Tag: Direct and Indirect Tax

Direct and Indirect Tax Management and Planning for Assessment Year 2020-21

Assessment of Trust with Computation of Tax Liability

1. Formation of a Charitable & Religious Trust (1). Meaning of Trust A” Trust” is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another […]

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Assessment of Company with Computation of Tax Liability

1. Company Taxation-Meaning and Definition Corporate sector is the most widely used form of business Organisation particularly for medium and large-scale business. Under corporate sector, a business is carried on by floating a company duly registered with appropriate authority. Corporate taxation refers to taxation of companies (as defined under Income […]

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Agricultural Income and its Tax Treatment [Section 2(1A)]

1. Definition of Agricultural Income [Section 2(1A)] Agricultural income including the following:  (i)            Any Rent or Revenue derived from Land; U/s 2(1A) (a) (ii)           Any Income derived from such Land by Agriculture or from Processing of Agricultural Produce; U/s 2(1A) (b) (iii)          any Income from Farm Building. […]

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New GST Return Forms – RET-1, RET-2, RET-3, ANX-I, ANX-II

The GST Council, as per the decision taken at the 39th GST Council Meeting, has introduced a New GST Return Forms System to improvise and simplify the return filing procedure. Under the new mechanism, a taxpayer will have to file only one main called the FORM GST RET-1, which will have […]

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Deductions in respect of certain Incomes under Chapter VI-A

1. [Section 80-IA]: Deduction in respect of Profit and Gains from Industrial Undertaking or Enterprises engaged in infrastructure Development (1) Eligibility of Deductions U/s 80-IA The deduction under this Section 80-IA is available to an assessee whose Gross Total Income includes any profits and gains derived by: (1) Any enterprise […]

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Deductions in respect of certain Payments and Investments

Meaning and Basic Rules of Deductions from Gross Total Income The aggregate of income computed under each head, after giving effect to the provisions for clubbing of income and set off of losses, is known as “Gross Total Income”. In computing the total income of an assessee, certain deductions are […]

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