A person of Indian origin (PIO) is a person of Indian origin or ancestry who was or whose ancestors were born in India or nations with Indian ancestry but is not a citizen of India and is the citizen of another country. A PIO might have been a citizen of India and subsequently taken the citizenship of another country.
Of late this month we must have received lot of demands from CPC seeking demand for non remittance of 234E FEES (not Tax). 234E will not apply to cases where TDS payment is made beyond the time limit prescribed for payment of TDS u/s 200(3)
Union Ministry of Home Affairs (MHA), has issued detailed guidelines under the Disaster Management Act, 2005, on restarting manufacturing industries after the lockdown period.
The Mission of Our Income Tax Department is To promote Compliance with our direct tax laws, through caring taxpayer service and strict enforcement, and thus realize maximum resources for the Nation.
Today, when the fight with Corona Virus is getting intensified with every day, people are forced to be indoor amidst shutting of the shops, offices, manufacturing units and other place of working, the Government’s announcement permitting opening of Liquor Shop is a right step?
CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would be required to file intimation within three months from 1st October, 2020, i.e, by 31st December, 2020.
Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon.
When does income be taxed as Capital gain or Business income? When the transaction involves transfer of capital asset then that will constitute capital gain, whereas transaction which is entered into normal course of business shall constitute business income. Some Practical Issues Issue – 1 Where agreement for construction of hostel building, agreement for lease […]
U/s 2(19) of the Income Tax Act 1961, ‘cooperative society’ means a cooperative society registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of the cooperative societies.
Form 15CA is a Declaration of Remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective Information Processing System which may be utilized by the Income tax Department to independently track the foreign remittances and their nature to determine tax liability.
