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Charitable And Private Trusts Overview, Benefits And Income Tax Implications
IntroductionIn today's world, the trusts or institutions are being widely set up for the charitable purposes and imparting education among the poor. But lesser are known the facts about the taxability and registration of the trust or institution. This newsletter is...
Analysis of Section 115BAB – An opportunity or a challenge
IntroductionDuring the month of September 2019, our Finance Minister Mrs N. Sitharaman gifted the Indian Industrial sector a much-awaited tax rate slash making Indian industry more competitive around the world. With the Taxation (Amendment) Ordinance Act 2019 the...
Taxability of Salary Allowances and Deductions
IntroductionAs the new financial year i.e. FY 2020-2021 is going to start, there is in mind of every salaried individual about their tax planning and where to invest to reduce the tax liability efficiently. Most of the taxpayer in India regularly have following most...
Articles
INMACS TIMES FEBRUARY 2024
1. Nfra Plans Annual Auditor’s Inspection
2. Bhartiya Nagrik Suraksha Sanhita (bnss), 2023
3. Empowering Women Through Legal Vigilance
4. Singhania Family Saga: Inter Religeon Marriage- Unfolding Legal Issues, Amidst Wealth, Relationship & Trusts
5. Provisions Regarding Stay Of Tax Demand Under Income Tax Act
6. Understanding The Applicability Of Sec.115bbe On Income Disclosed During Surveys, Search & Seizure
7. Understanding The Legal Dynamics Of Wills: A Comprehensive Overview
8. Latest Business Developments
9. Important Tax Judgements
Updates
MCA Updates
MCA Is under process of migrating 9 e-forms from V2 to V3, which will be rolled out on 31st August 2022 at 12:00 AM. Following forms will be rolled-out in this phase: DIR-3 KYC Web, DIR-3 KYC e-form, DPT-3, DPT-4, CHG-4, CHH-6, CHG-8 & CHG-9. To facilitate...
USA relaxes income tax Residency rules for Individuals and Businesses affected by Travel Disruptions arising from Covid-19 Emergency India awaits such tax Residency relaxation
BackgroundThe COVID-19 Emergency has affected the travel plans of various foreign travellers who intended to leave the United States. Regardless of whether they were infected with the COVID-19 virus, individuals have become severely restricted in their movements,...
Summary of key announcements by reserve bank of India 17th April, 2020
RBI has taken following measures to (i) maintain adequate liquidity in the system and its constituents in the face of COVID-19 related dislocations; (ii) facilitate and incentivise bank credit flows; (iii) ease financial stress; and (iv) enable the normal functioning...