In section 7 of the Integrated Goods and Services Tax Act, 2017 (hereinafter referred to as the IGST Act), in respect of certain supplies of goods or services or both, provision has been made that such supplies shall be treated as supply of goods or services or both in the course of inter-State trade or […]
Legal Provision, Analysis and Applicability of Section 194IA of Income Tax Act, 1961 Legal Provision of Section 194IA of Income Tax Act, 1961 ♠ Any person, being a transferee, responsible for paying (other than the person referred to insection 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable […]
A small kid asked me whether he/she could set up a small finance bank and help his relatives living in a small village in Himachal Pradesh. To answer this question and being a retired senior executive from a nationalized bank who worked in the department dealing with financing small borrowers in late 1970s, I was […]
Under Income tax act, some random files are picked by computer based system coupled with some manual selections for verification of income and taxes offered by a tax payer. Widely termed as scrutiny assessment. For decades the assessment was done by local jurisdictional officer, where it is a mass presumption that some mal practices have […]
To encourage the assessee to save and invest their hard-earned money, numerous deductions under income tax are offered by the Government. Such deductions also facilitate tax savings for the assessee. One such offered deduction is deduction under section 80CCC of the Income Tax Act. The present article exclusively covers the topic ‘deduction under section 80CCC […]
As per newly introduced Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. Tax shall be deducted at the rate of 5% under section 194M with effect […]
CIT Vs M/s. TCL India Holdings Pvt. Ltd. (Bombay High Court) Hon’ble High Court Observed that The issues which arise before this Court have at times huge tax implications and as the decision rendered in one case would have a bearing on all similar matters across the State, the importance of proper appointment is paramount. […]
