One of the key preconditions for charitable trust and institutions seeking to Claim exemption under section 11 and 12 of the income Tax Act is registration under the Act. Section 12A enacts that the provisions of section 11 and 12 which provide for exemption of income to such trusts and institutions, will not be applicable …
REGISTRATION OF CHARITABLE TRUSTS & INSTITUTIONS Read More »
Contact proper officer In case of death of sole proprietor, Legal hair has to visit office of the Proper officer (Jurisdiction Officer) and submit the death sole proprietor along with the Succession Certificate before the Proper Officer as documentary evidence. Proper Officer will add legal heir as the authorized signatory on the GST portal. In …
As per section 2(13) “audit” means the examination Of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under any other law for the time being in force To verify the correctness of- Turnover declared Taxes paid Refund claimed and Input tax …
The shock of the coronavirus pandemic and subsequent lockdown has disrupted normal life. Effects of the pandemic have also extended to businesses and numerous business operations and businesses are not up and running. Life because of the pandemic has become difficult, most of the businesses are on the verge of the closing. From lay off …
The Indian startup ecosystem has been drastically affected by COVID-19. This unprecedented situation has introduced a change in investment patterns. The pandemic has surely affected the startups’ funding scenario, but with this, it has also culminated in new opportunities for startups that can sustain and adapt to the current environment. Story So Far The year …
Changing Startup Scenario During COVID-19 Hit Economy Read More »
After globalization and free-market investments, India experienced a fresh breeze of investments from different segments of the society. Non-traditional investment options (mutual funds and market investments) that were earlier only under the radar of corporate and elite class of the society, are now accessible for everyone. With growing economy, BFSIs have also started targeting all …
Tax filing often brings ‘worry lines’ taxpayers’ foreheads. The common belief was, ‘filing income tax all by yourself isn’t something you should attempt as there are several laws that may confuse you or you can miss out on and end up wrongly filing the tax.’ However, such myths are being busted as the government has …
India is currently going through an internet and technological revolution. More people are on YouTube and other social media platforms than ever before. People have started to prefer internet and mobile banking over manual cash transactions and the footfall in the traditional Banking and Financial Services Institutions (BFSIs) is lowering steadily. The institutions are also …
Fintech is Bringing a Positive Change to BFSIs in India Read More »
You don’t have to be an economic expert to observe and analyse the impact of COVID-19 on world economy. However, India is one of the few, or should we say, the only country (as of now) whose economy was somehow saved by its small businesses and enterprises. On the other hand, the corporate has also …
Govt. to Provide Collateral-Free Automatic Loans for MSMEs – A Brief Analysis Read More »
In Indian economy, cash transactions has always played a major roleand been a reason for black money. The Government has now initiatedvarious measures to curb cash transactions and boost digital payments. Inthis article, we look at cash transactions limit under the Income tax Actalong with penalty for transacting in cash over and above a certainthreshold …
