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Archive: 14 June 2021

Posts in 14 June 2021

No Penalty for Non-Deduction of TDS as amount was not unquantifiable

June 14, 2021 2634 Views 0 comment Print

Biocon Ltd. Vs ITO (ITAT Bangalore) In the present facts of the case, the provision created at the end of the accounting year has not been credited to the relevant parties to whom the payments has to be made for the reason that it was unquantifiable. Further, assessee has suo moto disallowed the said sum […]

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

June 14, 2021 27390 Views 5 comments Print

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 the difficulties reported by […]

ISD & Cross Charge under GST: Complimentary or Supplementary

June 14, 2021 10608 Views 0 comment Print

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. Legislative Meaning: Input […]

Can GST Officer Seize Cash in Search & Seizure Operation?

June 14, 2021 6156 Views 2 comments Print

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 take undue […]

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

June 14, 2021 4026 Views 4 comments Print

Understand the provisions of Section 206AB for TDS deduction. Learn about the special provision for tax deduction for non-filers of income tax returns.

TDS on Purchase of Goods [Section 194Q]

June 14, 2021 9177 Views 1 comment Print

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 […]

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

June 14, 2021 2505 Views 0 comment Print

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 […]

BIS Hallmarking of Jewellery/Artefacts-Mandatory Implementation

June 14, 2021 7869 Views 5 comments Print

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 Hallmarking scheme […]

Procedure for Closure (Strike off) of Company in India

June 14, 2021 136071 Views 4 comments Print

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-compliant companies and […]

Applicability of Provision of Section 194Q TDS deduction

June 14, 2021 8985 Views 6 comments Print

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 […]

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