GST and Income Tax Restrictions on Cash Transactions One must be cautious when engaging in any high-value cash transaction because the Income Tax Department has become extremely vigilant about cash transactions. First, we must define High Value + Cash Transaction. High-value transactions involve substantial sums of money. First, we must understand the provisions of Income …
READ ALL ABOUT ROYALTY TAXATION UNDER INCOME TAX ACT, 1961 BRIEF INTRODUCTION Royalty refers to the payment made in any kind and the same is received as consideration for the utilization of any intangible property like patent, copyright, design or model, secret formula or process, trademark, name or for information concerning industrial, commercial or scientific experience. Royalty ensures that …
Section 80C, 80CCC, 80CCD, and 80D deductions: The tax department provided various deductions from taxable income in Chapter VI A deductions in order to encourage savings and investment among taxpayers. As 80C is the most well-known, other deductions are useful to reduce tax liability for taxpayers. Let us have a clear understanding of these deductions. …
Guidance on New Income Tax Section 234F (Fee for delayed filing of Income Tax Return) Most of us have a habit of putting off tax preparation until it is absolutely necessary. For us, failing to meet the tax filing deadline simply means filing a late return. But here’s a bit of advice to all such …
Tax Residency Certificate A Tax Residency Certificate is a document issued by a country’s Income Tax Authority certifying that a person or company is a Tax Resident (for taxation purposes) of that country. The purpose of a Tax Residency Certificate is to determine which country you belong to and whether or not you are a …
Income tax treatment of a company’s dividend: If a shareholder receives a dividend from a domestic company, he is not required to pay any tax on that dividend until Assessment Year 2020-21 because it is exempt from tax under Section 10(34) of the Act. In such cases, however, the domestic company is required to pay …
KEY FEATURES OF NEW INCOME TAX PORTAL NEW INCOME TAX PORTAL Th IT department is in communication with the Government, to launch their new e-filing portal www.incometax.gov.in, and the same be operational from 7th June 2021. The existing portal will be non-operational or Taxpayers and government between June 1-6. The aim of the new portal is …
TDS /TCS CHANGES W.E.F. 1ST JULY 2021 Finance Act 2021, which takes effect on July 1, 2012, makes several amendments to TDS/TCS provisions. In brief, the following changes have occurred: TDS is to be deducted by persons whose total sales, gross receipts, or turnover exceed Rs.10 Crore during the financial year immediately preceding the financial …
Presumptive Taxation- Section 44AD, 44ADA, 44AE For Business And Professions What is Presumptive Taxation Scheme? Owners of small businesses make up a sizable portion of the Indian economy and significantly increase GDP. For many of them, however, keeping up the books of accounts and having them audited can seem like a laborious task. To relieve …
BRIEF INTRODUCTION A new section was inserted in the Income Tax Act 1961, named section 194Q, and the same was introduced in Budget 2021-22, which relates to payment of TDS for purchase of goods. Under this section, a person, being a buyer paying any sum to any resident seller for purchase of any goods of the …