TDS Rate F.Y. 2020-21 & A.Y. 2021-22

TDS is nothing but a Tax Deducted at Source, while its mandatory by Government with such a threshold limit as & when applicable as mention below in the TDS chart. Deductor is require to deduct TDS in prescribed manner as mention within due date, said amount should be deposited to central government, if Deductor is failed to do in given time than deductor is liable to pay interest with late fee if such TDS return is not filed within due date as mention below. In this Budget A.Y. 2021-2022 government has change or amend  the rate in some...

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Budget 2020, Unpredictable & Highlight with Key points

On 1st Feb, 2020 FM Nirmala Sitharaman presented the Union Budget of 2020-21 in Parliament (LS) with her ever longest Speech of 2 hrs & 40 mins by any Finance Minister after Independence. In Budget government focus on revive the Growth of Economy as decline underrated now & increase the capacity of end consumer to consume the product & services through increase their Income & As usual Government try to provide more benefits to Agriculture sector which are required by every government in their Budget. Today, we discuss on Income...

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What is Intimation under Section 143(1) ?

Now, today we discuss what is Intimation u/s 143(1).....?? of Income Tax & How to read or understand this section....??. The Income Tax return file by any person which processed by Income Tax Department & after processed, Department send a communication letter which called Intimation u/s 143(1) Its sent by Income Tax Department on your registered E-mail ID as per e-filing income tax portal, In this IT Department verify or check the Income Tax Calculation done in Income Tax Return (ITR) filed is correct or not. When Income Tax Department...

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Income Computation and Disclosure Standards (ICDS)

Introduction of the Topic :  Income Computation & Disclosure Standard was formulated from January-1995. Finance Act, 1995 empowered the Central Government to notify Tax Accounting Standards vide section 145(2) of the Income-tax Act, 1961. CG Constituted a committee (2002 Committee) for formulation of Tax Accounting Standards in 2002. In December-2010, Central Government constituted Committee to study harmonization of ICAI’s Accounting Standards with the Income-tax Act & suggest Tax standards. Based on final report submitted by...

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CA Intermediate November, 2018 Result

On 31st January, 2019 The Institute of Chartered Accountant of India (ICAI) issued a notification of declare the CA Intermediate (Old Course & New Course) result, which examination was held in November, 2018 are expected to Declare on 8th February, 2019 may be around 6.00 p.m. CA students check their result on following link easily,   icaiexam.icai.org caresult.icai.org icai.nic.in ICAI will publish the merit list upto 50th Rank, ICAI also provide some other facility to their students to get result faster like through E-mail,...

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Budget 2019 Key Points & Highlights

On Friday, 1st February 2019 Finance Minister CA Piyush Goyal has presented the Interim Budget, on behalf of Arun Jaitley. Its a first time in history that any CA minister has presented any Union Budget in Parliament, In this Budget NDA Government taking many good moves in favour of  Agriculture sector, Education sector, Medical & Hospitality Sector and specially for middle class to provide big relief in Income Tax.  Government runs many Healthcare Programme like Ayushman Bharat Medical under which around 50 crore people get...

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Income Computation and Disclosure Standards (ICDS)

              Draft of 14 Tax Accounting Standards were first issued in August 2012. However, these were revised further and 12 drafts Income Computation and Disclosure Standards (ICDSs) were issued in January 2015 for public comments. From above notification, 10 ICDSs were finalized excluding the standards on ‘Leases’ and ‘Intangible Assets’. However, in January 2016, Income-tax Simplification Committee recommended deferment of ICDS. Section 145(2) – the Central Government has power to notify “ICDS”. CBDT vide...

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