Taxability of Export Commission paid to Non-resident has always been a question. It looks non-taxable transaction when commission is paid to a person residing outside India and selling goods of Indian exporter outside India without having significant economic presence in India, however actual position is not as simple as we think. We need to look …
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The Income-tax Act has prescribed a different threshold limit for deduction of tax at source under various sections. If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. The threshold limit for deduction of tax at source under various sections is as …
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Tax is deductible at source at the rates given in table (infra). If PAN of the deductee is not intimated to the deductor, tax will be deducted at source by virtue of section 206AA either at the rate given in the table or at the rate or rates in force or at the rate of 20 per …
What is considered as salary income? section 17 of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. What are allowances?Allowances are fixed periodic amounts, apart from salary, which …
Rachna sold her residential property and invested the entire amount in the purchase of a new residential property in the joint names of her daughter and son-in-law and claimed exemption under section 54 of the income tax act. The tax officer disallowed her exemption on the grounds that new property can only be purchased in …
Central Govt relaxes provisions of TCS under Section 206C(1G) of Income tax Act,1961 in respect of non-resident individuals visiting India. The provisions shall not apply to an individual who is not a resident in India in terms of Clause 1&1A of Section 6 of the Act. Press Release issued
Central Board of Direct Taxes ( CBDT ) extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income tax act Act,1961. The application for registration or approval in Form No. 10AB can be filed upto 30th September, 2022. Details in the Press …
The list of Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech, is given below: with Easy Words CA in Gurgaon Annual Financial Statement (AFS) Demands for Grants (DG) Finance Bill Statements mandated under FRBM Act: i. Macro—Economic Framework Statement ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement Expenditure Budget Receipt …
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Central Board of Direct tax (CBDT) has issued Standard Operating Procedure (SOP) for hading of cases related to cash deposit during the demonetisation period. Income tax official issued around 3 lakh notices under section 142(1) for filing of Income tax return of which around 87000 assessee has not complied the notices. SOP has clearly spelled …
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Section 68 of Income tax act attract when Investor invest in your company. This section describes that when company issues its share then it has to prove Credit-worthiness of Investors and genuineness of transactions. In a recent case a company issued its shares for Rs.17.60 crore to the investors companies. Income tax official questioned the …
