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2019

Methods for E Verification of ITR

Income Tax Return (ITR) verification refers to the process by which one validates or authenticates the details furnished during the return filing process. An Income Tax Return filed but not verified will not be considered as valid return. ITRs are processed further and refunds (if any) are given by the Income Tax Department (ITD) only when you are done with ITR verification.

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2019

Cost Inflation Index for the Financial Year 2019 20

CBDT has announced, in a recent notification, the Cost Inflation Index for the Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Inflation Index for Financial Year 2019-20 is declared 289. Refer to the notification below:

2019

Brief Note on TDS Under Section 194H

Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident. Individuals and Hindu Undivided Family who were covered under section 44AB are also required to deduct TDS. Section 194H does not include insurance commission referred to in section 194D.

2019

FAQs on Tax Deducted at Source under section 194I

The Finance Act, 1994 inserted the Section 194I, regarding deduction of tax from rent. The Government introduced the provision to cover the income by way of rent under tax deduction at source. In other countries as well, such income is subject to deduction of income tax at source.

2019

Things that you must know about Employee Provident FundEPF

What is EPF?

  • Employee Provident Fund (EPF) is a scheme regulated by central government under ‘The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952′ which came into effect from 1951 which extends to whole of India except Jammu & Kashmir.
  • EPF is one of the most beneficial investment methods for salaried employee.
  • Government has initiated EPF registration and made it compulsory with certain conditions mainly for cultivating the habits of saving for all employees working in private sector, public sector or even in government undertakings.

2019

Voluntary Liquidation of a Private Limited Company

Introduction:

Company is a form of business which comes with many compliance requirements. Unlike other forms of business like Proprietorship or Partnership Firm which have very less compliance burden, companies have to comply with lot more regulations. Introduction of Companies Act, 2013 has also increase this compliance burden.

This entails an increasing cost in the form of Government fees, late payment interest & penalty etc. The businessmen have to hire consultants to manage these requirements which in turn further increase their cost.

In the face of global economic slowdown, if the business is not performing well, this additional compliance would only increase losses of the business instead of adding any value. Hence, many small companies prefer to switch to other forms of business like Partnership Firm. In this article we will discuss the process of closing down a Pvt. Ltd. company.

Financial Management