About: The Equalization Levy was first introduced by the Finance Act, 2016 on non-resident business. Equalization levy is imposed at 6% on specified services such as online advertisement and digital advertising space or any other facility or service for the purpose of online advertisement. It is mandatory for Indian business residents to deduct the...
Continue readingWhat is Atal Pension Yojana?
About: A new scheme, Atal Pension Yojna (APY) has been launched by the government with effect from June 1, 2015, which provides the strategic direction for shaping the pension landscape in the country to convert the society from a pension less to pensioned one in the largely uncovered informal sector. As pension involves a...
Continue readingFunctions & Powers of National Financial Reporting Authority
The Central Government, by notification, constituted the National Financial Reporting Authority (NFRA) under the provisions of Companies Act,2013 for matters relating to accounting and auditing standards. So as to improve the confidence of investors and the public in the financial reporting of the entity. Functions of NFRA: The functions of national financial reporting authority...
Continue readingStartup India Scheme
Start-Up is an Entrepreneurial Venture or a new Business in the form of a Company, a Partnership, Proprietorship, etc. generally newly created with innovative concepts and too high growth potential. The Startups are growing in our country day by day, there are so many Indian startups who hit big even the Government of India...
Continue readingWhat is Section 269SS & 269T?
Section 269SS & 269T Objective: Sections 269SS and 269T are covered under the Income-tax Act. Tax evasion is one of the major issues faced in India due to which major losses have to be incurred by the government. Cash transactions which are done with the wrong intention which is uncounted become one of the...
Continue readingInterest under Section 234A, B, and C
About: Today we are going to understand Section 234 A, B, and C of Income Tax Act. This section imposes interest under these 3 sections. Let’s look these section: 234 A We have to file an Income tax return for a financial year within the time limit. If you did not file your return...
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