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Archive: 04 July 2021

Posts in 04 July 2021

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3036 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Issues about FCRA amendment 2020 regarding SBI account Delhi

July 4, 2021 8124 Views 1 comment Print

ISSUES ARISING DUE TO AMENDMENTS IN FCRA REQUIRING ALL FCRA TRUST TO FIRST DEPOSIT FOREIGN CONTRIBUTION TO SBI ACCOUNT DELHI DESIGNATED FRO THE PURPOSE: Under the FCR Amendment Act 2020, all the FCRA registered organizations have to receive foreign contributions first in specified branch of State Bank of India in New Delhi. The foreign contribution […]

Direct & Indirect Tax Updates June 2021

July 4, 2021 19956 Views 1 comment Print

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues Notification extending various Income Tax due date extended to the 30th September, 2021) (including for imposition of penalty under Chapter XXI, Linking of Aadhhar with PAN, for assessment or reassessment completion under section 153 or section 153 B the Income-tax Act. Notification No. 74/2021-Income […]

Section-194Q TDS on Purchase of Goods with Some Burning Issues Clarifications

July 4, 2021 413247 Views 55 comments Print

SECTION-194Q-TDS ON PAYMENT OF CERTAIN SUM FOR PURCHASE OF GOODS Section 194Q was inserted by the Act No. 13 of 2021, w.e.f. 1-7-2021 which says to deduct TDS on purchase of goods subject to certain conditions fulfillment. Let’s see in detail how the whole provisions of this section works, its applicability & other burning issues. APPLICABILITY […]

Section 194DA TDS on Payment in respect of Life Insurance Policy

July 4, 2021 381861 Views 23 comments Print

 1) Who is responsible to deduct tax under section 194DA of Income Tax Act, 1961? Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under section 10(10D), shall […]

Section 194D TDS on Insurance Commission- Analysis

July 4, 2021 18747 Views 0 comment Print

1) Who is responsible to deduct tax under section 194D of Income Tax Act, 1961? The tax must be deducted by the entity that makes the payment to the resident person, as remuneration/ rewards, by the way of commission or for the following purposes: ♦ Soliciting or obtaining insurance business ♦ Continuance, renewal or revival […]

Section 194C TDS on Payment to Contractor

July 4, 2021 694029 Views 12 comments Print

1) Who is responsible to deduct tax under Section 194C of Income Tax Act, 1961? Any specified person responsible for paying any sum to any resident-contractor for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract. Following are the specified persons – a. The Central Government […]

Section 194BB TDS on Winning from Horse Races

July 4, 2021 27003 Views 0 comment Print

1) Who is responsible to deduct tax under Section 194BB of Income Tax Act, 1961? Any person, who is responsible for paying to any person any income by way of winnings from any horse race an amount exceeding ₹10,000 shall deduct income-tax at the rates in force. Any person here means a book maker or […]

Section 194B TDS on winnings from Lottery, Game Shows & Puzzle etc

July 4, 2021 113997 Views 1 comment Print

1) Who is responsible to deduct tax under section 194B of Income Tax Act, 1961? The person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle, card game and other game of any sort in an amount exceeding ₹ 10,000 shall, deduct income-tax thereon at the […]

No enabling mechanism in Rule 5(a) mandating an adjustment to disclosed profits

July 4, 2021 846 Views 0 comment Print

The Oriental Insurance Co. Ltd. Vs DCIT (ITAT Delhi) The assessee is aggrieved by the action of the AO in making a disallowance of Rs 56,59,609/- on account of Provision made for Standard Assets. It was submitted that as per the scheme of taxing income of the assessee is to be computed as per provisions […]

New section 147 Reassessment procedure | Reason to believe Vs. Information

July 4, 2021 15648 Views 6 comments Print

Finance Act, 2021 made the existing procedure of reassessment under section 147 of the Income Tax Act (‘Act’) completely redundant by substituting it with a new reassessment procedure. Memorandum Explaining the Finance Bill, 2021 makes it amply clear that such changes are killing two birds with one stone viz. 1. Less Litigations and 2. Ease of Doing business for the taxpayers.

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