Tax Compliance Calendar for November 2020

Article compliance due date under Income Tax Law, GST Law and Labour Laws. Same includes due date for filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 and due of Furnishing Tax Audit Report for A/Y 2020-21. It further includes due date of…

Assessment of Charitable Trusts

An article on Assessment of Charitable Trusts pertaining to the issue of 'Excess Application of Income over Income Derived'. The article discusses whether the excess of income applied for objectives of Trusts in India is eligible to be set off against Income derived by such Trusts in the subsequent years. https://taxguru.in/income-tax/assessments-charitable-trusts-excess-application-income.html

Income Tax Updates

Following are some important updates from the Income Tax Department relevant for professionals and TaxpayersIncome Tax Department notifies Cost Inflation Index (CII) for FY 2019-20 as 289. This is relevant for taxpayers having income from Capital Gains.CII NotificationIncome Tax Department issues guidelines for Manual selection of Returns for ScrutinyManual Scrutiny Guidelines

Insight Into Benami Transactions (Prohibition) Amendment Act, 2016

An article on the Benami Transactions (Prohibition) Amendment Act, 2016The article covers the background, legislative history, Key aspects, Officers' Responsibilities and FAQs. The article can be found here- https://taxguru.in/income-tax/insight-benami-transactions-prohibition-amendment-act-2016.html