Powerd By SAG INFOTECH
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Simple to Understand TDS Interest You would be required to file the interest Under Section 201(1A), in case of a late deposit of TDS after deduction. A 1.5% per month interest would be computed from the date on which the TDS was deducted to the actual date of deposit. The same would be computed on […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai bench has argued the Income Tax Scrutiny Assessment under section 143(3) on account of this issuance of a manual assessment directive lacking a Documentation Identification Number (DIN). The assessee, Teleperformance Global Services Pvt. Ltd. was in the business of offering IT-enabled services. The return of income was […]
There is no need to disallow part of the director’s remuneration and depreciation if the business is stopped due to a temporary lull, the Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) ruled. The mere pre-requisite for the permission of depreciation would be that the business must not have been closed out once and […]
In a recent decision, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that a reassessment could not be justified by fake information. The Delhi Income Tax Appellate Tribunal made the aforementioned observation in response to an appeal filed by the assessee against a decision made by the Commissioner of Income Tax (Appeals), […]
Simple Intro About the Depreciation Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) […]
SAC code is a nomenclature that is used in the GST system. The Central Board of Indirect Taxes and Customs created the SAC code under GST. Such codes help in recognizing services and their corresponding GST rates in order to compute the appropriate tax amount. What Do You Understand by SAC Code in GST? The […]
What is a Form 10? The same article would be concerned with one of the revisions made in Form No 10 by Notification No. 96/2022 on 17th August 2022 which would be subjected to be applied for all the Trust/Institution registered under subclause (iv)(v)(vi)(via) of Section 10(23C) of the Act for F.Y. 2022-23 (A.Y. 2023-24). […]
The AO is directed to charge a 6.5% gross profit rate on bogus purchases by the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in its judgement. The two-judge panel, comprised of Kuldip Singh (Judicial Member) and Gagan Goyal (Accountant Member), has noted that the AO and CIT (A) made the entire inclusion based […]
