Summary of the key amendments from the Union Budget 2024, effective October 1, 2024: Direct Tax Vivad Se Vishwas Scheme (VSV) 2.0: Aimed at resolving tax disputes related to tax, interest, penalties, or fees pending as of July 22, 2024. If the tax department filed the appeal, taxpayers will benefit from a reduced settlement at …
Restoration of GST returns data: The Goods and Services Tax Network has issued a crucial update following its advisory from 24th September 2024 concerning the archival of Goods and Services Tax return data from the portal after seven years. Initially, the return data for July 2017 and August 2017 was archived on 1st August and 1st …
What happen when Failure to get accounts audited Section 271B of the Income Tax Act mandates a penalty for failure to comply with the audit requirements under Section 44AB. However, Section 273B provides relief by allowing the penalty to be waived if the assessee can prove a reasonable cause for such failure. While Section 271B …
New TDS & GST Provisions for Metal Scrap Transactions and do this on GST Portal now The amendments regarding the applicability of TDS on metal scrap transactions, effective from October 10, 2024, bring several key implications for businesses and the broader metal scrap industry: Overall, this amendment will significantly impact the metal scrap industry by …
Introduction to Section 194R Section 194R was introduced to streamline the deduction of Tax Deducted at Source on benefits or perquisites provided in the course of business or profession. This section mandates that any person providing a benefit or perquisite to a resident must deduct tax at a rate of 10% on the value of …
CBIC Clarification on claiming ITC on Demo Cars The CBIC’s clarification on the Input Tax Credit (ITC) eligibility for demo cars marks a significant resolution to an ongoing debate in the automobile industry, providing much-needed clarity for both Original Equipment Manufacturers and authorized dealers. Confusion Around ITC for Demo Cars : Background: Demo cars, essential for …
Residential Status U/s 6 of the Income Tax Act Act in short The taxability of an individual in India is determined by their residential status for a specific financial year. An Indian citizen may or may not be a resident of India based on specific criteria. Classification of Taxable Persons: An individual’s residential status is …
Comprehensive Overview Form 10F Filing Form 10F is a critical document for non-resident taxpayers in India seeking to avail benefits under the Double Taxation Avoidance Agreement. Below is a detailed breakdown of its purpose, eligibility criteria, required documents, and filing requirements. Income Tax Form 10F is an essential document for non-resident taxpayers aiming to benefit …
Overview on Vivad Se Vishwas (VSV) Scheme 2.0 rules Vivad Se Vishwas (VSV) Scheme 2.0 rules, now officially notified, focus on reducing direct tax litigation, building on the success of the original VSV 1.0 from 2020. This new scheme presents an opportunity for taxpayers to settle disputes efficiently, although it excludes more complex cases like …
Collection of TCS on Overseas Travel Packages (Rule 206C(1G)(a) applicability) When corporate client not ready to pay us TDS amount @20 percent as per rule 206 C (1G) (a). But client we will deduct TDS on our payment Now Client is saying only 2 percent TDS will deduct on total payment. How CA will handle …