[ad_1] Through CBDT NN. 37/2022 dated 21.04.2022 notified rule 12AB has prescribed certain conditions for furnishing of ITR by specified persons referred to in clause (iv) of 7th proviso to section 139(1). The conditions prescribed for compulsorily filing of ITR by specified persons are as follows: (i) if the total sales, turnover or gross receipts […]
2 types of standard deduction in income tax for 2022
[ad_1] A standard deduction is basically a deduction allowed in income tax, regardless of the expenses or investments made by an individual. No disclosure/proof of investment/expense bills are required for this type of income tax standard deduction as it is allowed at a standard rate. In India, there are 2 types of standard deduction, as […]
IFB Industries posted a loss of Rs 28 crore in the fourth quarter
[ad_1] IFB Industries It reported a consolidated net loss of Rs 28.29 crore for the fourth quarter ended March 31, 2022. IFB Industries said in a regulatory filing that the company had posted a net profit of Rs 7.71 crore in the January-March period a year ago. However, total income stood at Rs 904.86 crore […]
Federal Budget Outlook, Booming Revenue, and Another Attempt at a State Tax Cut
[ad_1] CBO: The deficit will fall sharply this year, then rise again by 2024. Thanks to a booming economy, big increases in tax revenue, and end-of-pandemic relief, the federal budget deficit will shrink from $2.8 trillion to nearly $1 trillion in 2021, According to the Congressional Budget Office’s Annual Budget and Economic Outlook out tomorrow. […]
CBDT notifies ITR-U for filing updated ITR u/s 139(8A)
[ad_1] Through CBDT NN. 48/2022 dated 29.04.2022 notified ITR-U and Rule 12AC for filing updated return u/s 139(8A) relating to AY2020-21 and subsequent AYs. Further, ITR-U has to be chosen by the eligible person as the reason for updating ITR from the following- Return not filed earlier, Income not reported correctly Wrong head of income […]
Distribution of property after the death of a person without a will in India
[ad_1] On the death of a person, his property is distributed among the persons specified in the will. However, if a person dies without leaving a will (i.e. he dies intestate), in such cases the property will be distributed according to the law on the basis of his religion. The succession of Hindus, Jains, Buddhists […]
How Scammers Steal NFTs and Cryptocurrencies from Twitter Users
[ad_1] The Twitter profile picture of Uttar Pradesh Chief Minister Yogi Adityanath was replaced last month with a bore app Yacht Club NFT, by scammers to promote phishing sites for the Azuki NFT projects. Prime Minister last year Narendra ModiTwitter account was briefly hacked and used by scammers to claim that India accepts bitcoin as […]
CBO: The government’s (almost) free money is over, at least for now
[ad_1] The federal government may once again have an opportunity to learn a painful lesson about rising debt prices and rising interest rates in an uncertain economy. Congressional Budget Office, In the recently released budget and economic scenario, forecasts an increase in federal borrowing costs over the next decade. The CBO estimates that net interest […]
CBDT issues directions to implement Supreme Court’s decision on revaluation dispute
[ad_1] CBDT, in exercise of the powers under section 119, issued Instruction No. 1 of 2022 for implementation of the judgment of the SC in Ashish Agrawal in respect of revaluation notices issued between 01.04.2021 to 30.06.2021; Explains the scope of the decision and lays down the procedure to be followed by the AO. Some […]
My company setup experience in Dubai Freezone (from India)
[ad_1] There are many benefits of setting up a company in Dubai and one of the most important benefits is the low tax rate. In fact, some areas in Dubai (namely freezones) – have no tax and are therefore called tax havens. This is why I thought of incorporating a unit in Dubai. Since I […]