Rule-8AC of Income Tax Rules, 1962- Computation of STCG And WDV U/S 50 Where Depreciation On Goodwill Has Been Claimed Section-50 of Income tax Act deals with computation of capital gain in case of depreciable assets. By introducing Notification No. 77/2021 dated 07.07.2021, CBDT inserted the rule no-8AC after rule 8AB by further amending the […]
Section 195A of Income Tax Act, 1961- Income Payable ‘Net of Tax’ 195A. In a case other than that referred to in sub-section (1A) of section 192, where under an agreement or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this Chapter is to be borne by the person by […]
1) Who is responsible to deduct tax under section 195 of Income Tax Act, 1961? Any person responsible for paying to a non-resident, not being a company, or to a foreign company, shall deduct income-tax thereon at the rates in force. 2) Nature of Payment a) Any interest (not being interest referred to in section […]
Introduction: The Finance Act, 2020, inserted Sub-Section (1H) in Section 206C to provide for the collection of tax by a seller from the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year. On the similar lines, the Finance Act, 2021, has inserted a new Section […]
Framework for setting up of International Trade Financing Services Platform (‘ITFS’) for providing Trade Finance Services at International Financial Services Centres (‘IFSCs’).
The Finance Act, 2021 has inserted a new Section 194P of Income Tax Act, 1961 to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income. It provides that if tax has been deducted under the newly inserted provision, such senior citizen shall be […]
1) Who is responsible to deduct TDS under section 194O of Income Tax Act, 1961? Any person, being E-commerce operator facilitating sale of goods or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever name called). 2) Is there any definition for E-commerce, E-commerce Operator and E-commerce Participant? […]
State of Uttar Pradesh & Ors Vs Dr. Manoj Kumar Sharma (Supreme Court of India) It is common knowledge that the Executive has become autocratic and deliberately disobey/discard the declarations of law and directions of the Courts. Consequently, when such matters crop up before the High Courts, they summon the highhanded officials to explain the circumstances […]
Sahil International Vs ACIT (Bombay High Court) 1. Mr. Jain, learned counsel for the Petitioner states that despite enforcement of the amended Income Tax Act, 1961 with effect from 01.04.2021, the Respondents purport to invoke repealed provisions of Section 148 of the Income Tax Act without following provisions of amended Act, issuing notice dated 07.06.2021. […]
Raj Veer Singh Vs ACIT (ITAT Delhi) We are of the considered view that no doubt provisions contained u/s 234E under which late fee has been levied for defaults of period in filing the TDS/TCS statements/returns but coordinate Benches of the Tribunal have followed one approach, though there are conflicting decisions of different High Courts […]
