Income Tax : Learn how to use Form 29D to claim a refund of tax deducted under Section 195 for non-residents. Find out about the recent amendme...
Income Tax : Updated Income Tax Return has been introduced by inserting a new sub-section (8A) to Section 139 of Income Tax Act, 1961 to prov...
Income Tax : Analyze Section 194R of the Income Tax Act, 1961 and its applicability from 01/07/2022. Learn about TDS on benefits or perquisites...
Income Tax : Understand the concept of Updated Return under section 139(8A) of the Income Tax Act. File corrected returns, reduce losses, and r...
Income Tax : The President has given assent on 31 March 2022, to the Finance Bill, 2022 passed by the Parliament with certain amendments. The k...
Income Tax : 1. Income Tax Department brings reforms for Cooperatives! Alternate Minimum Tax for cooperative societies reduced to 15% to bring ...
Income Tax : Union Finance Minister Government has proposes 39 amendments to Finance Bill, 2022 Smt. Nirmala Sitharaman has proposed 39 amendme...
Finance : Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages the potential of youth, their...
Finance : Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions. Finance Mini...
CA, CS, CMA : We here in, would like to bring to your kind notice, few of the issues which might be faced by taxpayers and Chartered accountants...
Income Tax : Dhanwan Leasing and Finance Vs ITO (ITAT Indore) Section 68 of the Act provides that where any sum is found to be credited in the ...
Goods and Services Tax : Central Government hereby appoints the 1st day of October, 2022, as the date on which the provisions of sections 100 to 114 of Fin...
Income Tax : CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Upd...
Income Tax : Finance Act, 2022 received the assent of the President on the 30th March, 2022. Full text of the same is as follows:- MINISTRY O...
Custom Duty : Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenu...
Income Tax : FM Nirmala Sitharaman’s presented her fourth budget today i.e. on 1st February 2022. In budget FM has introduced Tax on Virtua...
Virtual digital assets (VDA) refers to any digital representation of value that can be digitally traded, transferred, or used for payment whether generated through code, cryptographic means. Virtual assets are not only limited to Cryptocurrencies but also include NFT’s and ETF’s etc.
India is growing at an accelerated pace and people are undertaking multiple financial transactions. The Income Tax Department has established a robust framework for reporting taxpayers’ transactions. In this context, some taxpayers may realize that they have committed omissions or mistakes in correctly estimating their income for tax payment. To provide an opportunity to correct […]
The Central Board of Indirect Taxes and Customs (‘CBIC’) has put a rest to the controversy with respect to the levy of Social Welfare Surcharge (‘SWS’) on the goods exempted from the basic customs duty. In a recent Circular No. 03/2022 dated 01.02.2022 (‘Circular’), the CBIC has issued a clarification stating that SWS is leviable at the […]
1. Reduced Alternate Minimum Tax rate and Surcharge on Co-operatives Alternate Minimum Tax rate for the co-operative societies proposed to be reduced to 15% to bring it at par with the Minimum Alternate Tax payment by companies. Further, surcharge on co-operative societies proposed to be reduced from the present 12% to 7% 2. Rationalisation of […]
Omission of proviso (b) & (c) in sub-section (4) of Section 29: This amendment proposes that if the person registered as composite dealer fails to furnish GSTR-4 beyond 3 months from the due date, the proper officer may proceed suo-motu for cancellation of registration. This has been done to make co-ordination between law and its compliance as GSTR-4 is being filed annually, at present.
Ethanol (primarily a by product from sugarcane and residue of rice and wheat) is mixed with Petrol in the range of 5% to 10% as of now and on world environment day (05.06.2021) PM announced to increase the same to 20% by 2025 for petrol and to mix the same upto 10% in case of […]
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.
The Finance Ministry has proposed a new section, 135AA, in the Customs Act vide Union Budget 2022-23. Proposed section 135AA of Customs Act, 1962 criminalise the illicit publication of personalised, transaction level information by private entities, which affects the competitive position of Indian businesses in international trade and compromises their data privacy. Government agencies, such as, Department […]
Introduction Charitable organisations or non- profit organisations (NPOs) play an important role in society as the intent of these organisations is not to work with any profit motive. Income of these organisations is fully exempt from taxation subject to the fulfilment of certain conditions. One of such conditions is that such organisations are required to […]
The Economic Survey for the fiscal 2021-22 was presented in Parliament on 31st January, 2022, the first day of ongoing Budget session. The growth has been hit by pandemic. It focuses on need to have capital expenditure by Government and hopes for private spending as well. The fiscal space also allow for more capex. The […]
