We often cross paths with many individuals who hail all the actions of the Central Government against corruption, as if they are the paid brand ambassadors. Happy to see such citizens! Sadly, when we scrutinize their books, we find it full of dead rats and rodents (creative accounting!). Such people …Read More »
Can we get donations from abroad?
One of the repeated enquiries I got during the COVID period (last 7 months) was about the Registration of Trusts. Many people were in a hurry to start a trust and their most common question was about how to get funds from abroad! By looking at them, I was also …Read More »
Honoring the Honest by Income Tax Department
Those who have filed their Income Tax Return for AY 2020-21 would have got a mail from the IT Department with the above image mentioning “Honoring the Honest-Use/Share the Proud Filer Badge” Hope you remember, a few months back, the Central Government launched a Scheme called Honoring the Honest. The …Read More »
Why is Profession Tax so low when compared to the other taxes?
If you observe, the Government has increased every tax, be it Income Tax, GST, Property Tax, etc., over the years, but not the Profession Tax (PT) and it remains abysmally low. Any employee getting Rs.15,000 per month or Rs.15,00,000 per month, pays just Rs.200 per month as PT. What stops …Read More »
Protection to Parents
Did you know there is an Act that defines the terms “Parents and Senior Citizens”? As per Section 2(d) of The Maintenance and Welfare of Parents and Senior Citizens Act, 2007, Parent means father or mother whether biological, adoptive or step-parent and includes father-in-law, mother-in-law, and grandparents, whether or not …Read More »
Positive Pay system for Cheque Transactions
A couple of years back, on a sunny day, I received a call from my banker, Canara Bank, stating that there is a mismatch in my signature on a cheque which had come for clearing! It was no surprise to me, as I had a lot of variations in my …Read More »
TDS on cash withdrawal from the Bank
“A chain is only as strong as its weakest link” – Someone must have reminded the Government of this proverb and from thereon, the Government has relentlessly engaged in linking business’. They don’t want to leave any weak links in any financial transactions. They have done straight links, cross links …Read More »
FAQ on IT return claim
Mr.Sanjay purchased shares of a company, which was later barred from trading, almost seven years ago. Can he claim the loss incurred due to the same while filing his return this year? If yes, under which head should he claim it? We have to refer Section 45 and Section 2(47) …Read More »
FAQ on filing IT return for FY 2019-20
Mr. Vasudev owns 2 flats, one in Basavanagudi and another one at Sanjaynagar. He is staying at Basavangudi and the 2nd flat is empty. The monthly rent of neighboring flat at Sanjaynagar is Rs.25,000 per month. Mr. Vasudev wants to know how much notional rent he has to consider while …Read More »
What is the difference between Notification, Circular and Press release?
A notification is published in the Official Gazette by the Government in exercise of the power derived from a legislative enactment or provision. When you read “as may be prescribed”, the information published can be in the form of Rules or Notifications. It is part of the Act and binding …Read More »