Gains to 30.09.2020 Government has already given various relaxation to the taxpayers vide Taxation & other Laws (Relaxation of certain provisions) Ordinance 2020 issued in the month of March – 2020. Thereafter, the dates of relief is further extended vide Notification No. 35/2020 Dated 24.06.2020. As a

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Income from renting of commercial property, owned by assessee is ‘Income from house property’ or ‘Business Income’ ?

Overview: Where assessee was mainly engaged in business of leasing of properties and its substantial income was also from leasing of properties and it was carrying out all the activities, which were relevant for earning the income for those properties by extending various facilities, it could be said that holding of properties and earning income by

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Section 115BAC: Relief for Salaried employees opting the above section

During the Budget 2020 speech, the Finance Minister Nirmala Sitharaman announced the insertion of a new section called 115BAC into the Income Tax Act in the Union Budget 2020. Section 115 BAC, effective from FY 2020-21, deals with the new and optional income tax regime for individuals and Hindu Undivided Families (HUFs). Let us understand

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Udyam Registration- Replacement of MSME/Udyog Aadhar

MSME Registration, new and existing, through Udyam Registration Portal, w.e.f. 01.07.2020, as per notification dated 26.06.2020 The Ministry of micro, small and medium enterprises vide its notification dated 26th June, 2020 has notified certain criteria for classifying the enterprise as micro, small and medium enterprises and specified the form and procedure for filing the memorandum, for

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CBDT notifies Cost Inflation Index for F.Y 2020-21

CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide  Notification No. 32/2020-Income Tax dated 12th June 2020 at 301. Cost Inflation Index helps taxpayer calculation his Long Term Capital Gain on sale of Long Term Capital Assets. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)New Delhi Notification No. 32/2020-Income

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EGM During Covid-19 through OAVM/Video Conferencing

EGM During COVID-19through video conferencing / OAVM With Draft Notice EGM refers to Extra – Ordinary General Meetings, called by a company other than scheduled annual meeting (AGM) to deal with urgent matters (Special Businesses). As per Clause 2.2. of Revised SS-2, Items of business other than Ordinary Business may be considered at an Extra-Ordinary General

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40th GST Council Meeting- Highlights

Reduction in GSTR-3B late fee for the period Jul 2017 to Jan 2020: For taxpayers with no liability, late fee has been waived off For taxpayers with tax liability, the maximum late fee has been capped at Rs 500 per return Note:- For the above relief, GSTR-3B should be filed between the 1st of July

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