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Union Budget 2022-23: Summary

2022-02-01T17:38:00.002+05:30

Who are eligible to act as depository Participants?

2022-01-13T19:00:00.008+05:30

Who are eligible to act as depository Participants?

Who are eligible to act as Depository Participants? Depository Participant ('DP') is the agent or the registered stockbroker of a depository.

How to Convert Physical share into Electronic mode (Demat) | Part-2

2021-10-04T13:21:00.007+05:30

We will learn..

How to convert Physical shares into Electronic mode? This is a short and simple discussion on Depositories . I have made this video in continuation of my last video where i discussed about depositories. In this video i have explained the process of dematerialization. I tried to make it simple and easily understandable in layman language.

What is Depository(A basic Discussion) | Part 1

2021-10-01T13:16:00.004+05:30

We will learn a basics about depository, Demat, NSDL, CDSL..

I have made this video to explain what is depositories , how many types of depositories are currently registered with SEBI & what is Dematerialization.

Categories all Ind AS into 10 parts

2021-09-17T21:28:00.005+05:30

Hello Everyone., I have tried to categories all Ind AS into 10 parts.

Hope you all like this.

Soft Copy: 👉Click Here👈

Link between Ind AS and AS

2021-09-17T21:24:00.006+05:30

Hello Everyone., I have tried to link between AS & Ind AS (Definitely most concepts are different)

Hope this will help u all..

Soft Copy :👉 Click Here 👈

Income Tax Due Date further Extension for AY 21-22 (Notification dt. on 09.09.2021)

2021-09-09T07:08:00.003+05:30

On consideration of difficulties to file ITR, CBDT on 9^th Sept 2021has extended the due dates for filing ITR & various report of Audit for AY 21-22.

Sr. No.	Particulars	Original Due Date	Extended Due Date	Further Extended Due Date
1	Furnishing Return of Income for A.Y. 2021-22
a)	Regular Assessee	30.07.2021	30.09.2021	31.12.2021
b)	Tax Audit Assessees	31.10.2021	30.11.2021	15.02.2022
c)	Assessee with Transfer Pricing Report	30.11.2021	31.12.2021	28.02.2022
d)	Belated/ Revised	31.12.2021	31.01.2022	31.03.2022
2	Furnishing Tax Audit Report	30.09.2021	31.10.2021	15.01.2022
3	Transfer Pricing Report	31.10.2021	30.11.2021	31.01.2022

Contact & Whatsapp +91 9732068013

Website : ankurtah.blogspot.com

Address : Saltlake, Kolkata 700091

Don’t Forget to Claim Deductions for Income Tax for AY 21-22 (PY 20-21)

2021-06-29T21:54:00.011+05:30

Hello Everyone, I have tried to compile common Income Tax deduction for reminder purpose.

Don’t Forget to Claim Deductions for Resident Individual for AY 21-22 (PY 20-21)

This compilation is done by categories wise which help us to easily recall such deduction for claiming and planning.

Hope this will help you all.

Soft Copy : 👉 Click here 👈

On 1st of may 2021, Ministry of Finance has issued 12 Notifications for amendments on GST to make relief for COVID-19.

2021-06-02T07:38:00.017+05:30

On 1st of may 2021, Ministry of Finance has issued 12 Notifications for amendments on GST to make relief for COVID-19. I have complied entire 21 Page notification in to 2 pages which covering almost all things relevant to get update.
Hope this will help you.
Thank You

Jai Hind

👉For My chart PDF : Click Here 👈

NOTIFICATION

New Delhi, the 1st June, 2021

No. 18/2021 – Central Tax

G.S.R. 362(E).—In exercise of the powers conferred by sub-section (1) of section 50 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 148 of the said Act, the Government, on the recommendations of the Council, hereby makes the following further amendments in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2017 – Central Tax, dated the 28th June, 2017,

Notification no 17/2021: This notification amends Notification 83/2020
Notification no 19/2021: Period below for which late fee waived by amending Notification 76/2018 &

(ii) Provided that (Notification 19/2021)

Notification no 20/2021: Periods below for which late fee waived who had failed to furnish the details of outward supplies in FORM GSTR-1
Notification no 21/2021: Period below for which late fee waived who had failed to furnish the details of outward supplies in FORM GSTR-4
Notification no 22/2021: Period below for which late fee waived who had failed to furnish the details of outward supplies in FORM GSTR-7
Notification no 25/2021: This notification amends Notification 21/2021
Notification no 26/2021: This notification amends Notification 11/2021
Notification no 27/2021: This notification amends below rules

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Definition of Related Party & Relatives : Section 2(76) & Section 2(77) of Companies act 2013 | Section 2(41) of Income Tax Act 1961

2021-05-27T05:47:00.010+05:30

I have tried to present a small comparison of definition of "RELATIVE" under Companies Act and Income Tax Act.

This both definition is very important for our daily compliances work.
And also it's very important to keep always remember for clientele purposes..

Hope this will help you all.
Thank you
Jai Hind

Click on Image for better Quality

Section 2(76), Companies Act 2013

"related party", with reference to a company, means—

(i) a director or his relative;

(ii) a key managerial personnel or his relative;

(iii) a firm, in which a director, manager or his relative is a partner;

(iv) a private company in which a director or manager 1[or his relative] is a member or director;

(v) a public company in which a director or manager is a director 2[and holds] along with his relatives, more than two per cent of its paid-up share capital;

(vi) any body corporate whose Board of Directors, managing director or manager is accustomed to act in accordance with the advice, directions or instructions of a director or manager;

(vii) any person on whose advice, directions or instructions a director or manager is accustomed to act:

Provided that nothing in sub-clauses (vi) and (vii) shall apply to the advice, directions or instructions given in a professional capacity;

*****31[(viii) any body corporate which is—

(A) a holding, subsidiary or an associate company of such company;

(B) a subsidiary of a holding company to which it is also a subsidiary; or

Explanation.—For the purpose of this clause, “the investing company or the venturer of a company” means a body corporate whose investment in the company would result in the company becoming an associate company of the body corporate.]

(ix) such other person as may be prescribed;

List of Relatives in Terms of Clause (77) of section 2

A person shall be deemed to be the relative of another, if he or she is related to another in the following manner, namely:-

(1) Father:

Provided that the term “Father” includes step-father.

(2) Mother:

Provided that the term “Mother” includes the step-mother.

(3) Son:

Provided that the term “Son” includes the step-son.

(4) Son’s wife.

(5) Daughter.

(6) Daughter’s husband.

(7) Brother:

Provided that the term “Brother” includes the step-brother;

(8) Sister:

Provided that the term “Sister” includes the step-sister.

As per Section 2(41) of the Income Tax Act, 1961

"relative", in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual.

In case of any individual:

1. Spouse of the individual

2. Brother or sister of the individual

3. Brother or sister of the spouse of the individual

4. Brother or sister of either of the parents of the individual

5. Any lineal ascendant or descendant of the individual

.6. Any lineal ascendant or descendant of spouse of the individual

7. Spouse of the person referred in point 2-6 above

In case of an HUF: Any member of the HUF

Extended Due date under Income Tax Act. Circular no 9 of 2021 (Dt 20th May 2021)

2021-05-21T05:36:00.009+05:30

A small try to compile entire TDS rate only into 3 pages.

It's just for quick reference.

I have tried to bunch those TDS section which are considering almost similar types of payment.

Hope this will help to all.

For Soft Copy & Circular : 👉 Click Here 👈

Due to Covid scenarios CBDT has extended the due date under Income Tax Act. Circular no 9 of 2021 (Dated 20th May, 2021)

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Let’s understand TDS Interesting way & for Quick Reference for FY 21-22 (AY 22-23)

2021-05-14T12:54:00.020+05:30

A small try to compile entire TDS rate only into 3 pages. It's just for quick reference.

I have tried to bunch those TDS section which are considering almost similar types of payment.

Hope this will help to all.

👉 For Pdf : Click Here 👈

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GST & Direct Tax suggestive measures of Covid 2.0

2021-05-01T12:42:00.022+05:30

Click here : For soft copy

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GST & Direct Tax suggestive measures of Covid 2.0

Some More Relaxations Needed (Demanded by various sectors of industry) in Covid 2.0 are listed below and the expectations from the Govt is to be more liberal in announcing slew of extensions and for facilitating trade measures:

GST

Income Tax

1. GST Returns Date Extension:

The GST date extensions for filing GST returns like GSTR 3B, IFF, GSTR 1, ITC 04, GSTR 7, GSTR 5A and other returns to be liberally given till 31st August 2021.

1. TDS deposit dates to be extended:

TDS deposit dates to be extended till 31st July 2021 under all sections for March 2021 and for the months of April, May, June 2021- the dates to be extended till 31st August 2021.

2. GST Tax Deposit date extension:

Currently, only 15 days interest free period given to below 5 crores turnover dealers and no relief given to dealers above 5 crores turnover.

The GST tax deposit timelines to be extended till 31st July 2021.

2. TCS/TDS returns date also need extension:

The TCS and TDS return dates need to be extended till 31st August 2021 and for the First Quarter 2021-22 to be 30th September 2021.

3. Reduction in Rate of Interest on deposit of GST:

The penal interest rates (18%/24%) need to be rationalized keeping in view the current bank FD/ SB interest rates from 9%/4 to 5%/2%.

3. TCS/TDS certificate generation dates:

Certificates download dates also need to be extended till 15th September 2021 for Q4 and 15th October 2021 for Q1 2021-22.

4. GST input benefits for Covid related set ups, covid related expenditures:

ITC to be allowed as to charity and purchased a deployed ambulance for the benefit of the staff personnel and kept mini hospital set ups ready by providing oxygen kits at bay.

4. Belated/Revised ITRs of assessment year 2020-21 need to be extended:

The date needs extension till 30th June 21 which has already extended till 31st May21.

5. Rule 36(4) conditions to be cumulatively relaxed till 31st July 2021:

The industry needs relaxations in following this rule in case of non or late filing of GSTR 1s by the suppliers.

Rule 36(4) to be relaxed till 31st July 2021 and to be cumulatively applied in GST return of August 2021.

5. Income tax And Audit returns for Asstt year 2021-22:

The date would be requiring extension in the near future to 3 months from the original dates.

6. IGST exemption on purchase of Covid relief material even for Personal Use.

6. PF/ ESI deposit date extension:

The time line to be extended without penal interest till 31st July 2021.

7. GST exemption on vaccines with simultaneous ITC allowed on input goods and services:

GST exemption on output side with ITC allowance on input side till 31st March 2022 to be given keeping in view the target of vaccinating the whole Indian population.

7. Relaxation in Advance tax for the first quarter 2021-22:

First instalment of advance tax deposit to be merged with second instalment 15th September 2021.

8. Section 54 and related time line extensions:

For all those who are waiting for investment within 2 years or 3 years in immovable property as per Section 54 and 54EC, the months from March till June 2021 not to be counted in those time lines.

9. Section 269ST to be relaxed on general hospitalization also.

Summary of 10 Tax reminders relevant in FY22

2021-04-30T18:53:00.014+05:30

For Soft Copy Click Here

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Summary of 10 Tax reminders relevant in FY22

1. Choose your preferred tax regime –

Between two option Old Scheme or concessional tax rate

scheme.

2. Dividends taxable in the hands of the investors –

Taxable from FY 21-22.

No DDT

Dividend paid is above Rs5,000, the payer will deduct TDS

and reflect in 26AS.

3. Your EPF is tax-free, but only up to a point-

2.5 Lakh (5 Lakh for GPF govt employees)

4. ULIPs are also tax-free only under specific conditions –

Premium should less than 10%of sum assured and

aggregate annual premium across all ULIPs by an individual

exceeds Rs2.50 Lakh

5. Exemption to Senior Citizens from filing of tax returns-

Senior citizens above the age of 75

6. The time to file belated tax returns has been crunched-

Now it will only be possible till December

7. From FY22, it is over to pre-filled ITR forms

8. PAN cards not linked to Aadhar will be inoperative

9. You pay higher TDS if you don’t file returns

10. Bill submission under LTC cash-voucher scheme-

The individual has to submit all bills and invoices in the

correct format containing the GST amount and GST number

of the vendor providing the service.

Amendment to finance bill 2021 Provident fund threshold limit for tax exemption increased

2021-03-28T16:03:00.006+05:30

Amendment to finance bill 2021

Provident fund threshold limit for tax exemption increased.

contact- bhawnasinhaon@gmail.com

Important Notification 74, 75, 76 & 77/2020 related to GST due date, Issued by CBIC on 15th Oct 2020

2020-10-18T08:01:00.003+05:30

Important Notification related to GST due date, Issued by Central Board of Indirect Taxes and Customs (CBIC) on 15^th Oct 2020

Click here: for Pdf Notification 74/2020

Click here: for Pdf Notification 75/2020

Click here: for Pdf Notification 76/2020

A summary on Dividend Income and Deemed Dividend Income.

2020-09-18T19:44:00.010+05:30

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For Soft Copy Click Here

Retirement benefits of Provident fund

2020-09-18T02:21:00.006+05:30

Don't Know retirement benefits of provident fund?

What are the tax benefits from provident fund?

Have a look at brief description chart & lets understand it.

Click on the image for good visibility and view.

5% TCS to be applicable on FOREX transactions (LRS) w.e.f 1st October, 2020

2020-09-12T17:18:00.012+05:30

Practical Example of TCS on foreign remittance through Liberalised Remittance Scheme (LRS)

Mr. Ambani has done remittance during FY 2020-21 as follows:

-1st remittance – Rs. 6,50,000/-

-2nd Remittance – Rs 2,00,000/-

-3rd Remittance – Rs 50,000/-

TCS applicability transaction wise is as under:

>1st remittance – Rs. 6,50,000/- then No Tax will be collected since the amount is below Rs 7,00,000

>2nd Remittance – Rs 2,00,000/- , Yes TCS will be applicable on Rs 1,50,000/-

[(Rs 6,50,000 + Rs 2,00,000) = Rs 8,50,000 – Rs 7,00,000 = Rs 1,50,000]

>3rd Remittance – Rs 50,000 TCS will be applicable on Rs 50,000 entirely since Rs 7,00,000 limit has been exceeded in 2nd transaction.

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Benifits of ITR filing & Consequences of late Filings of ITR

2020-09-10T13:30:00.014+05:30

Even though ITR filing is not mandatory for few categories of person, but there is few Benefits of filing ITR filings:

>Claiming Refunds (if TDS/TCS has deducted)

>Loan processing, ITR is one of the basic document for application for loan.

>Sometime to get Insurance compensation they asking for proof of income.

>To open Term Insurance policies.

>VISA processing.

>It's mandatory to file ITR for those person who has property outside INDIA, even though HE/SHE doesn't earn anything that particular Previous year.

>Carry forward of losses for business & profession.

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NPA comparison between Private & Public Sector Banks

2020-09-07T01:02:00.014+05:30

Content Created by Ankur Tah
To click on Image to good visibility.
If it's useful then Please Like & share to others.

A small comparison between Private and Govt Sector bank taking Gross NPA as a base.
If we consider sector wise comparison based on wtd. Avg. method for NPA Ratio then Public Sector banks are 3 time higher than Pvt. Sectors Banks.

Although loan sanctioning process of Pvt. banks is very faster then govt. bank but internal policies to sanctioning loan is more stronger then Govt. banks.
It's kind of very simple to get loan from Public sectors banks by submitting fake documents or enhancing value for mortgage for higher loan and showing fake audited stock for CC loan and no worried to repay such loan or repay loan using loan money.

RBI has merged many SICK govt. banks into others but the internal structure for sanctioning loan is still same.

I have done many bank audit and observed there are many loopholes of Public sector banks, Mostly Credit manager relying on the paper documents submitted by Loan applicant.
Govt. banks won't consider the actual existence of such information, general public misused this loopholes badly.
On the other side Private sectors are too active to sanctioning loan and collect interest on time.

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2020-08-27T00:21:00.007+05:30

Tax benefits on home loan & FAQs

Content created by - Bhawna sinha

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Income Tax Exemption On Educational Scholarship U/S 10(16) & FAQ's

2020-08-22T00:37:00.003+05:30

content created by - Bhawna Sinha

contact email bhawnasinhaon@gmail.com

TDS Certificate FAQ

2020-08-14T23:44:00.010+05:30

Ankur Tah - Advisory & Solutions

To download :👉 Click here 👈

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[full_width]

TAX benefit and FAQs' on Education Loan Under Section 80E

2020-08-11T12:02:00.007+05:30

Education Loan and It's benefits.
Content Created by bhawana Sinah

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Home

Union Budget 2022-23: Summary

Who are eligible to act as depository Participants?

How to Convert Physical share into Electronic mode (Demat) | Part-2

We will learn..

What is Depository(A basic Discussion) | Part 1

We will learn a basics about depository, Demat, NSDL, CDSL..

Categories all Ind AS into 10 parts

Link between Ind AS and AS

Income Tax Due Date further Extension for AY 21-22 (Notification dt. on 09.09.2021)

Don’t Forget to Claim Deductions for Income Tax for AY 21-22 (PY 20-21)

On 1st of may 2021, Ministry of Finance has issued 12 Notifications for amendments on GST to make relief for COVID-19.

Definition of Related Party & Relatives : Section 2(76) & Section 2(77) of Companies act 2013 | Section 2(41) of Income Tax Act 1961

Extended Due date under Income Tax Act. Circular no 9 of 2021 (Dt 20th May 2021)

Let’s understand TDS Interesting way & for Quick Reference for FY 21-22 (AY 22-23)

GST & Direct Tax suggestive measures of Covid 2.0

GST & Direct Tax suggestive measures of Covid 2.0

Summary of 10 Tax reminders relevant in FY22

Amendment to finance bill 2021 Provident fund threshold limit for tax exemption increased

Amendment to finance bill 2021

Provident fund threshold limit for tax exemption increased.

contact- bhawnasinhaon@gmail.com

Important Notification 74, 75, 76 & 77/2020 related to GST due date, Issued by CBIC on 15th Oct 2020

A summary on Dividend Income and Deemed Dividend Income.

Retirement benefits of Provident fund

5% TCS to be applicable on FOREX transactions (LRS) w.e.f 1st October, 2020

Benifits of ITR filing & Consequences of late Filings of ITR

NPA comparison between Private & Public Sector Banks

Content Created by Ankur TahTo click on Image to good visibility.If it's useful then Please Like & share to others.

Income Tax Exemption On Educational Scholarship U/S 10(16) & FAQ's

TDS Certificate FAQ

TAX benefit and FAQs' on Education Loan Under Section 80E

Education Loan and It's benefits.Content Created by bhawana Sinah

Content Created by Ankur Tah
To click on Image to good visibility.
If it's useful then Please Like & share to others.

Education Loan and It's benefits.
Content Created by bhawana Sinah