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.
Section 194I was inserted vide the Finance Act, 1994. The present article covers the important Frequently Asked Questioned regarding section 194-I of the Income Tax Act, 1961, which deals with the provisions of TDS on Rent. Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961? A.1. Any […]
The Charitable institutions play important supplementary role, apart from Govt of India/States social welfare depts., in uplifting the poor from poor economic conditions to and try to shield them from starvation.
The Non-Banking Financial sectors in India have gone through major growths over the last few decades. Their contribution and their ways of evolving out from a small banking sector to innovative strata has been the best thing for the economy of India. They have provided financial inclusions and lower business loan interest rate in the […]
CBDT issues Circular No. 11 of 2020 and excluded period of forced stay in India from 22nd March, 2020 to 31st March, 2020 in computation of residential status in India for Financial Year 2019-20. Circular No. 11 of 2020 F. No. 370142/18/2020-TPI, Government of India Ministry of Finance Department of Revenue Central Board of Direct […]
Guidelines for Online Change-Correction in Pan Data- 1. STEPS FOR ONLINE APPLICATION a. Applicant will fill PAN Change Request Form online and submit the form. The same form will be applicable for citizens as well as non-citizens of India. b. If the data submitted fails in any format level validation, a response indicating the error(s) will be displayed on the screen.c. The applicant shall rectify the error(s) and re-submit the form. d. If there are no format level error(s), a confirmation screen with data filled by the applicant will be displayed.
