Tax Benefits for Disabled Individuals

Tax Benefits for Disabled Individuals

Whenever we come across an individual who is suffering from disabilities, the first reaction of most people is to pity them. However, it should not be the case. There are many stories of individuals who, despite suffering from disabilities, have soared the heights of success.

Continue Reading

Penalty for Late Filing of Income Tax Return for AY 2020-21

Income Tax Act has a provision to impose penalty in case of default in furnishing the return of income for any assessment year commencing on or after 1st April 2018.

Continue Reading

Interest Liability under Income Tax

Every person who earns income chargeable to tax should file its income tax return with the Income-tax Department before the due date and pay the taxes as applicable for the financial year. If any person fails to do so, such person shall be liable to pay interest as imposed by the Income Tax Act. Under the Income Tax Act, interest is imposed under three subsections of Section 234, viz., 234A, 234B, and 234C.

Continue Reading

Changes in ITR-V

Every time a person files an Income Tax Return, an acknowledgement is generated. This acknowledgement is known as ITR-V. This means Income Tax Return Verification Form. Once the return is filed, it has to be verified either through Adhaar Based OTP or through net banking.

Continue Reading

GST on Remuneration paid to Directors

gst-director-salary

When the Goods and Service Tax Act was introduced, there were many doubts and clarifications were raised by industries as to what falls within the ambit of GST and what does not? GST is levied and applicable to the supply of goods and services.

Continue Reading

Applicability of ITRs for AY 2020-21 (FY 2019-20)

know-ur-itr-20-21

Know the applicability of ITR Forms for AY 2020-21.

Continue Reading

DIR-3 KYC Compliance

kyc-verification-for-alloted-din

Ministry of Corporate Affairs has introduced DIR-3 e-KYC to conduct KYC verification for all the persons who have been allotted DIN (Director Identification Number). DIN is a unique 8 digit number allotted to a person who wishes to become a director of a company. Thus any person who holds a DIN is mandatorily required to file DIR-3 KYC with MCA.

Continue Reading

Tax Benefit related to Interest paid on Education Loan

Section 80E

In today’s times, getting a higher education has become a point of concern where the fees for such education are touching the sky. As they say, the only thing costlier than education is ignorance.

Continue Reading

One Time Relaxation for Verification of Past ITRs

Central Board of Direct Taxes announces an open window for one time to complete verification of ITRs filed electronically in the past years but is pending for verification.

Continue Reading

Form-11 : Annual Return of LLP

Every Limited Liability Partnership registered under the Limited Liability Act, 2008 has to make certain compliances. One of such compliance is the filing of Form 11 with Ministry of Corporate Affairs. Every financial year, an LLP has to file this Form 11 online on the MCA Portal.

Continue Reading