This section 194R requires deduction of tax at source @ 10%, by any person, providing any benefit or perquisite, exceeding Rs. 20,000 in value, in a year, to a resident, and such benefit or perquisite arise from the business or profession of such resident.
As anticipated, the Apex body CBDT has come up with a Clarificatory Circular No. 13 of 2021 bearing folio no. 370142/26/2021-TPL, containing clarificatory guidelines on newly inserted provisions concerning applicability of TDS on Purchase of Goods u/s 194Q of the Income Tax Act. In this Taxalogue, all the significant clarifications/guidelines as contained in the captioned […]
Understanding New TDS Provisions on Purchase of Goods u/s 194Q with Practical Examples In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, are being explained with the help of some easy to understand practical illustrations. Practical Examples on Section 194Q 1. Mr. Goodly purchases goods worth […]
In this representation, we are making an honest and sincere attempt to practically demonstrate the technical glitches and currently non-functioning functionalities of the new e-Filing portal, so as to warrant an immediate and much needed attention of the concerned competent authorities to make the e-Filing experience, faster, smoother and better in real sense.
As per section 6(1) of the Income Tax Act, 1961, a person is considered as a resident in India for a particular financial year if his/her stay in India in that financial year is 182 days or more, or if his/her stay in that financial year is 60 days or more and 365 days or more in immediately preceding four financial years.
CBDT Extends Vivad se Vishwas Dates Yet Again. So Your Appeals may have to Wait Longer!! Well Yes Friends, it’s about 5 months since the PAN India rolling out of the Faceless Appeal Scheme, 2020 implemented w.e.f. 25.9.2020, but till date not even one single Faceless Appeal Order has churned out of the new regime […]
बजट प्राव्धानो पर सीधी और पते की बात। Straight and honest talk on Budget amendments. 1. TDS at Double Rate in case of Non-Filers of ITRs (Section 206AB): The Finance Bill 2021 has proposed to insert a new section 206AB in the Income Tax Act, w.e.f. 1.7.2021 which mandates that the deductor will be required […]
Pre-Budget Wish from the First Paperless Union Budget 2021-22: Hear the Other Side (Audi Alteram Partem) The Count-down to the ‘Union Budget 2021-22’ has begun with the conducting of the ceremonial ‘Halwa Ceremony’ on 23.1.2021. As a customary ritual, a mouth-watering sweet-dish ‘Halwa’ is prepared in humongous quantity in a huge ‘Kadhai’, and is distributed […]
Difference between Conventional Penalty Proceedings & Faceless Penalty Proceedings under Faceless Penalty Scheme, 2021- The easiest way to understand the practicalities and nuances of any new/amended piece of legislation is to compare and analyse it with the existing provisions
Seven Reporting Clauses in Tax Audit Report (Form 3CA/CB read with 3CD) causing Dilemma & Hardships for Tax Auditor & Auditee, if Tax Audit Due Date for AY 2020-21 remains 31.12.2020 All of us know that presently the Tax Audit due date for AY 2020-21 is 31.12.2020 and the due date for filing of Returns […]
