Thursday, June 20, 2019
Pizza

Standard Deduction of ₹ 40,000: Actual Benefit or Eye Wash?

In the Budget Speech, Hon'ble Finance Minster has shown his sympathy towards salaried individual and proposed the standard deduction of Rs. 40,000/- Please check the actual benefit of this proposal before joy
Bull of Stock Exchange

Is it the beginning of the end of the glorious story of bull?

In order to minimize economic distortions and curb erosion of tax base, it is proposed to withdraw the exemption u/s 10(38) and to introduce a new sec. 112A to provide tax @ 10% on long term capital gains
Connection

Business connection to include Significant Economic presence

The oranges upon the trees in California are not acquired wealth until they are picked, not even at that stage until they are packed, and not even at that stage until they are transported to the place where demand exists and until they are put where the consumer can use them
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:
PAN

Permanent Account Number (PAN)

Permanent Account Number (PAN) is an alpha-numeric (ten characters) code given in form of a laminated card to a person by income tax department for the purpose of identification of the assessee. A person can have only one PAN.
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
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
Caution

Beware: Finance Bill Proposal could affect your business

Once the proposal is assented, the payee is also liable for penal action against the receipt of his dues in cash. Thus, care should be taken to avoid unwanted penal action
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