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NEWS & UPDATES
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...
An Analysis of the Provisions of TDS on Transfer of Immovable Property
IntroductionFinance Act 2013 introduced Section 194-IA with an intention to curb the indirect inflow of black-money into the Indian real estate sector. Prior to this as well Indian government has always intended to put a stoppage over the cash dealing in the Indian...
Case Law Gurunanak Romell LLP
The applicant M/s. Gurunanak Romell LLP is undertaking certain Residential Real Estate Projects (RREP) primarily having residential apartments with a carpet area upto 60 sq. mts. As per the applicant, since more than 50% of Floor Space Index (FSI) is utilized towards...
EMPLOYEE STATE INSURANCE CORPORATION
The Employee State Insurance (ESI) is a social security and health insurance scheme for salaried Indian citizens and their dependants in contingencies, such as, sickness, maternity or death and disablement due to an employment injury or occupational disease. It is...
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,...
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BUDGETS
Highlights of Interim Union Budget 2024-25
Economic Highlights Direct TaxIndirect TaxEconomic Highlights INDIA’s GROWTH IN LAST 10 YEARS The Indian economy has witnessed great transformation under PM Modi with mantra “Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas”. The government has helped...
Highlights of Union Budget 2023-2024
Overview of Indian Economy Income Tax ProposalsGoods & Service Tax (GST)Excise & Custom Duty ProposalsOverview of Indian EconomyVision for Amrit Kaal – An empowered and inclusive economyUnion Finance Minister highlighted that “Our vision for the Amrit Kaal...
Highlights of Union Budget 2022-2023
Business Opportunities: Union BudgetOverview of Indian EconomyIncome Tax ProposalsGoods & Service Tax (GST) Excise & Custom Duty ProposalsBusiness Opportunities: Union Budget Domestic Defence Production Units: DRDO to provide technology – Rs. 200,000 crore...