FAQs

Deciphering Section 194Q TDS for a Common Man

Income Tax - Section 194Q brings further complications to the compliance of various provisions of law already existing and it will certainly be felt by the business circle as being contrary to the ‘Ease of Doing Business’....

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Income Tax Guide For Seafarers

Income Tax - Residential Status As per Section 6 of the Income Tax Act, 1961, a Seafarer shall be a Non-resident if he stays outside India for a period of 184 days or more (185 days or more in case of leap year) for the purpose of employment. Calculation of period outside India As per Notification No. 70/2015/ […]...

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Introduction to Section 8 Company under Companies Act 2013

Income Tax - We have heard a lot about non-profit organization and companies with charitable objectives. The concept of Section 8 companies was introduced in the Companies Act 2013 that permitted companies with charitable objectives. These companies are registered without the words ‘Limited’ or ‘Private Limited’. The main objectives behind Sec...

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FAQs on Register of Members, Debenture Holders or Other Security Holders

Income Tax - Important FAQs to Understand Register of Members, Debenture Holders or Any Other Security Holders {Section 88 of Companies Act, 2013 read with The Companies (Management and Administration) Rules, 2014} 1. Where is the Register of Members maintained under Companies Act, 2013?  Ans. Every Company shall maintain register of members from th...

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Loan and Investment by Company | Section 186

Income Tax - Loan and Investment by Company (FAQs)  –Updated Up-to 19/07/2021 FAQs on Section 186 of Companies Act, 2013 Q.1 What is maximum limit thorough which a company can make investment through layers of companies? [Sec 186(1)] Ans.  Company is not allowed to make investment through not more than two layers of investment companies; Howev...

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ICAI CMA Draft guideline & FAQs for Multi-Disciplinary Partnership

Income Tax - Seeking comments of the members on Draft Guidelines for the Formation of Multi-Disciplinary Partnership (MDP) firms by the members of the Institute of Cost Accountants of India as per provisions of the Cost and Works Accountants Act and Regulations and Draft Frequently Asked Questions on Formation of Multi-Disciplinary Partnership (MDP) F...

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Delta and Delta Plus Variants: FAQs

Income Tax - Section 2(34) of the Companies Act, 2013 defines director to mean a director appointed to the Board of the Company. Only Individuals can be appointed as Directors in a company. It is not the name by which a person is called but by the position he occupies and the functions and duties that he discharges that determine whether in fact, he i...

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Enrolment as ‘BSE Administration & Supervision Ltd.’ member | SOP & FAQs

Income Tax - Standard Operating Process for Enrolment as a member of BSE Administration & Supervision Ltd. (BASL): A) For New Membership / Renewal of Membership : (a) A new applicant /existing SEBI RIA intending to register / renew its membership as an Investment adviser will first approach BASL and submit the membership application in prescribed ...

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Health Insurance policy – FAQs

Income Tax - Q.1 What are the Insurance Companies that offer Health Insurance in India? Ans: Health Insurance policies are offered by all Life, General and Health Insurance companies that are registered with IRDAI. The names of the Insurance companies that are registered with IRDAI are available in IRDAI website www.irdai.govl.in. Standalone Health In...

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FAQs: Import of Oxygen Concentrators by individual for personal consumption into India by Courier Mode

Income Tax -  FAQs on Import of Oxygen Concentrators by individual for personal consumption into India by Courier Mode Q.1 Can an individual send an oxygen concentrator to an Individual in India via courier mode? Ans. Yes. Q.2 At the time of booking shipment at origin what paperwork does the shipper have to provide to the courier company […]...

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FAQs – SEBI LODR amendments dated May 05, 2021

Ref: NSE/CML/2021/23 - (28/06/2021) - The National Stock Exchange of India Limited has released a list of FAQs vide Circular  Ref: NSE/CML/2021/23 Dtd. 28th June, 2021 regarding the amendments introduced by the SEBI vide notification dated 05th May, 2021 in the existing provisions of SEBI (Listing Obligations and Disclosure Requirement...

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RBI Guidelines for Appointment of Statutory Auditors – FAQs

RBI/2021-22/25 Ref. No. DoS.CO.ARG/SEC.01/08.91.001/2021-22 - (27/04/2021) - As per Para 6.4, whether the time gap of one year between any non-audit works by the SCAs/SAs for the Entities or any audit/non-audit works for its Group Entities has to be ensured for all the Entities in the Group or the RBI Regulated Entities in the Group?...

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4th FAQs on LTC Cash Voucher Scheme

Notification No.12(2)/2020/E-II.A - (10/03/2021) - Whether the full and final settlement of the bills pertaining to LTC Cash Scheme is also to be ensured by 31st March, 2021, without any scope of spill over to the next financial year? As far as possible, the claims should be made and settled well before 31st March, 2021, Ministries/Departments may c...

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Income escaping assessment | Action to be taken | AY 2013-14 to 2017-18

F.No.414/132/2018-IT (Inv. I)(Part I) - (09/03/2021) - Which functionality is to be used for uploading the information in respect of cases where the income escaping assessment pertains to AYs 2013-14 to 2017-18 as mentioned in Para 2(a) of the aforementioned directions issued vide F.No.414/132/2018-IT(Inv.I)(Part I) dated 5th March, 2021?...

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CBDT releases Answer to 34 FAQs on Vivad se Vishwas

Circular No. 21/2020-Income Tax - (04/12/2020) - Circular No. 21/2020 is being issued in continuation of circular dated 22nd April, 2020 (which covered Q. no, I – 55) under section 10 and 11 of the Vivad se Vishwas to provide answers to 34 more FAQs (Q. no. 56 – 89)....

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Recent Posts in "FAQs"

Deciphering Section 194Q TDS for a Common Man

Section 194Q brings further complications to the compliance of various provisions of law already existing and it will certainly be felt by the business circle as being contrary to the ‘Ease of Doing Business’....

Read More
Posted Under: Income Tax |

Income Tax Guide For Seafarers

Residential Status As per Section 6 of the Income Tax Act, 1961, a Seafarer shall be a Non-resident if he stays outside India for a period of 184 days or more (185 days or more in case of leap year) for the purpose of employment. Calculation of period outside India As per Notification No. 70/2015/ […]...

Read More
Posted Under: Income Tax |

Introduction to Section 8 Company under Companies Act 2013

We have heard a lot about non-profit organization and companies with charitable objectives. The concept of Section 8 companies was introduced in the Companies Act 2013 that permitted companies with charitable objectives. These companies are registered without the words ‘Limited’ or ‘Private Limited’. The main objectives behind Sec...

Read More
Posted Under: Income Tax |

FAQs on Register of Members, Debenture Holders or Other Security Holders

Important FAQs to Understand Register of Members, Debenture Holders or Any Other Security Holders {Section 88 of Companies Act, 2013 read with The Companies (Management and Administration) Rules, 2014} 1. Where is the Register of Members maintained under Companies Act, 2013?  Ans. Every Company shall maintain register of members from th...

Read More
Posted Under: Income Tax |

ICAI CMA Draft guideline & FAQs for Multi-Disciplinary Partnership

Seeking comments of the members on Draft Guidelines for the Formation of Multi-Disciplinary Partnership (MDP) firms by the members of the Institute of Cost Accountants of India as per provisions of the Cost and Works Accountants Act and Regulations and Draft Frequently Asked Questions on Formation of Multi-Disciplinary Partnership (MDP) F...

Read More
Posted Under: Income Tax |

Loan and Investment by Company | Section 186

Loan and Investment by Company (FAQs)  –Updated Up-to 19/07/2021 FAQs on Section 186 of Companies Act, 2013 Q.1 What is maximum limit thorough which a company can make investment through layers of companies? [Sec 186(1)] Ans.  Company is not allowed to make investment through not more than two layers of investment companies; Howev...

Read More
Posted Under: Income Tax |

Section 194Q TDS & Higher TDS Rate under Section 206AB

 Section 194Q- Deduction of TDS on Purchase of Goods The government has introduced Section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. The intent of the government to bring this provision is to establish the trail of high value of transaction of sale and purchase of goods. There are various other provision which [&hell...

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Posted Under: Income Tax |

Section 206C Tax Collection at Source (TCS)

a) Applicability and Rate [Section 206C(1)/(1C)/(1F)] Section 206 C(1) of Income Tax Act, 1961 Sr. No. Nature of goods Rate of TCS (upto 13.05.2020) Rate of TCS (w.e.f 14.05.2020 to 31.03.2021) i. Alcoholic Liquor for human consumption 1% 1% *(no change) ii. Tendu Leaves 5% 3.75% iii. Timber obtained under a forest lease 2.5% 1.875% [&hel...

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Posted Under: Income Tax |

Section 206AB & 206CCA Higher Rate of TDS/TCS in Case of Non-Filers of Return

Non- Applicability of the Section 206AB 1. If specified person is non-resident who does not have permanent establishment in India. 2. The section has overriding effect on all provisions of Chapter XVIIB of the Income Tax Act, 1961 except the below mentioned sections S. No. Section Particulars 1 192 TDS on Salary 2 192A TDS […]...

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Posted Under: Income Tax |

Section 206AA Mandatory Requirement of Furnishing PAN-TDS

1) What is Section 206AA of Income Tax Act, 1961? Section 206AA has been inserted to provide that any person whose receipts are subject to deduction of tax at source i.e. the deductee, shall mandatorily furnish his PAN to the deductor failing which the deductor shall deduct tax at source at higher of the following […]...

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Posted Under: Income Tax |

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