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Highlights Of Budget 2021

The Union Budget of 2021 has boosted the healthcare and infrastructure industry. Specified senior citizens, NRIs and small taxpayers can surely cheer on the Income Tax front. With the enhancement of the tax audit limit and redefining of the provisions in the Companies Act, businesses can concentrate more on upscaling, and expansion with lesser compliance … Read moreHighlights Of Budget 2021

Regulatory Compliance Portal

To reduce the regulatory compliance burden of citizens and businesses, the Department for Promotion of Industry and Internal Trade (DPIIT) launched the ‘Regulatory Compliance Portal’ on 1 January 2021. This portal aims to act as a bridge between citizens, industries, and the Government to minimise burdensome compliances. This portal will also serve as a first-of-its-kind … Read moreRegulatory Compliance Portal

Verification Of Applicability u/s 194N Of Income Tax Act

Under the Income Tax Act, 1961, a banking company (to which the Banking Regulation Act, 1949 (10 of 1949) applies), a co-operative society (engaged in carrying on the business of banking) or a post office, which is responsible for paying a sum exceeding one crore rupees (INR 1 crores) in cash during a year (to … Read moreVerification Of Applicability u/s 194N Of Income Tax Act

Balance of Payment

The analysis of the country’s ‘Balance of Payment’ is essential while determining whether their currency value is appreciating or depreciating. The Balance of Payment and the Net International Investment Position of a country together form the international accounts. In this article, we will talk about the Balance of Payment: What Is Balance Of Payment? Balance … Read moreBalance of Payment

Standard Operating Procedure (SOP) For Verification Of Taxpayers Granted Deemed Registration

To help taxpayers, the Government had enabled the Aadhaar authentication method for GST registration. With effect from 21 August 2020, the Central Goods and Services Tax Rules had provided that, ‘in cases where Aadhaar authentication is either not opted for by the applicant or when such authentication has failed, the authorised officer has to initiate … Read moreStandard Operating Procedure (SOP) For Verification Of Taxpayers Granted Deemed Registration

Validation Of UDIN By CBDT

To curb malpractices, false representations and fake certifications, the Professional Development Committee of the Institute of Chartered Accountants of India (ICAI) introduced the innovative concept of UDIN (Unique Document Identification Number). With the introduction of UDIN, every Chartered Accountant having a full-time Certificate of Practice has to register on the UDIN Portal and ensure that … Read moreValidation Of UDIN By CBDT

Section 80D – Deduction In Respect Of Health Insurance Premium

The Income Tax Act has provided for certain deductions while computing the total income of the assessee. Medical Insurance Premium paid under section 80D of the Income Tax Act is one of the many deductions allowed. This deduction plays a dual role. It not only helps assessees to reduce their taxable income but also promotes … Read moreSection 80D – Deduction In Respect Of Health Insurance Premium

Form 10-IA

Under the Income Tax Act, taxpayers can claim several deductions from their total income. Every deduction has specific criteria to be met. Deductions under section 80DD and 80U can be claimed if any medical expenditure has been incurred for the treatment of a differently-abled person. To claim deduction under either of the sections, the taxpayer … Read moreForm 10-IA