Return of wealth (1) Every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date exceeded the maximum amount which is not chargeable to wealth-tax, shall, on or before the due date, furnish a return of his net […]
Goods and Services Tax was introduced in India several times by different governments before it was actually implemented from July 1, 2017, onwards. The idea of bringing about GST was to have a ‘One Nation One Tax’. GST subsumed all the taxes that prevailed in the country What is CGST? CGST stands for Central Goods
[Powers of [Director-General or Director], [Chief Commissioner or Commissioner] and [Joint Commissioner] to make enquiries The 52[Director-General or Director], the 55[Chief Commissioner or Com- missioner] and the 56[Joint Commissioner] shall be competent to make any enquiry under this Act, and for this purpose shall have all the powers that an 57[Assessing Officer] has under this Act in relation to
Registering a company in Bangalore, India’s vibrant IT hub and start-up hotspot, offers entrepreneurs an array of opportunities in a business-friendly environment. With its access to a highly qualified workforce and advanced infrastructure, the city attracts entrepreneurs from various domains. Starting a business can be a thrilling journey, and choosing the right business structure is a
Wealth-tax authorities to follow orders, etc., of the Board Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.]
To monitor high-value transactions made by taxpayers, the income tax department introduced a new concept of furnishing a Statement of Financial Transactions or reportable accounts. Section 285BA of the Income-Tax Act requires specified reporting persons to furnish this statement. Rule 114E of the Income Tax Rules 1962 specifies that this statement must be furnished in
Construction workers are exposed to various risks, including health hazards due to poor working conditions. To support their families in case of natural death, many state governments and welfare boards offer Natural Death Assistance to provide financial relief. The “Natural Death Assistance for the Construction Workers” by the Delhi Building and Other Construction Workers Welfare
DAU (Daily Active Users), WAU (Weekly Active Users), and MAU (Monthly Active Users) are metrics used to measure the frequency of user engagement with a product or service over specific time periods, providing insights into user activity patterns The DAU, WAU, and MAU metrics are useful for gaining insight into the level of user engagement
Budget 2025 proposes to increase the limit for tax deduction at source (TDS) on interest earned by general (non-senior) citizens from fixed deposits from banks from the present Rs 40,000 to Rs 50,000 per financial year. These amendments will take effect from the 1st day of April 2025. What is TDS? TDS stands for Tax Deducted
The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families who earn income from Proprietary business or by practising his/her profession. However, when an Individual/HUF earns income as a partner of a partnership firm which is carrying out business/profession, he cannot file ITR-3. The ITR-3 form is specifically designed for individuals and
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