Free Samples, business trips and vouchers to Customers Are All Liable for TDS u/s...
Engagement in the form of free samples, business trips and vouchers is perceived as a freebie under Section 194 R
Compliance with the strict Section...
Arms Length Price Decided by ITAT Can be Scrutinized Further
"There cannot be any absolute proposition of law that in all cases where the Tribunal has determined the arm’s length price the same is...
Next Time You Make NGO Donation u/s 80G – Don’t Forget to Seek Your...
With advancements in technology, the Income-tax department has standardised the process to ensure that donations received by charitable institutions are matched one-to-one with the...
Income Tax Department Sends Notices to Startups Eyeing New Angel Tax on Foreign Investors
The Income Tax Department is working on the guidelines for applicability of the “angel tax” provisions which were extended to foreign investors effective April...
Income Tax Dept enabled Download Statement option for Form 26QB Payment for TDS Against...
The Income Tax Department has enabled the Download Statement option for Form 26QB Payment on the income tax e-filing portal.
Form 26QB is a return-cum-challan form for the payment...
Depreciation Allowable on Luxury Car of A Company Used by Director for Personal Use...
There was one more aspect of the matter which required to be considered. The assessee, which was a private limited company, was a distinct...
Interest on Capital Borrowed for Acquisition of Land for Business is Allowable Expenditure under...
Section 36(1)(iii) of The IT Act provides as under-
(iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business or...
How to Face Transfer Pricing Audits with Preparation & Perseverance
Introduction: Transfer pricing audits can be a daunting experience for multinational companies. With tax authorities around the world becoming increasingly aggressive in their enforcement...
How to Download Income Tax Department’s AIS App for Taxpayers – Android and iPhone
The Income Tax Department has launched a Mobile app for Taxpayers to view Annual Information Statement (AIS).
AIS App is a free mobile application, provided by the...
How to file ITR of past years?
ITR filing comes with a due date, if we do not file the ITR within the due date, we can file a belated ITR...
Fostering a positive tax culture.
When you think of ‘tax culture’, what is the first thing that comes to your mind? Most people would probably say that it has...
Income tax rules on winnings from online gaming
Many seasoned gamers across the country were left disappointed when the government banned PUB-G, a multiplayer battle royal game. This isn’t the only game which...
Lookout New Changes in ITR Forms for A.Y. 2023-24 e-Filing
For the assessment year (AY) 2023–2024, the Central Board of Direct Taxes (CBDT) has made the income tax return forms available. In the past,...
Changes for NGO/ Society/Trust in Budget 2023
APPLICATION OF CORPUS
A fund Will Be Treated as a Corpus Only If Followed by a Specific Written Direction of The Donor. In The Absence...
FM Nirmala Sitharaman on action against inflation and why new income tax regime is...
Finance Minister Nirmala Sitharaman pointed out that the new income tax regime is "very attractive" as the tax exemption limit has been hiked to...
ITR filing rules for children 2023: When is it mandatory to pay taxes and...
Income Tax Return filing rules for children 2023: Check ITR and taxation rules for children for AY 2023-24
Age is not an excuse when it...
A glance of new insertion section 43B(h) – Payment to Micro or Small enterprise
The Finance Bill 2023 has a new insertion of clause (h) to section 43B of the Income Tax Act 1961. The said clause has...
No Set-off of losses if Income declared under presumptive schemes under section 44BB &...
Preventing misuse of presumptive schemes under section 44BB and section 44BBB.
1.Section 44BB of the Act provides for presumptive scheme in the case of a...
Budget 2023: Huge Income Tax Relief, Infra and Jobs Push Ahead Of 2024: 10...
New Delhi: Finance Minister Nirmala Sitharaman today announced big relief for taxpayers and a mega push for capital spending and infrastructure as she unveiled the...
Proposing Tax Deductions in Budget 2023 for Alternative Tax Regime
As the 2023 Union Budget approaches, speculation is growing as to what relief measures it may contain. In the past, budgets have included benefits...
Budget 2023 | Mutual Fund industry body demands units to be classified as specified...
Ahead of the Union Budget, the Association of Mutual Funds in India (AMFI) has proposed that mutual fund schemes (whether equity or debt-oriented) wherein...
Tax Saving Options for Salaried Person
As we all know March 2023 is coming. This means financial year 2022-23 is about to end. Everyone looks for tax planning to save...
Property tax on commercial buildings in Jammu and Kashmir from April likely
The government decision has been communicated to Principal Secretary, Housing and Urban Development Department, Dheeraj Gupta by J&K Chief Secretary Dr. Arun Kumar Mehta.
SRINAGAR: ...
NRIs without PAN can manually file Form 10F till March 31, 2023, to avoid...
The Central Board of Direct Taxes (CBDT) has offered one-time relief to non-resident Individuals (NRIs) not having PAN by allowing them to file Form...
Ahead of Budget 2023, Finance Minister explains why govt launched optional tax regime with...
Finance Minister was speaking at an event to launch the book 'Reform Nation', authored by Observer Research Foundation Vice President Gautam Chikarmane
The government launched...
Centre planning rate changes in new income tax structure
Ahead of the Union Budget 2023 due on February 1, the Central government is considering lowering rates under its voluntary income tax framework and...
Applicability of TDS on year end provisions
The question which has arisen many a times is that how TDS Provisions can be applied where Payee is not known as TDS...
How to Reduce your Personal Income Tax for Salaried person in India A.Y. 2023-24
The Indian Income Tax Act, 1961 is the primary legislation governing taxation in India. It provides for all aspects of taxation, from levy and...
Delhi HC Decodes Time Barring Notices Date under Section 148 & Section 148A(b)
Question before the HC :- “Whether the notices generated through various modes on 31-03-2021 but despatched on or after 01-04-2021 will be governed by...
TDS Under Section 194R on Dealer Conferences – All Queries Answered
Section 194R was inserted in the Income Tax Act, 1961 vide the Finance Act, 2022 and was made applicable w.e.f. 1st July, 2022. There were a lot of practical difficulties which...