Filter Posts

Reset
Found 8354 Results

क्‍या ज्‍यादा टैक्‍स देते हैं? ये 5 उपाय करेंगे आपकी मदद

 टैक्‍स देनदारी घटाने में करते हैं मदद आयकर कानून के तहत कई तरह के टैक्‍स बेनिफिट उपलब्‍ध हैं. ये आपकी टैक्‍स देनदारी घटाने में मद...

Read More
Posted Under: Income Tax |

Form NR to provide relief from double taxation to Non-residents

Introduction of Form NR entailing details for Non residents to sustain their residential status to prevent unnecessary or double taxation vide CBDT Circular No. 2 of 2021 Dated 3rd March, 2021. A very welcome and long awaited step taken by CBDT for the year 2020-21 by introducing this self declaration form to be submitted electronically [...

Read More
Posted Under: Income Tax |

Taxation of Royalty – the SC puts a period to an ever lasting saga

Supreme Court Judgement in the case of Engineering Analysis Center of Excellence Private Limited vs. The Commissioner of Income Tax – dated 2nd March, 2021 TDS on Software purchased from Non-Residents ♠ The matter before the Supreme Court was – Whether payment made to Non-residents in the following 4 cases are ‘Royalties’ as per...

Read More
Posted Under: Income Tax |

LTC Exemption of Rs. 36000 per family member For FY 2020-21 also available to non-Government Employees

Income Tax Exemption of Rs. 36,000 per family member to a Salaried person for the Financial year 2020-2021 (also available to Private Sector Employees) Many Salaried employees get Leave Travel Concession (LTC) from their Employers which is exempt to the extent it is actually spent on travelling. LTC which could not be spent is taxable [&h...

Read More
Posted Under: Income Tax |

Supreme Court ruling backs taxpayers in software royalty case

1. There have been a lot of ambiguities have arisen regarding the payment made to a non-resident entity for the grant of the use of computer software by a businessman in India for internal business purposes. 2. The Income Tax Department has been treating such payments as royalty and accordingly, bringing the same to tax in India....

Read More
Posted Under: Income Tax |

HUF: An entity that emerges as a result of customary Law

Hindu Undivided Family (HUF) : An entity that emerges as a result of customary Law There are different entities which have separate legal existence some of them emerges naturally (like Humans), some of them emerges as a result of incorporation or in simple words registration under any statue (like Companies and Registered Firms) but there...

Read More
Posted Under: Income Tax |

Permanent Account Number : Banker’s Perspective

In this write up I have tried to compile – provisions related with PAN under Income Tax Act, 1961 (Section 139A & 139AA and 272B), Income Tax Rules (Rule 114) and FAQs on PAN issued by Income Tax Department. For further clarity on the topic these are the references. Page ContentsWhy PAN  Who has to […]...

Read More
Posted Under: Income Tax |

Section 44AE Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages

Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages – Section 44AE For simplifying the complications involved in calculating the taxable income for small business owners, the Presumptive Taxation Scheme was construed under the Income Tax Act. Section 44AE offers this Presumptive Taxation scheme which allows for a ...

Read More
Posted Under: Income Tax |

Brace up yourself to face the new Landscape of Assessment & Appeal

While the author had almost finalised the article, Notification No. 27/2021 dated 27-Feb-2021 the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Ordinance, 2020 which was promulgated on 5-Jun-2020 [while later become Act] has extended date of completion of assessment for AY 2018-19 from 31-March-2021 to 29-30-Jun...

Read More
Posted Under: Income Tax |

Roles & Responsibilities of Banks Increased by Income Tax Departments

MAJOR INCOME TAX COMPLIANCE LIABILITIES ON BANKS- 1. REPORTING OF HIGH VALUE TRANSACTIONS- High Value transactions are transactions which are incurred in high denominations. Banks are required to intimate about following high value transactions to Director of Income-tax (Intelligence and Criminal Investigation) by filing Form 61A called S...

Read More
Posted Under: Income Tax |