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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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NO INCOME BUT ITR FILING MANDATORY   Mandatory furnishing of ITR by certain persons .-     In order to ensure that persons who entered into certain high value transactions do furnish their return of income , amend in section 139 of Income Tax Act that a person shall be mandatory to file ITR, if during the previous year he-   i.                 Has deposited an amount exceeding 1crore in one or more current account maintained with the banking company or a co-operative bank OR ii.               Has incurred expenditure of an amount exceeding 2 lacs for himself or any other person for travel to a foreign country. OR iii.                Has incurred expenditure of an amount 1 lacs to wards consumption of electricity     OR ...
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