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...
1. On which type of Assessee section 194Q applies? Ans. Any person, being a buyer whose total sales/gross receipts/turnover from the business carried on by him exceed 10 crore rupees during the F.Y. immediately preceding the F.Y. in which the purchase of goods is carried out, not being a person, as the Central Government may, […]
1) Who is responsible to deduct tax under section 194IC of Income Tax Act, 1961? Any person responsible for paying to a resident any sum by way of consideration under the specified agreement under section 45(5A) i.e. under the Joint Development Agreement, shall deduct tax at source. 2) What is meant by the Joint Development Agreement? […]
Who is responsible to deduct tax u/s 194H? Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon.
1) Who is responsible to deduct tax under section 194G of Income Tax Act, 1961? Any person responsible for paying any income by way of commission, remuneration or prize (by whatever name called) on stocking, distributing, purchasing or selling lottery tickets, shall be responsible to deduct tax at source. 2) When to Deduct TDS under […]
Section 194F TDS on Payments on account of repurchase of units by Mutual Fund or Unit Trust of India (UTI) 1) Who is responsible to deduct tax under section 194F of Income Tax Act, 1961? The person responsible for paying to any person any amount referred to in section 80CCB. 2) When to Deduct TDS […]
1) Who is responsible to deduct tax under section 194EE of Income Tax Act, 1961? The person responsible for paying to any person any amount standing to the credit of such person under National Savings Scheme (to which section 80CCA was applicable) together with interest accrued thereon, shall deduct income-tax thereon on such amount at […]
1) Who is responsible to deduct tax under section 194E of Income Tax Act, 1961? Any person responsible for making following payment shall deduct tax at source:- 2) When to Deduct TDS under Section 194E? Tax is to be deducted at the time of credit of such income to the account of the payee or […]
Institute of Chartered Accountant of India Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India 5th July, 2021 FREQUENTLY ASKED QUESTIONS Sub: Frequently Asked Questions on Circular regarding Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 issued by the Ministry of […]
Advocates has privilege of not to pay GST on their output supply, while the taxes on their supplies has to be paid by recipient under Reverse Charge Mechanism (RCM). In this write up, I made a try to answer the questions related to GST on Advocate Services.
Practical FAQs on applicability of TDS under section 194Q & TCS under section 206C(1H) w.e.f. 1st July 2021 Sub-section (1H) was inserted in Section 206C by Finance Act, 2020 for collection of tax at source (TCS) by the seller on sale of any goods and was made operative with effect from 1st October 2020. On […]
