This act is allowed to take casual leave of Twelve days (12), medical leave of Fifteen days(15) and certain other leaves of Ten days(10) in a year (which are paid) to an employee. And any employee is just required to work for Forty-Two(42) or Forty-Eight(48) hours a week. This is… Continue reading
1. Annual Return – FORM 11 – 60 days – 30th May, 2018 2. Statement of Accounts – FORM 8 – 30TH OCTOBER, 2018 3. INCOME TAX RETURN: IF NO AUDIT- 31ST JULY IF AUDIT – 30TH SEPTEMBER STATUTORY AUDIT : Capital Contribution – 25 lakh or Annual Turnover –… Continue reading
Income Tax Department Warns Salaried Class Against Filing Wrong Returns The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or “inflating” deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against… Continue reading
With the starting month of the F.Y.-2018-19 , it is a good time to start reviewing your tax-saving plans. And to do so, you must know the new tax rules that are effective from financial year 2018-2019. Standard Deduction In Budget this year, the government introduced, rather reintroduced, standard deduction… Continue reading
The time of the year come again when we all start daydreaming about what we’re going to do with our tax refund, if only we manage to file the returns before the deadline- 31st July 2018. But procrastination often gets the better of us. So, if you’re dragging your feet on… Continue reading
Deferred Tax is the tax effects of Timing Difference. The whole concept of deferred tax is depending on timing difference. Accounting income (loss) is the net profit or loss for a period, as reported in the statement of profit and loss, before deducting income tax expense or adding income tax… Continue reading
Deferred tax refers to the tax effect of temporary differences between accounting income that is calculated by taking into consideration the provisions of Companies Act, 2013 and taxable income that is calculated by taking into consideration the provisions of Income Tax Act,1961. Temporary Differences: While calculating taxable income, certain expenses debited… Continue reading
People, who are working in government services or those working with government departments get pensions after retirement from their services. In addition to above those who have contributed towards Employee Provident Fund (EPF) also get pension under Employee Pension Scheme (EPS), 1995. Even after the death of the employee, their… Continue reading
INCOME TAX CASES:- JUDGEMENT ON PENNY STOCK IN THE FAVOUR OF ASSESSEE 1. *Amar Nath Goenka and ors v. ACIT (ITA No. 5882/D/18) (ITAT, Delhi) (12/12/2018) SECTION 10(38) AND SECTION 68 – LONG TERM CAPITAL – PENNY STOCK ASSESSEE DISCHARGING THE ONUS BY PLACING ON RECORD VARIOUS DOCUMENTARY EVIDENCES –… Continue reading
LTCG Gain on listed equity shares which is more than 1,00,000/- to be taxed at 10%.