Corporate Law : Overview of the Constitution (106th Amendment) Act, 2023 covering women’s reservation in Parliament and Assemblies, its scope, t...
Fema / RBI : The issue concerns alternative settlement mechanisms for international trade. The framework allows INR-based transactions with fle...
Company Law : The scheme allows companies to clear pending filings at reduced cost. It provides a major compliance relief with only 10% addition...
Goods and Services Tax : IGST refunds are not available when exports are made under LUT/Bond without tax payment. The clarification highlights eligibility ...
Income Tax : The issue covers taxation and computation of house property income under the new law. The key takeaway is clarity on annual value,...
Finance : The Authority clarifies application process, operating models, service limits, and compliance obligations under the new GIC Regula...
Corporate Law : The India–European Union Free Trade Agreement (FTA) is a comprehensive pact covering trade in goods, services, rules of origin, ...
Corporate Law : The ruling clarifies that digital processes are encouraged but not mandatory, ensuring workers rights are protected even through p...
Company Law : The law removes sector-based exclusions and extends minimum wage protection to all employees. It confirms universal coverage acros...
Corporate Law : The FAQs explain the uniform wage definition and the 50% allowance cap across all Codes. Gratuity applies prospectively from 21 No...
Corporate Law : FSSAI introduced perpetual licenses and simplified registration norms to ease compliance. The reforms reduce costs while maintaini...
SEBI : FPIs can now apply for Digital Signature Certificates directly within the CAF portal. The move simplifies onboarding and reduces p...
Goods and Services Tax : GSTN has clarified key issues on filing annual returns through consolidated FAQs. The guidance explains ITC reporting, auto-popula...
Goods and Services Tax : ITC availed for FY 2023-24 but reversed or claimed in FY 2024-25 must be reported in Table 6A1 of GSTR-9. Reversals from prior yea...
SEBI : The notice outlines detailed guidance on filing financial results under Regulation 33, covering timelines, disclosure norms, and r...
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 […]
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% […]
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 […]
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 […]
Tax Deduction And Collection Account Number under Section 203A of Income Tax Act, 1961 ♦ Every person, deducting tax or collecting tax, who has not been allotted a tax deduction account number or, as the case may be, a tax collection account number, shall, within one month from the end of the month in which […]
Consequences of Non-Compliance to TDS under Section 201 of Income Tax Act, 1961 Where any person, including the principal officer of a company, who is required to deduct any sum in accordance with the provisions of this Act; or referred to in sub-section (1A) of section 192, being an employer, does not deduct, or does […]
Frequently Asked Questions (FAQs) on Multi-disciplinary Partnership Firm of Chartered Accountants in Practice (MDP CAs in Practice) Q.1 What is meaning of the term “MDP CAs in Practice?” Response: “MDP CAs in Practice” is abbreviation of the term “Multi-disciplinary Partnership Firm of Chartered Accountants in Practice”. MDP CAs in Practice means the firm which has […]
Issue of TDS Certificate Every person deducting tax at source is required as per Section 203 of Income Tax Act, 1961 to furnish a certificate to the payee to the effect that tax has been deducted along with certain other particulars. This certificate is usually called the TDS certificate. Even the banks deducting tax at […]
Form 15G and Form 15H are forms you can submit to prevent TDS deduction on your income, if you meet the conditions mentioned below. For this, PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website. Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody else.
(1) What is Section 197 of Income Tax Act, 1961? Section 197 of the Income Tax Act, 1961 allows the taxpayer the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). In order to apply for this you need to submit Form 13 to the assessing officer. Also, this section strikes a delicate balance […]
