People generally refer hassle as an irritating inconvenience. And the taxpayers are facing a similar inconvenience to apprehend the applicability of the provisions of TDS on Purchase or TCS on Sale on a single transaction. Last year in Finance Act 2020, Government has introduced Sub-Section (1H) in Section 206C which provide for the collection of […]
Few weeks ago, RBI capped the cash withdrawal on Yes Bank Deposits due to alarming cash crunch in the bank. It dead stopped many of us to think – are our deposits safe ? Well let us take a very brief thinking of whether we are doing the right classification of our fixed deposits? Are […]
And to address the uncertainty in case of a specific transaction related to a particular taxpayer, a Quasi Judicial Body known as Authority for Advance Rulings (AAR) is formed to provide Advance Rulings in respect of the transactions undertaken or proposed to be undertaken by applicant coming under the scope of Advance Ruling Mechanism. AAR functions independent of the Income Tax Authority in India.
