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Cash Deposits in Bank Account & Income Tax Notice

Cash Deposits in Bank Account & Income Tax Notice

GSTR 3B due date for January'2019 extended to 22nd February 2019

GSTR 3B due date for January’2019 extended to 22nd February 2019

ITBA-ITR Processing Instruction

ITBA-ITR Processing Instruction

FAQ’s ON TCS UNDER GOODS AND SERVICE TAX (GST)

FAQ’s ON TCS UNDER GOODS ANDSERVICE TAX (GST)

Income Tax Fraud by Advocate- Given take IT Return of Rs. 2.83 Cr

Income Tax Fraud by Advocate- Given take IT Return of Rs. 2.83 Cr

Property transactions of Rs 15,460 crore identified by CAG wherein PAN was not quoted

Property transactions of Rs 15,460 crore identified by CAG wherein PAN was not quoted

Changing Time - Anil Ambani will go to jail unless Rcom pays up- SC

Changing Time – Anil Ambani will go to jail unless Rcom pays up- SC

CBIC Circular on Failure to State Name in GST invoice

CBIC Circular on Failure to State Name in GST invoice

Addition U/s. 40A (3) & 68 not sustainable if done after rejecting books of accounts

Addition U/s. 40A (3) & 68 not sustainable if done after rejecting books of accounts

Angel Tax: Govt simplifies & widens definition of Startup

Angel Tax: Govt simplifies & widens definition of Startup

PAN- Aadhaar linkage must for filing I-T returns: SC

PAN- Aadhaar linkage must for filing I-T returns: SC

TAX COLLECTED AT SORUCE (TCS)

TAX COLLECTED AT SORUCE (TCS)

TDS Rates Chart for FY 2018-19/AY 2019-20

TDS Rates Chart for FY 2018-19/AY 2019-20

TAXABILITY OF NRI RETURNING TO INDIA

TAXABILITY OF NRI RETURNING TO INDIA

Non-mentioning details of inter-State supplies made to unregistered persons in Form GSTR-3B to attract penalty of Rs. 25,000/_

Non-mentioning details of inter-State supplies made to unregistered persons in Form GSTR-3B to attract penalty of Rs. 25,000/_

Let us not talk about of ease of business. New GST rules will result in liquidity blockages for the businessmen.

Let us not talk about of ease of business. New GST rules will result in liquidity blockages for the businessmen.

Government relaxes Norms for start ups- Angel Tax effect diluted

Government relaxes Norms for start ups- Angel Tax effect diluted

The Department for Promotion of Industry and Internal Trade (DPIIT) has issued a new notification in supersession of its earlier notification no. GSR 364(E), dated 11-04-2018. The DPIIT has extended the definition of the start-up and also relaxed norms for the purpose of claiming exemption from applicability of provision of section 56(2)(viib) of the Income-tax Act, 1961 (herein after referred to as 'Angel tax'). As per new definition, an entity shall be treated as a start-up for a period up to 10 years from its date of incorporation and registration. Earlier this period was 7 years. Similarly, an entity will continue to be recognised as a Start-up, if its turnover for any of the financial years since incorporation and registration has not exceeded Rs. 100 crore as against Rs. 25 crore earlier. The Govt. has also relaxed the conditions to claim the exemption from the applicability of provision of Angel tax. Consideration received from angel investor by eligible Start-ups for shares issued or proposed to be issued shall be exempt up to an aggregate limit of Rs. 25 crore. Earlier, an start-up could avail the tax exemption only if angel funding doesn't exceed Rs. 10 crore. However, the aggregate limit of Rs. 25 crore will exclude consideration received by eligible Start-ups for the following classes of persons: 1) Non-Residents 2) a venture capital company/venture capital fund 3) Listed company having net worth of Rs. 100 crore or turnover of Rs. 250 crore in preceding year Further, the start-ups claiming exemption from Angel tax shall not be eligible to invest in any of the following assets: a) Land or building being Residential house other than that used for the purposes of renting. b) land or building not being a residential house other than that occupied by start-up for its business or renting. c) loans and advances, if the start-ups isn't engaged in ordinary business of lending of money. d) capital contribution made to any other entity e) shares and securities f) Motor vehicle, aircraft, yacht or any other mode of transport, if the cost of such an asset exceeds Rs. 10. h) any other asset, whether in the nature of capital asset or of the nature specified in sub-clauses (iv) to (ix) of clause (d) of Explanation to clause (vii) of sub-section (2) of section 56. However, the above conditions are not applicable in case start-up holds the above assets as stock-in-trade, in its ordinary course of business.

Relaxed Norms for Angel tax – No tax on issuance of shares up to Rs. 25 crore.