Thursday, December 8

Tag: Income tax

Instructions for functionalities related to e-Verification | Income Tax Department
Uncategorized

Instructions for functionalities related to e-Verification | Income Tax Department

E-verification is an issue-specific verification process. It includes verification of the identified transactions carried out by the Taxpayer in any specific financial year. Notice u/s 133C is issued electronically by Income tax Department during the e-verification process. This notice has requisite questions relating to the transactions/ case on which the taxpayer is expected to provide response. Overview of functionality and General instructions View Case details and Notice u/s 133C - In the "e-verification" tab, taxpayer can view the details of e-verification case(s) initiated.Taxpayer can click on the case and check the notices issued/ e-proceedings initiated on such e-verification case.Details such as DIN (Document Identification number) and other details of the notice (issu...
Govt Eases Conditions and Investment Limit for Angel Tax concession to Startups
Corporate

Govt Eases Conditions and Investment Limit for Angel Tax concession to Startups

Highlights Government increases the limit from 10 crores to 25 crores for availing income tax concessions.A startup will be defined as an entity which has been involved in operations for up to ten years from its date of registration instead of seven years.The investments made by the listed companies with a net worth of INR 100 crores or turnover of INR 250 crores into a startup shall be exempted. Any amount raised by startups in excess of its market value would be considered as income from other sources and would be levied tax rate of 30%. The government has made a decision to relax Angel Tax norms and increase the investment limit to INR 25 crores for availing Income Tax concessions by startups. This has come as a huge relief to startups. In the current scenario, startups can be...