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2021

New Amendments in Corporate Social Responsibility Rules

According to the United Nations Industrial Development Organisation, Corporate Social Responsibility (CSR) is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives (Triple – Bottom Line – Approach), while at the same time addressing the expectations of shareholders and stakeholders. Changes in the global environment increasingly challenge business around the world to look beyond financial performance, and to integrate social and environmental concerns into their strategic management.

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2021

landscape income tax return guide

• ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).
• No document (including TDS certificate) should be attached with this return form while filing ITR-7.
• Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

2021

An Overview of the New Labour Code and its Financial Impact

• While offering salaries in the private sector the employers generally restrict the component of basic salary to bare minimum to keep its minimum its own contribution for employee provident fund (EPF) as well as payment of gratuity when the employee leaves the employment.
• The balance part of the salary is paid to the employee in the form of various allowances like house rent allowance, conveyance allowance, leave travel allowance and special allowance being the biggest component for people in high salary range.

2021

Standard Deduction in case of Income from Salary

The Finance Minister Arun Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19,200 and medical reimbursement of Rs. 15,000 per annum. Interestingly, the provision of Standard Deduction was earlier available. However, it was abolished in the Finance Act 2005. They are usually deducted from the gross salary and claimed as an exemption. The government has proposed requisite amendments to Section 17(2)(viii) of the Income-tax Act, 1961. As a result, the effective additional benefit on account of the standard deduction would be an additional income exemption of Rs 5800.

2021

Munimji Maintenance of Books of accounts under Income Tax Act 1961

In this article, we will discuss the legal provisions on the compulsory maintenance of books of accounts as specified in section 44AA of the Act by a Professional declaring tax under section 44ADA. Let us begin the discussion analyzing the provisions of section 44AA of the Act related to ‘Maintenance of accounts by certain persons carrying on profession or business’.

Section 44AA of Income Tax Act, 1961:

Section 44AA of the Act requires certain persons to maintain books of account. The provisions of this section read with Rule 6F of the Income Tax Rules, 1962 relate to maintenance of books by assessee as well as prescribe the list of books to be maintained.

2020

Important FAQs regarding TDS on Income from Commission or Brokerage

The provisions of section 194H of the Income Tax Act, 1961 governs the TDS deductible on commission or brokerage income. As per the provisions of section 194H of the Income Tax Act, 1961, any person making payment of any income in respect of commission/brokerage is required to deduct TDS. In case of Individual / Hindu Undivided Family (HUF) provisions of section 194H applies only if the total sales / gross receipts or turnover exceeds the monetary limit specified under section 44AB (a) or (b). From FY 2020-21, individual and HUF whose turnover from the business is above Rs 1 crore or gross receipts from the profession are above Rs 50 lakh are also required to deduct TDS. Section 194H does not include an insurance commission referred to in section 194D.

Financial Management