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We are team of experienced professionals who add value to their business. Our clients can expect: A fresh and proactive approach to their accounts and tax planning A friendly and personal service Innovative solutions to requirements

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Commissioner Has Power To Cancel Registration of Trust

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      Commissioner Has Power To Cancel  Registration of Trust Amendment of   Section 12AA of income tax act with effect from 1 st November 2019, provides that cancellation of registration can be on two grounds i.                      The Principal Commissioner or the commissioner is satisfied that activities of trust or institution   are not genuine or are not being carried out in accordance with its objects     AND & ii.                    Where a trust or an institution has been granted registration under section 12A and subsequently ,it is noticed that the trust or institution has violated requirements of any other law which was material for the purpose of achieving its objects , the principal commissioner or commissioner may, by...
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GOOD NEWS FOR SALARIED PERSON WHO EARN RS 50,000 P.M.

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IF INCOME OF RS 50,000 PER MONTH THEN NO TDS  A)STANDARD DEDUCTION FROM GROSS SALARY UNDER SECTION 16 (ia) of (“The Act”) As per the provision prior to amendment A deduction of  Rs  40,000  or   Amount of salary  (whichever is less). i.e.  Rs  40,000 As per amendment made in this provision w.e.t. A .Y. 2020-21 The deduction has been raised from Rs 40,000 to Rs 50,000 . i.e.  Rs 50,000 B)REBATE FROM INCOME TAX TO A RESIDENT INDIVIDUAL UNDER SECTION 87A of (“the Act”)   As per provision prior to amendment   Rebate u/s 87 A is available if – i) His total taxable income upto Rs 3,50,000          Quantum of rebate is –           Amount of income -tax payable or Rs 2500 (whichever is less)                            i.e  Rs 2500   As per amendment made in...
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GIFT TO NRI  IS TAXABLE IN INDIA NOW ONWARDS Amendment in Section 9 of Income Tax Act, 1961 As per existing provision of section 9 of income tax act, in case of Non resident Income earned outside India or received outside India is not taxable in the hands of non-residents. Non-residents are taxable in respect of income earned in India or deemed to be earned in India or received in India or deemed to be received in India only under section 9 of the Income Tax Act, 1961, (“the Act”). Gifts were made by residents in India to non residents upon which non resident claimed that those gifts were not taxable under the Act as that income neither accrued nor arose in India.  India wherein those gifts were claimed to be non-taxable in India as the gifted income did not accrue or arise in India. Those gifts comprised of payment of money and /or transfer of  property situated in India. Section 56(2)(x) of the Income-tax Act provides i.e. if any sum of money w...
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