"14 June 2021" Archive

Relaxation in electronic filing of Income Tax Forms 15CA/15CB

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance. In view of t...

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Posted Under: Income Tax |

ISD & Cross Charge under GST: Complimentary or Supplementary

Indian taxation is one of the most difficult legislature and possess a long association with entanglements and confusions. Herein, under GST- The Input Service Distribution and Cross charge also have become victims of this. Vide this article, we will dwell upon the factual and circumstantial meaning of the ISD and Cross charge. Legislativ...

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Posted Under: Income Tax |

Can GST Officer Seize Cash in Search & Seizure Operation?

Introduction – In any tax administration, power of Inspection, Search and Seizure are essential to protect the interest of the revenue. Such provisions not only protect the interest of the revenue, but also protect the interest of the genuine taxpayers. Department is expected to use these powers effectively to catch tax evaders, who tak...

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Posted Under: Income Tax |

TDS For Non-Filers of Income Tax Returns [Section 206AB]

Bare Act Provision: Section 206AB – Special provision for deduction of tax at source for non-filers of income-tax return Notwithstanding anything contained in any other provisions of this Act, where tax is required to be deducted at source under the provisions of Chapter XVIIB, other than sections 192, 192A, 194B, 194BB, 194LBC or 194N ...

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Posted Under: Income Tax |

TDS on Purchase of Goods [Section 194Q]

Bare Provision: Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such […]...

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Posted Under: Income Tax |

TCS For Non-Filers of Income Tax Returns [Section 206CCA]

Bare Provision: Notwithstanding anything contained in any other provisions of this Act, where tax is required to be collected at source under the provisions of Chapter XVII-BB, on any sum or amount received by a person (hereafter referred to as collectee) from a specified person, the tax shall be collected at the higher of the […]...

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Posted Under: Income Tax |

Procedure for Conversion of Company into LLP

Introduction Limited Liability Partnerships (LLP) are emerging as a popular business structure for their multiple advantages. It is simpler yet corporate form of business where in all good features of both Company and Partnership firm are present. It is an alternative corporate business form that gives the benefits of limited liability of...

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Posted Under: Income Tax |

BIS Hallmarking of Jewellery/Artefacts-Mandatory Implementation

Brief History: Gold is very attracted metals from ancient times for its intrinsic value. Gold is also a popular investment choice for the vast population in India. Thus, to protect the consumer against adulteration and to obligate jewelers to maintain legal standards of purity, government mandated Bureau of Indian standards to start the H...

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Posted Under: Income Tax |

Procedure for Closure (Strike off) of Company in India

Introduction Since 2015, Indian Govt. has started various measures for ease of doing business by various means like Exemptions to Private Companies, Companies Amendment Act, 2017, 2019, Zero fees of incorporation for new companies having capital upto Rs. 15 Lacs etc. At the same time, it has also taken stringent actions against non-compli...

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Posted Under: Income Tax |

Applicability of Provision of Section 194Q TDS deduction

That Central Government has come out with Budget Amendment 2021 whereby provision for doing Tax Deduction at Source u/s. 194Q i.e. TDS on purchase of Goods by Purchaser is introduced and made effective w.e.f. 1st July, 2021. The brief synopsis of provisions are given as below:- APPLICABILITY : 1. Section 194Q is applicable to those [&hell...

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Posted Under: Income Tax |

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