Understand the process of transfer pricing assessment proceedings and how it impacts income-tax returns. Learn about the role of Transfer Pricing Officer (TPO) and options for resolving disputes.
AADHAR – PAN LINKING As per Section 139AA of the Income Tax Act, every person who has PAN as on July 1, 2017, is required to link his/her PAN with his/her Aadhaar number within the due date notified by the government provided such person is eligible to obtain an Aadhaar number. Also, every person who is […]
An Extra-Ordinary General Meeting may be called by the Board of Directors of the Company whenever it deems fit in view of the provisions of Section 100 of the Companies Act, 2013. Members of the Company can also call for an Extra-Ordinary General Meeting in terms of the said section and the rules made thereunder. […]
READY REFERENCE GUIDE: TDS ON PURCHASE OF GOODS (SECTION 194Q) Applicability: -W.e.f. 1st July, 2021; -On aggregate value of purchase exceeding Rs. 50 lakhs from a single seller in a F.Y.; -To buyer whose turnover from business exceeds Rs. 10 Crs. during preceding F.Y. i.e. excluding GST; and -Only on purchase of Goods. Non-Applicability: TDS […]
OVERVIEW Overseas Direct Investment means investment made outside India by an Indian either under the automatic route or the approval route or by subscription to the memorandum of a foreign entity or by way of contribution to the capital either by the stock exchange or private placement, by setting up Joint Venture (JV) or a […]
Second Quarter of FY 2021-22 has started today and industry is still facing lack of understanding on new sections of 194Q, 206AB and 206CCA Finance Act 2021 has inserted 3 new sections applicable from 1st July 2021 1. Section 194Q- Tax withholding on purchase of goods 2. Section 206AB and Section 206CCA – Special provision […]
Ever since its introduction in July 2017, the Goods and Services Tax (GST) Law has taken the center stage as far as taxation in India is concerned. Before its introduction, Income Tax Law used to be the subject matter of discussions and attracted more public attention Indirect taxes like Service Tax, VAT etc used to […]
No transfer of the capital asset within the meaning of section 2(47) of the Income Tax Act , 1961 when a transfer is made by book entries only without a registered sale deed executed in favour of the transferee. as held in CIT vs Kedarnath Poddar & Co., in the Calcutta High Court (1993) 201 […]
Clarifications on TDS under Section 194Q of Income Tax Act, 1961 As per Section 194Q of Income Tax Act, 1961, buyer a) purchasing any goods in value exceeding Rs. 50,00,000/– in a financial year & b) having his turnover from business or profession in excess of Rs. 10 crores, in immediately preceding financial year, c) […]
Electricity or Electrical Energy is one of the major source of revenue for the state governments as it comes under the state list of the Constitution wherein they are collecting electricity charges from the customers.
