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In order to rationalisation and to reduce compliance burden on small and medium enterprises in India, the Finance Act 2020 has brought major amendments to the Income Tax Act, 1961 related to the applicability of the Tax Audit. Under section 44AB of the Income Tax Act, 1961, every person carrying on business is required to...

The announcement of extension of tax filing due dates has provided a major relief to the tax payers who were facing the challenge of meeting the statutory and regulatory compliances owing to COVID-19 Pandemic. This will give more time to taxpayers to furnish their income tax returns. Last Date of Income Tax Return Filing for...

The Government of India has formalized air bubble arrangements with 16 countries and is in discussion with others for similar arrangements. Besides countries like USA, Canada, France and Germany, the list now includes countries like Oman and Bhutan with whom India has formalized Air Bubble Pact. Air Bubble agreement is a bilateral air corridor being...

If you have income from business or profession and if your taxable income includes such income from business or profession, you need to keep and maintain the accounts and records of transactions (books of account). You also need to get such books of account audited from a Chartered Accountant. However, in case of small taxpayers...

The new TCS provisions is applicable from October 1, 2020. In our previous blog dated August 21, 2020 we had provided a brief analysis of applicability of TCS where the annual turnover is above INR 10 Cr. In our current blog we are providing brief introduction to another two provisions related to TCS which are...

For the past few years, the government has been taking several measures to bring in transformation in both direct and indirect taxes. The objective has been to create a taxpayer-friendly ecosystem by introducing greater transparency, simplification, and ease of meeting tax compliance. The introduction of the Faceless e-Assessment process by the Central Board of Direct...

Taxability in case of a deputation or secondment arrangement has always been a subject matter of discussion and litigation. Largely, there could be 2 types of arrangements: A Foreign entity enters into an agreement for providing services to an Indian entity and deputes personnel to India for fulfilling its obligations. Normally, the supervision and control...

CBDT has issued functionality vide order dated 31 st August 2020, From now on, taxpayers can no longer remain non-compliant as banks and post offices can access the ITR filing status of a customer. A taxpayer’s ITR status can be verified based on his or her Permanent Account Number (PAN). In continuation of various reforms...