Simplified Laws for Common man

08/04/2021

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How can I make money from Future and Options Trading? Can I earn second source of Income from F&

25/03/2021

https://simplifiedlaws.com/business/audit-trail/

Today, 24th March 2021, the Ministry of Corporate Affairs (MCA) has issued two important Notificatio

02/02/2021

Good evening
Is this a *Game-Changer or a Never before Budget?* What do you feel? For me, I have to do more information mining in the coming days to know this. As of now, I can only say this –*No juicy stuff – either to praise or to criticize*; It is like *IDLI – harmless!*
There is nothing much to write on income tax (no change in tax rates), barring one or two. There are certain procedural, administrative changes which I will take up in the subsequent articles. I will keep posting it over this week.
Overall budget spending is boosted, with the ‘never before’ kind of borrowings! Anyhow, it is required for the economy.
Now, I have picked up only 3 points – which will have an immediate impact like an increase in Customs Duty. You can read here

I am not in a hurry to write on the Budget w.r.t the Income Tax Proposals as they are not going to c

02/11/2020

02/11/2020
Namaskara 🙏

Our article has appeared in today’s Deccan Herald. Kindly read and offer your comments.
https://www.deccanherald.com/business/business-news/all-about-tds-on-property-deals-with-nris-909993.html

31/10/2020

31/10/2020

Good morning to all,

The Press Release dated 29th Oct, on tax benefits from Deemed Leave Travel Allowance (LTA) for non-Government employees is analyzed here. Hope this article will be helpful to both employers and employees.

Give your feedback on this 😊🙏
And Don't forget to suscribe our YouTube Channel.
https://www.youtube.com/c/Simplifiedlaws-com

12/10/2020

12/10/2020
Namaskara 🙏
*TCS on foreign remittances* is published in Today’s Deccan Herald (12/10/2020).

https://www.deccanherald.com/business/family-finance/everything-about-tcs-on-foreign-remittances-900631.html

27/08/2020

Income Tax Act

Does this amount taxable in the hands of nominees /family of deceased? Does the compensation is taxable in the hands of the victims who sustained injuries?

Exemption under Section 10(10BC) – Any amount received or receivable from the Central Government or a State Government or a local authority by an individual or his legal heir by way of compensation on account of any disaster

Section 2(d) of the Disaster Management Act, 2005 defines a disaster as “Any disaster on account of any natural or man-made causes. It also includes disaster on account of any accident or negligence”

Suppose, the disbursement of this amount is delayed and the Government pays interest on the compensation, is interest is subject to TDS and Tax?

Both compensation and Interest should be exempt from tax, as the compensation is exempt and TDS shouldn’t be applicable on payment of such interest. However, the department takes a contrary view. Many Courts have given the judgment in favor of the victims.

26/08/2020

Common error while filling income tax return-

*deduction towards interest earned*
Ms. Rama, 59 years, has earned Rs.5000 in Savings Bank Account and Rs.1,25,000 in Fixed Deposits. How much deduction he can get from income tax?
While filing the return, you have to consider deduction u/s 80TTA. Under this Section, interest earned upto Rs.10,000 per year in Savings Bank Account to be considered. In the above case, Rs 5000 deduction to be taken.
Error – sometimes interest earned from Fixed Deposit or Recurring Deposit is considered u/s 80TTA. Watch this while filing the return

*Deduction towards interest earned – 2*
Mr. Ramanna, 61 years, has earned Rs.8000 in SB account and Rs.2,00,000 in Fixed Deposit. How much deduction he can get from income tax?
For *Resident Senior Citizens* section 80TTA is not applicable. You have to consider 80TTB. Under this section, both SB, FD interest earned upto Rs.50,000 can be taken as deduction. In the above example, Rs,5000 of SB and Rs.45000 of FD interest can be deducted
Error – By oversight or ignorance, even for senior citizens 80TTA is considered instead of 80TTB. This error will have direct impact on the taxes. Watch this while filing the return

24/08/2020

Announcement of our Telegram channel:

Dear All,
Hope you all are Safe and doing well!

We started a telegram channel to reach the SME community, Promoters, and Accountants & students.

We will be sharing tax, law, and other relevant information regularly.

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This is a knowledge-sharing Telegram Channel by CA Kumar Prasad & Team.

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Simplifiedlaw Team.

Short news on Tax, Law and Others

08/03/2017

Good afternoon friends What is this – women’s day? One more borrowed concept from the west? Is it not a weird concept in Indian context? Let it be; I am not interested in such ‘time pass’ elite debates. On this occasion of women’s day; I don’t want to write on ‘women empowerment’, I spare this ...