The German pension system is known for its strict regulations and procedures. Many expatriates and workers who have contributed to the German pension fund might be unaware of how to properly prepare documents for a German pension refund. However, with the right steps, you can easily navigate the process and
Doing the books of accounts for an e-commerce seller is different from maintaining traditional books of accounts. It gets further complicated if the e-commerce seller is located outside India like Ebay, Etsy etc. The final books of accounts should match with the GST returns along with the running balance with
Anyone whose total taxable income exceeds the basic exemption limit is required to file an Income Tax Return (ITR) during the relevant assessment year. If your total taxable income also exceeds the tax-free limit, you may have to pay income tax. In addition to this, it is also mandatory to
TDS, also known as Tax Deducted at Source is a direct taxation mechanism that facilitates direct tax collection from the source at the time of the income payout. The deducted TDS amount will be remitted to the Central Government. TDS is levied on a number of income avenues such as
Meaning of Clubbing In general, clubbing means including the income of any other person into the Assessee’s total income for the purpose of taxation. Certain cases have been defined under the Income Tax Act, in which the income of other person is statutorily required to be included in the income
New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income tax return of Financial Year 2017-18 and onwards. If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on
A complete guide to file form no. 61, 61B and 15CC. The use of these forms are Form 61 – Filing of details regarding form 60 Form 61B – Statement of Reportable Account under sub-section (1) section 285BA of the Income–tax Act, 1961 Form 15CC – Quarterly statement to be furnished by
As per Section 115BB, a flat tax rate of 30% is applicable on income arising by way of winnings from any: – Lottery Crossword Puzzle Race including horse race (not being income from the activity of owning and maintaining race horses) Card Game and other game of any sort (
In simpler terms, buyback of shares means buying by a company of its own shares in accordance with the provision of the law. Taxability on buyback of shares is divided on the basis of the listing of the company i.e. a) Buyback by Listed Companies b) Buyback by Unlisted Companies
In order to curb black money, the government has imposed various restrictions on cash payments from time to time. Paying/Receiving cash beyond these limits attracts a heavy penalty which can be up to 100% of the amount received/paid. Here is the list of various restriction which is imposed under the