Section 194F TDS on Payments on account of repurchase of units by Mutual Fund or Unit Trust of India (UTI) 1) Who is responsible to deduct tax under section 194F of Income Tax Act, 1961? The person responsible for paying to any person any amount referred to in section 80CCB. 2) When to Deduct TDS […]
1) Who is responsible to deduct tax under section 194EE of Income Tax Act, 1961? The person responsible for paying to any person any amount standing to the credit of such person under National Savings Scheme (to which section 80CCA was applicable) together with interest accrued thereon, shall deduct income-tax thereon on such amount at […]
1) Who is responsible to deduct tax under section 194E of Income Tax Act, 1961? Any person responsible for making following payment shall deduct tax at source:- 2) When to Deduct TDS under Section 194E? Tax is to be deducted at the time of credit of such income to the account of the payee or […]
In 43rd GST Council meeting held as on 28th May 2021, council has declared an Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns. The same is notified through Notification No. 19/2021 – Central Tax dated 1st June 2021. The scheme is wide enough to cover the tax period from 1st […]
Taxability on transfer of Capital Assets/Stock-in-trade from specified entity to specified person The Finance Act 2021, has inserted Section 9B, Section 48(iii) and substituted section 45(4) of the Income Tax Act. The deeming provisions shall be applicable from Assessment Year 2021-22. For the purpose of this article, the term specified person and specified entity is […]
One of the first step to become an entrepreneur is to incorporate a private company or a LLP. But how should one decide on whether to go with a Private Company or a LLP? For now, let us assume you have incorporated a private company. But does the process ends there? Well No! The process […]
In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, It has now been decided to extend the aforesaid date to 15th July 2021. Ministry of Finance CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB Posted On: 05 JUL 2021 As […]
On the GST front, by innovating and using the recently introduced `RFID-Vehicle related Report’, an analysis of risky vehicles was undertaken by the officers of DGGI (SZU). The verification revealed that iron scrap was being supplied by existent but un-registered firms under the invoices for GST ITC of non-existent and bogus firms. Envelopes recovered from the drivers of the detained trucks contained the invoices of fake firms whose invoices are used for passing of ITC as well as the firms actually supplying the goods. The total ITC passed on by the above-mentioned non-existent firms is Rs. 14.48 Crore.
Union Of India Vs Merchem India Pvt. Ltd (Kerala High Court) It is significant to note that the statute does not provide for any provision for lapsing of unutilized input tax credit for non filing of TRAN-1. The input tax credit is required by law to be credited to the electronic credit ledger of an […]
Securities and Exchange Board of India MASTER CIRCULAR SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2021/0000000591 July 5, 2021 To, All Recognized Stock Exchanges All Recognized Clearing Corporations Dear Sir/Madam, Sub: Master Circular for Stock Exchange and Clearing Corporations 1. SEBI, from time to time, has been issuing various circulars/directions to Stock Exchanges and Clearing Corporations. In order to enable the users […]
