Fema / RBI : RBI has launched the Integrated Ombudsman Scheme, 2026, providing a centralized, cost-free mechanism for resolving complaints agai...
Fema / RBI : RBI has updated the FLA Return FAQs, clarifying who must file, the 15 July deadline, revision procedures, and reporting requiremen...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
Company Law : The document clarifies that a director's resignation becomes effective upon receipt by the company or the specified future date, w...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
Corporate Law : MoSPI will introduce the Index of Services Production (ISP) to measure short-term changes in the formal services sector. The month...
Finance : The FAQs clarify the implementation of the IFSCA AML/CFT/KYC Guidelines, covering customer due diligence, reporting obligations, g...
Finance : The IFSCAs updated framework supersedes previous sandbox regulations and establishes a unified regime for FinTech testing in IFSCs...
Finance : The Government has exempted interest and capital gains earned by FPIs on Government securities from income tax with effect from 1 ...
Fema / RBI : RBI has clarified reporting requirements, valuation methods, submission procedures, and entity obligations under the Portfolio Inv...
SEBI : NSE released detailed FAQs to address practical issues in submitting Quarterly Integrated Filing – Governance reports through XB...
Finance : The circular addresses uncertainty in FLA reporting FAQs under FEMA. It directs institutions to pause action until regulatory clar...
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...
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 […]
i. Who is responsible to deduct tax under section 194D of Income Tax Act, 1961? Any person responsible for making payment to Foreign Institutional Investors ii. Nature of Payment Income in respect of securities referred to in section 115AD (not being interest referred to in section 194LD) iii. When to Deduct TDS under Section 196D? […]
1) Who is responsible to deduct tax under section 196C of Income Tax Act, 1961? Any person responsible for making payment to Non-resident. 2) Nature of Payment (a) Interest on notified bonds referred to in section 115AC (b) Dividends on Global Depository Receipts referred to in section 115AC (c) Long-term capital gain arising from transfer […]
a. Who is responsible to deduct tax under section 196B of Income Tax Act, 1961? Any person responsible for making payment to Offshore Fund. b. Nature of Payment a) Income from units referred to in section 115AB b) Long-term capital gain arising from transfer of such units c. When to Deduct TDS under Section 196B? […]
1) Who is responsible to deduct tax under section 195 of Income Tax Act, 1961? Any person responsible for paying to a non-resident, not being a company, or to a foreign company, shall deduct income-tax thereon at the rates in force. 2) Nature of Payment a) Any interest (not being interest referred to in section […]
Introduction: The Finance Act, 2020, inserted Sub-Section (1H) in Section 206C to provide for the collection of tax by a seller from the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year. On the similar lines, the Finance Act, 2021, has inserted a new Section […]
The Finance Act, 2021 has inserted a new Section 194P of Income Tax Act, 1961 to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income. It provides that if tax has been deducted under the newly inserted provision, such senior citizen shall be […]
1) Who is responsible to deduct TDS under section 194O of Income Tax Act, 1961? Any person, being E-commerce operator facilitating sale of goods or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever name called). 2) Is there any definition for E-commerce, E-commerce Operator and E-commerce Participant? […]
1. Who is responsible to deduct tax under section 194N of Income Tax Act, 1961? Every person, being,— (i) a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) a co-operative society engaged in carrying on […]
