"08 July 2021" Archive - Page 2

Purchase of Electric Vehicle – Tax benefits (Section 80EEB)

Purchase of Electric Vehicle – Tax benefits (Section 80EEB) and many more advantages!! Planning to buy a car in the future? How about an Electric car or E-scooter, they are set to be the norm. Thinking about how is it going to benefit the average consumer? Read on… Most of us don’t own electric cars, […]...

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Posted Under: Income Tax |

Non issue of Draft Assessment order before passing Final order violates Section 144B

Orissa Stevedores Ltd. Vs Union of India And Others (Orissa High Court)

Orissa Stevedores Ltd. Vs Union of India And Others (Orissa High Court) 1. The challenge is that the order is violative of the principles of natural justice as no opportunity of hearing was given to the Petitioner. 2. Figures of the taxable income and demand for AY 2018-19 in the impugned assessment order of the […]...

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Full details of Cabinet Expansion by Govt on 07th July 2021

In this post we have given details of appointment and allocation of portfolios among the members of the Council of Ministers which includes Cabinet Ministers, Ministers Of State (Independent Charge) and Ministers Of State. The post further provide details of resignation of the members of the Council of Ministers. President’s Secreta...

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Posted Under: Income Tax |

Section 194N TDS on cash withdrawal from banks/post offices

1. Who is responsible to deduct tax under section 194N of Income Tax Act, 1961? Every person, being,— (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) a co-operative society engaged in carrying on […]...

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Posted Under: Income Tax |

Section 194M TDS on payments of certain Sums by Individual & HUF

1) Why Section 194M of Income Tax Act, 1961 was introduced? As per the existing provisions of Section 194C , Section 194H and Section 194J, an individual or HUF, who are not liable to tax audit under Section 44AB(a)/44AB(b), shall not be required to deduct tax under these provisions. Thus, no tax is required to […]...

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Posted Under: Income Tax |

Section 194LD TDS on Interest Income on certain Bonds/Government Securities

1) Who is responsible to deduct tax under section 194LD of Income Tax Act, 1961? Any person who is responsible for paying to a person being a Foreign Institutional Investor or a Qualified Foreign Investor any income by way of interest. 2) Nature of Payment a) Interest payable on or after the 1st day of […]...

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Posted Under: Income Tax |

Section 194LC | TDS on Interest Income from Indian Company or Business trust

1) Who is responsible to deduct tax under section 194LC of Income Tax Act, 1961? If an Indian company or a business trust pays income by way of interest to non-resident (not being a company) or foreign company, has to deduct TDS under this section. 2) Nature of Payment Interest payable by an Indian Company […]...

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Posted Under: Income Tax |

Section 194LBC TDS on Income in Respect of Investment in Securitization Trust

1) Who is responsible to deduct tax under Section 194LBC of of Income Tax Act, 1961? Any person who gives income to an investor with respect to investment in securitization trust is required to deduct tax under this section. 2) When to Deduct TDS under Section 194LBC? The time of deduction is earlier of, the […]...

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Posted Under: Income Tax |

Section 194LBB TDS on Income in Respect of Units of Investment Fund

1) Who is responsible to deduct tax under section 194LBB of Income Tax Act, 1961? Any person who gives an income (as referred u/s 115UB) to a unit holder in respect of units held in an investment trust has to deduct tax under this section. 2) When to Deduct TDS under Section 194LBB? The time […]...

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Posted Under: Income Tax |

Cabinet approves MoU between ICoAl and ACCA, UK

Cabinet approves Memorandum of Understanding (MoU) between Institute of Cost Accountants of India (ICoAl) and the Association of Chartered Certified Accountants (ACCA), United Kingdom (UK)...

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Posted Under: Income Tax |

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