Income Tax : Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sectio...
Income Tax : Explore India's Budget 2024 expectations and projections, including potential tax relief, increased healthcare and education spend...
Income Tax : Explore the key expectations for Budget 2024, including potential tax reliefs, increased deductions, and economic growth strategie...
Income Tax : Explore rationale behind rationalizing income tax rates in India, its impact on compliance, and potential benefits for taxpayers. ...
Income Tax : Explore the comprehensive Pre Budget Memorandum 2024-25 addressing crucial aspects like tax base expansion, avoidance mitigation, ...
Income Tax : Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and inves...
Goods and Services Tax : Explore Rajasthan Budget 2024-25 tax proposals with reductions in VAT rates, abolition of certain taxes, and new incentives. Detai...
CA, CS, CMA : Discover comprehensive proposals from The Punjab Accountants Association to improve tax compliance, extend filing deadlines, inclu...
Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...
Income Tax : Explore comprehensive suggestions for Union Budget 2024-25 in direct tax domain, addressing key reforms and their potential impact...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...
Income Tax : Explore suggestions from trade associations for Budget 2024-25 on changes in direct and indirect taxes. Submit proposals for tax s...
Income Tax : On February 15, 2024, President Droupadi Murmu granted his assent to the Finance Act 2024 (Budget 2024), officially bringing the g...
Income Tax : Explore the details of F. No. 375/02/2023 - IT-Budget by the Ministry of Finance. Learn about the remission of outstanding tax dem...
Custom Duty : Explore the impact of Budget 2024-25 updates by the Office of the Pr. Commissioner of Customs. Learn about changes, timelines, and...
Income Tax : The Finance Bill, 2024, also known as Bill No. 14 of 2024, is a legislative proposal introduced in the Lok Sabha, the lower hous...
Government in Budget 2021 notified Leave Travel Concession (LTC) cash Voucher scheme. In view of the situation arising out of outbreak of COVID pandemic, it is proposed to provide tax exemption to cash allowance in lieu of LTC. Initially, the scheme was announced in October 2020 for Central Government Employees and later via a press […]
Budget 2021 proposes the imposition of some of the stringent provisions under the Goods and Services Tax (GST). The present article tries to explain the said provisions and their effect thereon, which are proposed to be imposed vide the Finance Bill 2021. Some of which includes Retrospective amendment introduced in ‘scope of supply’, Addition in […]
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 Statement of Financial Transaction-
Applicability of Tax Deducted at Source (TDS) u/s 194Q on Purchase of Goods- In the Budget 2021-22, a new section 194Q introduced which will be effected from 1st July 2021. This Article explains What is section 194Q, Time of Deduction of TDS under Section 194Q, Exception to TDS Deduction under Section 194Q, TDS Rate under […]
Sec 194Q-TDS on Purchase on Goods worth Exceeding Rs. 50 Lakhs | Correlation with 206C(1H)-TCS on Sale of Goods Introduction: Budget 2021 proposes to introduce new Section 194Q.It would be effective from 01.07.2021. Who is Required to Deduct TDS: Buyer: Turnover exceeds Rs. 10 cr in preceding FY. When: Buyer is responsible for paying a sum […]
ACES GST (CE&ST) – Issue of Advisory on allotment of Temporary Accounting Code to pay Agriculture Infrastructure and Development Cess (Central Excise) – regarding.
RATES OF TDS APPLICABLE FOR FINANCIAL YEAR (FY) 2021-22 OR ASSESSMENT YEAR (AY) 2022-23 as compiled by The Institute of Cost Accountants of India. Rate includes Amendment announced by Union Budget 2021. TDS Rate are applicable from 01.04.2021 Section Nature of Payment Threshold Limit for deduction tax Rate of TDS applicable for the period or […]
Article compiles Rate Chart Of TCS For Financial Year 2021‑22 Or For Assessment Year 2022-23. Compilation include amendment in TCS Rates wef 01.04.2021 as proposed by Union Budget 2021. Article Explains TCS Deposit Challan Code, Goods & Services liable to TCS and Rate of TCS Applicable. TCS Rate Chart is compiled by The Institute of […]
TDS on payment of certain sum for purchase of Goods-New Section 194Q inserted by The Finance Bill Budget 2021-22 Applicability of Section 194Q This Section Applies to an Assessee (Buyer) whose Gross Receipts/Sales/Turnover in the Preceding financial year Exceed Rs. 10 Crore & when Aggregate amount of purchase from a particular buyer in the financial […]
Introduction: Budget 2021 proposes to introduce new Section 194Q.It would be effective from 01.07.2021. Who is required to deduct TDS u/s 194Q: Any person being a buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value of aggregate of value exceeding Rs 50 lakh in […]
