At TDS (CPC), Redressal of Grievance mechanism is called ‘Request for Resolution’. Following are its key points: 1. Request for Resolution Deductor can raise grievances online through ‘Request for Resolution‘ functionality available at TRACES. Grievances can be raised from Financial Year 2007-08 onwards. Key Points: * Deductor can select appropriate category for raising Request for […]
Provisional Net Indirect Tax collections (GST & Non-GST) for the Financial Year 2020-21 show growth of more than 12% compared to actual Revenue Receipts in FY 2019-20. Net Indirect Tax collections represent 108.2% of the Revised Estimates of Rs. 9.89 lakh crore of Indirect Taxes for the F.Y. 2020-21.
Review of the extant Confidentiality Regime as provided in Regulation 35 of the Competition Commission of India (General) Regulations, 2009 and inviting public comments on the proposed regime
Discover the tax benefits available for retired employees under the Income Tax Act 1961. Learn about exemptions for gratuity, commuted pension, and more.
Q.1 The amended section 194N of Income tax Act, 1961 provides for TDS obligation on cash withdrawals. Which institutions are covered under scheme of this section which has to deduct TDS on certain cash withdrawals? The following persons have to deduct TDS on certain cash withdrawals made by a person holding one or more accounts […]
Maruti Insurance Broking Pvt Ltd Vs DCIT (Delhi High Court) As noticed above, the assessee did all that, which was necessary, to set up the insurance broking business. Only to recapitulate, the assessee, after its incorporation opened a bank account, entered into an agreement for deputing employees (who were to further its insurance business), gave […]
M/s Ace Steel Fab (P) Ltd. Vs DCIT (ITAT Delhi) In the present appeal, the only addition made in the income was of Rs.11,52,300/- on account of estimation of Gross Profit @ 68%. It is the contention of the assessee that the discrepancy in stock was due to malfunction in the ERP software. Though, this […]
A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provisions relating to cash transactions are broadly summarized […]
Understanding the income tax rates for AY 2021-22 for individual, HUF, AOP, BOI, AJP, and firms. Know the tax brackets and rates based on income ranges.
Understand the Income Tax Rates for A.Y. 2021-22 (Company, Co-Op Society & Local Authority). Get insights into the applicable rates for different types of companies and foreign companies.
