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CBDT extends due date to file Form 15CA/15CB manually

CBDT extends due date to file Form 15CA15CB manually

Big relaxation for taxpayers and foreign currency remitters as CBDT extends the due date to file form 15CA/15CB manually. Many taxpayers reported various issues in the new income tax portal while filing form 15CA/CB. Therefore, addressing this issue CBDT extended the deadline to file these forms. In this article, we will understand this notification in … Read more

CBDT Latest Updates for Taxation Rules on Goodwill

CBDT Latest Updates for Taxation rules on Goodwill

There’s an important notification for taxpayers as the CBDT has set the latest updates about new taxation rules relating to Goodwill. The Central Board of Direct Taxes (CBDT) has issued new guidelines for calculating short-term capital gains (STCG) and write down value (WDV) in cases where goodwill depreciation has been received, possibly raising tax obligations … Read more

TDS on Purchase of Goods to be effective from July 2021

TDS on Purchase of Goods to be effective from July 2021

As we all know, Till now, there are several TDS provisions to cover services related transactions such as professional services, rent, interest, work contract, etc. Now, The Indian Government has introduced a new section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. As per Section 194Q w.e.f. July, 1st 2021 where … Read more

Find how much gold you can hold as per Income Tax Rules

The Union government is explained to be mulling a plan to put a limit on the amount of unaccounted gold one can hold. Reports claimed previously that the government was planning to initiate a gold amnesty scheme and that those holding unaccounted gold beyond a certain limit would be penalised. In the days pursuing the … Read more

₹ 450 Crore concealment detected in IT searches in Kolkata

₹ 450 Crore concealment detected

The CBDT has announced in a statement that the Income Tax Department has exposed undisclosed revenue of over Rs 450 crore after it raided some Kolkata-based entities involved in several businesses. In this article, we will discuss on ₹ 450 Crore concealment detected in IT searches in Kolkata. ₹ 450 Crore concealment detected The Income … Read more

MSME in India – New Guidelines for Udyam Registration

GST and ITR for MSME

Recent Notification issued by the Government of India notified on new eligibility, and guidelines for Udyam Registration for Micro Small & Medium Enterprises(MSME). Every business has to obtain GST registration and file Income tax return on or before 31st march 2021 to sustain the validity of the MSME Certificate. According to the Government’s revised guidelines, MSME is now placed under the … Read more