CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank.
CBDT has extended time to furnish permanent account number or Form No. 60 by bank account holders who have not furnished the same at the time of account opening or subsequently to on or 30th day of June, 2017.
Criteria for verification of TDS returns-CAG recommend that the CBDT may prescribe the procedure and criteria for selection of TDS returns for verification.
The government has taken bold step towards simplifying the norms of filing, so as to encourage the potential tax payer to file the Income Tax Return. Earlier, there were total nine Income Tax Return Forms which has now been reduced to seven.
Court is of the opinion that there is no bar for an assessee or declarant to claim credit of advance tax amounts paid previously relative to the assessment years or periods for which it seeks benefits under IDS scheme.
In the earlier article, I had covered Place of Supply of Goods as per IGST Act, 2017 as passed by Lok Sabha on 29th March 2017. This article is about principles to determine the place of supply of services when the location of supplier of service and the location of the recipient of services is in India.
In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions, the Finance Act, 2017 amended the provisions of section 10 (38) of the Act to provide that exemption under this section for income arising on transfer of equity share acquired on or after 1st day of October
A partnership firm purchased property from NRI but failed to deduct TDS u/s 195. The ADIT (International Taxation) raised demand comprising tax and interest by issuing notice to one of the partners of the firm in his individual capacity.
PROVISION OF SECTION 269ST No person shall receive an amount of two lakh rupees or more (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account.
The Provisions of Voluntary Liquidation of Corporate persons have been notified by the Central Government with effect from 1st April, 2016. Further the Insolvency and Bankruptcy Board of India has notified Corporate Voluntary Liquidation process Regulations i.e. Insolvency and Bankruptcy Board of India
