Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of the income-tax return. So far,more than 53,000 verification requests have been executed successfully on this facility.
Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs
MCA has released Updated Contact Number of Helpdesk from 17/07/2020 onwards for queries related to Company Name Availability and Company Incorporation and for queries related to Company or LLP e-Filings, Payments or View Public Document (VPD). Updated Contact Number of Ministry of Corporate Affairs (MCA) Helpdesk from 17/07/2020 onwards 1. For any query related to […]
No mandatory directions, much less directions, can be issued to the State Legislature to include the legal services rendered by the advocates into essential services. The directions as sought by the Petitioner cannot be issued to the State Legislature to legislate in a particular manner,
The issue under consideration is whether the details related to someone’s Income Tax Return can be obtained through Right To Information Act?
As per the Income Tax Act, tax must be deducted at source by the buyer of a property from payments made to a seller who is resident in India. TDS must be deducted on sale of all types of property, except where the property sold is an agricultural land. TDS is applicable when receipts are of more than Rs 50 lakh.
Many times it happens that a person contributes capital in a partnership firm in the form of land or building in order to become a partner. It has been noted that the tax consequence in such cases is not clear since two sections comes into play in such kind of transactions-Section 45(3) and Section 50C of the Income Tax Act, 1961. The aforesaid issue has been discussed below in detail.
The provision of 269SS and 269T has been enacted in order to prevent the increase in black money and to stop tax evasion. It ensures that the taxpayer does not give any false explanation for his unaccounted money.
Since the time the transfer pricing (TP) provisions were first introduced in India in 2001 and the concept of the arm’s length price introduced, taxpayers have been grappling with issues arising from the requirement to use the arithmetic mean to defend the arm’s length nature of their transactions.
Learn how to respond to a notice u/s 139(9) for a defective income tax return. Get step-by-step guidance on filing the response and resolving the issues.
