Frequently Asked Questions on form 16 & 16A Q.1: What is the procedure to get Form 16? There is no specified procedure for it. The employer will directly issue the receptive Form 16 to the employee and even in case an employee leaves their job, the employer will then also provide the Form 16. Q.2: …
How to tax on Loss or Profit from Intraday share trading Income This has become a lot more trading on the stock market, and investors aren’t just restricted to those who engage in active share trading. Income tax is applicable to all income in India. Similar to this, every gain or loss from sharing shares …
No TDS on purchasing property during liquidation : NCLAT Companies Liquidation is set to get easier with the National Company Law Appellate Tribunal throwing out taxman’s claims that the Companies Liquidation has to get TDS while bankrupt company during liquidation under Insolvency and Bankruptcy Code, 2016. . The National Company Law Appellate Tribunal ruled the …
INCOME TAX DEDUCTIONS UNDER SECTION 80C: Under section 80C, every individual and HUF, is provided with a deduction of amount up to Rs.1,50,000. To avail such deductions, the prescribed taxpayers, need to invest in any of the following options – Life insurance premium payment Annuity plan of LIC or any other notified insurers. Unit Linked …
The Goods and Services Tax Council may soon make e-invoice compulsory for Goods and Services Tax taxpayers with turnover of INR 5,00,00,000/-.
Now the Central Board of Indirect Taxes and Customs has issued recommendations for mandatory new e-invoicing for Goods and Services Tax taxpayers with sale of more than INR 5,00,00,000/-. Above decision is going to be implemented with effect from 1.08.2023.
As per sources, In case above decision to further decreased e-invoice threshold limit to INR 1,50,00,000/-. is taken in upcoming Goods and Services Tax Council Meeting, then it might be effective from 1st December 2023.
One senior Goods and Services Tax officer says Goods and Services Tax taxpayers will get sufficient time to implement the same.
How differentiates PAN, TAN, and TIN? PAN, TAN, and TIN are all documents with various purposes. PAN, TAN, and TIN are acronyms for Permanent Account Number, Tax Deduction and Collection Account Number, and Taxpayer Identification Number, respectively. PAN, TAN, & TIN are all documents that serve various different functions. PAN stands for Permanent Account Number, …
Two Factor Authentication compulsory from 15/07/2023 for all the taxpayers with AATO above 100 Crore NIC is implementing two-factor authentication for logging into the e-Way Bill/e-Invoice system to increase the security of the system. OTP will be used in addition to the username and password for login authentication. Two-Factor Authentication will be made compulsory from …
What is the difference between AIS and Form 26AS? Form 26AS is similar to a tax passbook in that it contains information about TDS and TCS deposited against the taxpayer’s PAN during the fiscal year. Furthermore, in the altered version of Form 26AS, information relating to specified transactions like mutual fund unit purchases, foreign remittances, …
Prefilled GST data will be coming soon, as Income Tax AIS The government is creating pre-filled consolidated GST return forms that would allow taxpayers to access all of their transaction details and e-invoices to determine their precise tax due, similar to the Annual Information Statement (AIS) feature used by the Income Tax dept. Govt is …
Reasons & Consequences of a company become struck off There are many ways for a company to go out of existence. One of them is having its name removed from the list of company names. This approach may be used by a business that has ceased operations and wants to have its name removed from the …