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10 May 2021
  • By Admin
  • Category Income Tax
  • Views 1411
Direct Tax Vivad Se Vishwas Scheme was announced by the Union Finance Minister, Mrs. Nirmala Sitharaman during her Budget speech on 1st February
27 Apr 2021
  • By Admin
  • Category Income Tax
  • Views 330
ITR-1 cannot be filed in cases where tax has been deducted u/s 194N:
Section 194N provides that the tax is mandatorily required to be deducted if the amount of cash withdrawn during the year from a banking company or co-operative bank, or post-office from one or more accounts maintained by the taxpayer exceeds
In light of the COVID-19 pandemic raging unabated across the country, and because of requests received from the taxpayers, tax consultants and other stakeholders to further extend various Direct Tax due dates, the Government has decided to extend specific timelines vide Press Release dated April 24 2021.
Introduction
  • A Statement of Financial Transactions (SFT) is supposed to be furnished in a prescribed form/ manner by a class of specified persons (reporting persons) as per the Income Tax Act. A new sub-rule 5A has been inserted under Rule 114E, identifying additional reporting requirements by a person's class. 
  • The frequency and manner of furnishing the statement of the financial transaction are to be specified. 
23 Mar 2021
  • By Admin
  • Category Income Tax
  • Views 591
Employee Stocks Option Plan (ESOP) is an option to purchase the employer company’s stock/equity at a predetermined price (mostly below its overall market value at the time of grant) given to the employee by the employer company. The employee who agrees for ESOP scheme can exercise the actual purchase of Employer Company’s stock/equity on fulfilment of certain conditions like completion of tenure of service defined in several years or a company’s revenue target, etc. On realization of the conditions proposed (vesting) placed by the employer company, the ESOP is vested with the employees.

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