DTAAs or Taxation treaties are practiced to avoid double taxation between two or more countries. This post highlights everything about the Double Taxation Avoidance Agreement. What is DTAA? Double Taxation implies taxing the same subject or income twice, for the same period, for the same purpose, and within the same jurisdiction. When an income [...]
The ITR Forms of Income-Tax Return Forms for the assessment year 2019-20 has been introduced by the CBDT with numerous changes. In this post, we will tell you the 5 major changes made in ITR forms for individuals. 1. Investment in Unlisted Companies (ITR 2,3,5) When a company issues shares at a lesser price [...]
In general TDS is deducted by business/professionals required to audit their books under Section 44AB. But as per Budget for F.Y 2019-20, it is clear that government intends to cover more people under provisions of TDS, for reduction in tax evasion & promoting the Loophole free economy. For example government introduced Section 195(payment To [...]
Naturally, all of us will retire one day and we definitely want our retirement to be as comfortable as possible. For this, preparing a retirement plan with the best of our ability and knowledge is needed. But most of the times, we forget the most vital element of our retirement planning – ‘Tax.’ Tax [...]
The Indian Government announced the Interim Budget in February 2019. It is the most recent budget announced by the government before the Lok Sabha elections. Hence, the government has made numerous possible attempts to please the public. Within the budget, the Government of India has proposed numerous tax-friendly amendments for the public. If such [...]
Due dates for the month of February, 2019 7-Feb-19 Due date for deposit of tax deducted /collected at source for m/o Jan 2019 11-Feb-19 Due date for filing GSTR-1 for m/o Jan 2019 → Applicable for taxpayers with Annual Aggregate turnover Above Rs. 1.50/- Crore or opted to file monthly Return (Rs. One Crore [...]
A. Due dates for Compliances under GST 11-01-2019Due date for filing GSTR-1 for m/o Dec 2018 → Applicable for taxpayers withAnnual Aggregate turnover Above Rs. 1.50/- Crore or opted to file monthlyReturn (Rs. One Crore Fifty Lacs) only. 18-01-2019Due date for filing GSTR-4 (to be filed by a Composition Dealer) for theperiod from Oct to Dec 2018. 20-01-2019GSTR-3B [...]
Don’t consider your spouse being your partner in managing household chores only or sharing financial responsibilities. Because your partner can help you with tax saving as well! Yes, your partner can help you save tax to a great extent. And the benefits get extended when both of you are earning independently as this gives you [...]
On a general note, the aim of an internal audit is to analyze the risk of material misstatement in financial reporting. Material misstatements can occur from inadequacies or errors in internal controls and from incorrect management assertions. Hence, testing the validity of numerous implicit managerial assertions is the core objective of an internal audit. While [...]
You’ve changed your job and already settled in that new work culture. But have you settled your income tax returns too? When you change your job then it is not just about adjusting to an entirely new work environment, a rather intricate problem occurs while filing your income tax return too. Two or multiple ‘Form [...]
