In the Lok Sabha, Finance Minister Nirmala Sitharaman proposes the Taxation Laws (Amendment) Bill. On Thursday 5th August 2021, Finance and Corporate Affairs Minister Nirmala Sitharaman submitted the Taxation Laws (Amendment) Bill in the Lok Sabha to nullify the applicable retrospective tax rules that were enacted in 2012 to tax previous
Income Tax Return (ITR) is a Return which is to be filled by the assessee to the Government as per the Laws of Income Tax Act. ITR is a document where all the Incomes, Profit & Loss, any other deduction, Capital Gains, etc are reported and the Tax liability or Refund is calculated.
The due date for filling of ITR for Corporate and Other Assesses who need to get their accounts Audited is 30th September and for the others is 31st July after the end of the Financial Year. However due to Covid-19
Equalization Levy – Introduced in 2016 by Finance Act, was charged at 6% on online advertising and related services received by a permanent resident of India or a Non-resident having permanent establishment in India.
Finance Act 2020, amended the existing equalization levy and introduced an additional Equalization Levy of 2% on consideration received/receivable by an ecommerce operator.
In India, a financial budget is prepared each year. It is presented on the first day of February so that it can be implemented by the beginning of the coming financial year (with effect from 1st April). It is presented in the loksabha in the form of financial bill and has to be passed in the Lok Sabha by majority before it becomes applicable for next financial year (wef 1st April)
Agricultural income is defined under section 2(1A) of the Income Tax Act, 1961. According to this Section, agricultural income generally means:
(a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes.
(b) Any income derived from such land by agriculture operations including processing of agricultural produce so as to render it fit for the market or sale of such produce.
A business tax return is basically an income tax return, where in being a statement of income and expenses for a business. Thus profits made by that business have to be declared on that statement, so as to enable the calculation of taxes applicable on them. The return also contains details of assets and liabilities held by that business.
The 5th of July is fast approaching and everyone is anxious about what it will bring with it. Former defence minister and the current finance minister Nirmala Sitharaman will release the current year’s budget on the 5th and common man eagerly awaits some exemptions which will allow them some extra money in their pockets.
Simply put, any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. This gain or profit is comes under the category ‘income’, and hence you will need to pay tax for that amount in the year in which the transfer of the capital asset takes place. This is called capital gains tax, which can be short-term or long-term.
If you have gathered all the required documents for filing an income tax return then you should not wait for the last date to file the return. Though the last date to file an income tax return for the financial year 2018-19 is July 31, 2019, but in order to avoid the last minute glitch, you can file your return online as well.
Where the assesse incurs any expenditure in respect of which a payment or aggregate of payments, made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, No deduction shall be allowed in respect of such expenditure.