"01 June 2022" Archive

IBBI (Engagement of Research Associates & Consultants) (Amendment) Regulations, 2022

Notification No. IBBI/2022-23/GN/REG083 01/06/2022

These regulations may be called the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2022....

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Permanent Account Number (PAN)

In this article we have covered Meaning of Permanent Account Number (PAN), Its Utility,Procedure to Obtain PAN, Transaction in Which PAN is Mandatory,How to correct any mistake in PAN card or intimate any change in data pertaining to PAN...

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Income Tax audit under section 44AB​: FAQs

​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....

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Advance Tax under Income Tax Act, 1961

Q.1 Is there any compliance if an assessee revises its estimate of income for advance tax? ​​Ans: An assessee can revise the estimation of income and pay the taxes accordingly without any requirement of filing the estimation of income with the department.​ Q.2 Can estimate of income be revised for the purpose of advance tax? [&helli...

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Posted Under: Corporate Law |

FAQs on Statement of Financial Transactions & Reportable Accounts

To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....

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Authority for Advance Ruling under Income Tax

Q.1 Are the Advance ruling, binding on taxpayers or tax authorities? Ans: An advance ruling pronounced by the Authority is binding on the follows :- The Applicant. The Commissioner. Commissioner of Income-tax (Appeals). Income-tax authorities who are subordinate to Commissioner In respect of transaction for which ruling had been sought​...

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Tax Credit Mismatch ? Steps to rectify

In case where assessee incorrectly entered the details of the taxes paid, then he/ she will get the Tax credit Mismatch Notice under Section 143 (1) (a) Procedure to rectify the same in the New Income Tax Portal Step 1 : After Login to the Income tax Portal, go to “Service” → “Rectification Step 2 […]...

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Posted Under: Corporate Law |

Applicability of TDS under Section 194R from 01/07/2022

Analysis of Section 194R of Income Tax Act, 1961 which relates to TDS on benefits or perquisite and is applicable with effect from 01.07.2022.  APPLICABILITY:  To all assesse (other than Individual & HUF) And Individual & HUF (having Business Aggregate Turnover above Rs. 1,00,00,000 or in case of Profession Professional receipt ...

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Posted Under: Corporate Law |

Tax on Cryptocurrencies in India

As we deep dive into taxation of cryptocurrency in India, and we need to be clear in our minds that the government on the one hand has given legitimacy to the transaction in VDA’s and on the other hand it has treated them at par with casual Income i.e. taxing at a maximum applicable rate […]...

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Posted Under: Corporate Law |

Master Direction – Reserve Bank of India (Variation Margin) Directions, 2022

RBI/2022-23/93 FMRD.DIRD.02/14.01.023/2022-23 01/06/2022

Provisions of Master Direction – RBI (Variation Margin) Directions, 2022 shall apply to contracts, entered into on or after the date on which these Directions come into force...

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