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Section 194IA of the Income Tax Act 1961 states that tax should be deducted at source, during the sale of the property, by the buyer from the payment made to the seller. TDS is required to be deducted during the sale of every type of property except during the sale of agricultural land. TDS will […]
On Sunday, the Income Tax Department introduced a utility for the banks and post offices which will help them in ascertain the rates of TDS (Tax Deducted at Source) on cash withdrawal of Rs. 20 lakhs or more, if the assessee has not filed the income tax return and that of Rs. 1 crore or […]
The Income Tax Appellate Tribunal (ITAT), Jaipur, has ruled that the previous water and electricity bills can not be provided as proof of construction of a house to claim deductions under capital gains under section 54F of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 […]
After receiving the recommendations of the Advisory Committee for MSME Udyam Registration the central Government comes up with: The government introduced some specific criteria for classifying the enterprises as micro, small and medium enterprises. Also notified about the form and the process of filing the memorandum (Udyam Registration), w.e.f 1st day of July 2020 GST […]
The Central Government recently cleared the confusion over GST on Company Directors. The authorities also reflected their concerns regarding held-up input tax credit refunds A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India. Read More, it is an issue that […]
As per the recent update from the income tax department, the department has notified about the revised form 26AS which is mainly utilized for collection of the tax collected or basically tax deducted at source under which there will be details such as property and share transactions. The revised form 26AS is now a detailed […]
On 18th May 2020 Income Tax Appellate Tribunal (ITAT), Delhi bench Pronounced an Order that when a non-resident company represents an appeal in front of Tribunal, then the memo needs to be signed and verified by the same person who is is empowered through a Power of Attorney from the same Company to verify the […]
CBDT recently released notification and said that TDS rates on 23 items have been reduced, It also released the revised TDS and TCS rates which will be applicable from yesterday throughout the current FY i.e. till 31st March 2021. It happens by following the recent announcement made by finance minister Nirmala Sitharaman, in response to […]
In hearing for an appeal the ITAT stated that even if the onus is cast upon the assessee to prove their received cash credits, the tax authorities need to go through the documentary evidence which is represented by the assessee, before making additions in cash credit Under section 68 of Income Tax Act, 1961 Get […]
