New functionality issued for compliance checks for sec 206AB & 206CCA to ease compliance burden of tax deductors/collectors vide CBDT Circular No. 11/2021

CBDT issued Circular No. 11 of 2021 dated 21.06.2021 on implementation of section 206AB & 206CCA with respect to higher tax deduction/collection for certain non-filers. New functionality issued for compliance checks for sec 206AB & 206CCA to ease compliance burden of tax deductors/collectors. Refer copy of Circular:

Finance Ministry refutes news media reports of alleged black money held by Indians in Switzerland, Information sought from Swiss Authorities to verify increase/decrease of deposits

Ministry of Finance issued Press release today (19th June 2021) says that : Certain reports have appeared in the media on 18.06.2021 stating that funds of Indians in Swiss Banks have risen to over Rs 20,700 crore (CHF 2.55 billion) at the end of 2020 from Rs 6,625 crore (CHF 899 million) at the end ofContinue reading “Finance Ministry refutes news media reports of alleged black money held by Indians in Switzerland, Information sought from Swiss Authorities to verify increase/decrease of deposits”

Rationalisation of tax provisions for NGOs/NPOs

Rationalisation of tax provisions for NGOs/NPOs To enjoy tax-exempt status in respect of their income, the NPOs must comply with certain pre-requisites such as obtaining the registration with the tax authorities, and spending on charitable activities at least up to the prescribed thresholds. Not-for-profit organizations (NPOs) are private entities that pursue activities to promote theContinue reading “Rationalisation of tax provisions for NGOs/NPOs”

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%

MOF in Press release today (16 June 2021) says that : Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100% Advance Tax collections for F.Y. 2021-22 stand at Rs. 28,780 crore which shows a growth of approximately 146% Net Direct Tax collections for the F.Y. 2021-22 have grown at aContinue reading “Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%”

Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal

Ministry of Finance issued Press release on 15th June says that Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22ndΒ of June, 2021, between 11:00 AM to 01:00 PMContinue reading “Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal”

Tax treatment of Advance money/earnest money forfeited

As per section 51 of Income tax Act,1961,Where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of such negotiations shall be deducted from the cost for which the asset was acquired or the written downContinue reading “Tax treatment of Advance money/earnest money forfeited”

Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021

Dear Sir, Please find below Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021: Date 12-06-2021 GST Topic New functionalities on GST Portal -11 June 2021 https://www.youtube.com/watch?v=I6rTi0Zsc5cMinute 5.18 Date 12-06-2021 GST Topic GST on E-Commerce & Electronic Commerce Operator https://www.youtube.com/watch?v=1Ttjb0ltyX0Minute 4.42 Date 11-06-2021 Entreprenurship TopicContinue reading “Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021”

DECLARATION AND PAYMENT OF DIVIDEND{Updated with all Company Law, SEBI Income tax & FEMA provisions till May 2021)

Dear Sir, Please find below YouTube Link of Video on DECLARATION AND PAYMENT OF DIVIDEND{Updated with all Company Law, SEBI Income tax & FEMA provisions till May 2021)https://www.youtube.com/watch?v=CLLl4Sw4iG0 Topic Cover βœ… Financial planning for Dividend decisions βœ… Company law provisions applicable on declaration & payment of Dividend βœ… Taxability of divided-Taxability in hands of CompanyContinue reading “DECLARATION AND PAYMENT OF DIVIDEND{Updated with all Company Law, SEBI Income tax & FEMA provisions till May 2021)”

Sovereign gold bond scheme- Benefits, Features & FAQs

Dear Sir, Please find below YouTube video link on Sovereign gold bond scheme- Benefits, Features & FAQshttps://youtu.be/2zAnQ1_BPy8 Topic cover 1. What is Sovereign Gold Bond (SGB)? Who is the issuer? 2. Why should I buy SGB rather than physical gold? What are the benefits? Are there any risks in investing in SGBs? Who is eligibleContinue reading “Sovereign gold bond scheme- Benefits, Features & FAQs”

Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST

Dear Sir, Please find below YouTube link of Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST for your easy reference: πŸ‘‰ Company Law Setting of Branch offices of Foreign Company in Indiahttps://youtu.be/Y30q0ZgcMcU Nidhi Company-each & everythinghttps://youtu.be/maS_1205vO4 Producer Company-each & everything https://youtu.be/MP-t3sg_qWg CSR Funding: Ngo registration for getting CSR Funding https://youtu.be/j-OG40NJl9QContinue reading “Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST”