Thursday, June 20, 2019
Cash and Bank

How to respond to income-tax mail on Cash transaction during Demonetisation

ITD has started sending email or SMS for cash deposit during demonetization. If you are the one who receive it, please don't panic. Instead, response it with this guide
Retirement Benefits

Retirement Benefits – Know tax computation thereof

Exemption is available on various retirement benefits like gratuity, leave salary encashment and pension. Understand the way of determine taxable part thereof
Tax on Buy Back

Tax on Buy Back of Shares by Unlisted Company: Sec 115QA

Unlisted Companies are resorting to buy back of shares instead of payment of dividends in order to avoid payment of tax by way of DDT particularly where the capital gains to the shareholders are taxable at a lower rate
FAQ

FAQ on Long Term Capital Gain

Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income-tax u/s 10(38). However, transactions in such long-term capital assets are liable to STT
MAT on Ind AS compliant Financial Statement

MAT on Ind AS compliant Financial Statement – Overview

Section 115JB has been amended so as to provide the framework for computation of book profit for Ind AS compliant companies in the year of adoption and thereafter. The main features of this framework are as under:
Extension

Extension of Audit Report & ITR to 31st Oct

Due date extended to 31st Oct
Deduction

Cut your tax bill through deductions

Check this short list which will cut your tax bill and will also give peace of mind to you
Section 79

Section 79: Impact of Change in Shareholding on Carry Forward of Loss

In case of a closely held company, no loss shall be carried forward and set off against the income of the previous year, unless certain % of voting power are beneficially held by the same person(s), however, there are certain exceptions
Senior Citizen

Benefits through Tax Proposal to Senior Citizen

Several changes have also been introduced to improve the horizontal equity of the tax system by providing relief to certain section of the society, in particular, senior citizens, keeping in view their personal circumstances like health, fixed source of income. These changes are discussed