Instant PAN Through Aadhaar Based e-KYC

The Income Tax Department has launched a new facility of availing instant Permanent Account Number (PAN) for applicants with a valid Aadhaar. This is a massive improvement over the current process where an individual has to wait for 14 days for the PAN to arrive post filling the application.  Plus, one had to pay Rs […]

Income Tax Assessments

Tax Notice

In our previous blog, we examined the new income tax assessment structure. In this post, we shall look at the various types of income tax assessments conducted by the department.The department selects cases for assessment based on certain parameters. The parameters for FY 18-19 has been published  by the department on 05.09.2019. Under the Income-tax […]

Trade Advances Not To Be Deemed As Dividends

Trade Advances

SECTION 2(22) OF THE INCOME-TAX ACT, 1961 – DEEMED DIVIDEND – CBDT’S CLARIFICATIONS ON SETTLED VIEW OF SECTION 2(22)(e) OF SAID ACT ON TRADE ADVANCES/COMMERCIAL TRANSACTIONS CIRCULAR NO.19/2017 [F.NO.279/MISC./140/2015/ITJ], DATED 12-6-2017 Section 2(22) clause (e) of the Income-tax Act, 1961) (the Act) provides that “dividend” includes any payment by a company, not being a company in which the […]

The most frequent problems that business owners face are to do with accounting & regulatory compliance. Entrepreneurs view time invested in doing both as unproductive time.

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