CMA ABHAYRAJ MORE

As per press release by CBDT on 18/07/2020, Taxpayers are requested to avail the opportunity to participate in the e-campaign for  their own ease and benefit. :-  The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020.  The 11 days campaign ending on 31st July, 2020 focuses on the  assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the FY 2018-19. The objective of the e-campaign is to facilitate taxpayers to validate online their  tax/financial transaction information available with the I-T Department, especially for the assessees for FY 2018-19 and promote voluntary compliance, so that they do not get into notice and scrutiny process etc.  This e-campaign is being run for the benefit of the taxpayers.  Under this e-campaign the Income Tax Department will send email/sms to identified taxpayers ...

  Section 194N : Cash withdrawal during the previous year from one or more account maintained by a person with a banking company, co-operative society engaged in business of banking or a post office: i) in excess of Rs. 1 crore ii) in excess of Rs. 20 lakhs* * for those persons who have not filed return of income (ITR) for three previous years immediately preceding the previous year in which cash is withdrawn, and the due date for filing ITR under  section 139(1)  has expired. The deduction of tax under this situation shall be at the rate of: a) 2% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 20 lakhs during the previous year; or b) 5% from the amount withdrawn in cash if the aggregate of the amount of withdrawal exceeds Rs. 1 crore during the previous year.     Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs. 1 crore was introduced by the Finance Minister in the Un...

A standard operating procedure offers detailed, written instructions on how to perform a routine business activity and explain the process being described.  A standard operating procedure (SOP) is a set of step-by-step instructions compiled by an organization to help workers carry out complex routine operations. The word "standard" can imply that only one (standard) procedure is to be used across all units.  SOPs aim to achieve efficiency, quality output and uniformity of performance, while reducing miscommunication and failure to comply with industry regulations.  The purpose of a SOP is to provide detailed instructions on how to carry out a task so that any team member can carry out the task correctly every time. The purpose or objective of a SOP should restate and expand a well-written title. A well-written SOP will facilitate training. Whether you’re starting a business or trying to improve an existing one, you have to understand how things are going to get done. What...