Highlights of Today’s speech by Honourable Finance Minister and Minister of State in Finance relating to Income tax, GST, Companies Act 2013 Compliance, Insolvency and Bankruptcy Code and Banking services regulatory compliance considering COVID-19

Highlights of Today’s speech by Honourable Finance Minister and Minister of State in Finance relating to Income tax, GST, Companies Act 2013 Compliance, Insolvency and Bankruptcy Code and Banking services regulatory compliance considering COVID-19:   * Income Tax* Last date for belated return 30th June 2020 and interest rate under …

Computation of Long Term Capital Gain on Sale of Shares

Exemption for long-term capital gains arising from transfer of listed securities as referred to in Section 10(38) has been withdrawn by the Finance Act, 2018 w.e.f. Assessment Year 2019-20 and a new section 112A is introduced in the Income-tax Act. As per Section 112A, long-term capital gains arising from transfer …

Annual Return on Foreign Liabilities and Assets (FLA return) FAQs under FEMA 1999

FLA: The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who hold foreign Assets or Liabilities …

TAX AUDIT

TAX AUDIT   What is tax audit? ​​The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer …