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The Andhra Pradesh Authority of Advance Ruling (AAR) directed that 18% Goods and Service Tax (GST) is payable on Drinking water supply by movable tankers. The petitioner M/s. Vijayavahini Charitable Foundation (VCF) looks to support and aids charitable activities towards the poor in the medical relief region, education, health, vocation, livelihood, etc. beneath section 12A […]
The Income Tax Department has revised the Income Tax Return software to eliminate the failure due to incorrect calculation of interest beneath Section 234A and late fee beneath Section 234F of the Income Tax Act, 1961. “The ITR software was rectified on 1st Aug 2021 itself to remove the error due to incorrect computation of […]
Under section 147 of the Income Tax Department, The Income Tax Department is empowered to reassess an individual’s previous/privately filed income tax returns. The assessing officer possesses the power to pick the income tax return for the reassessment keeping in consideration some predefined criteria by sending the notice under section 148 for the purpose of […]
Form 26QB (Challan-cum Statement) Under TDS To begin with, Form 26QB (Challan-cum Statement) has a twin-fold objective that is synonymous with the two blades of a single scissor – It is both a return as well as challan form for the deductions that have been made u/s 194 of the Income Tax Act, 1961 for […]
Curiously, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) passed a ruling for the doctor and hospitals on Tuesday that the payment that is made by the assessee hospital to the consultant doctors shall be the subject of professional payments and Tax Deducted at the source shall be applicable in the aforesaid case […]
Now new Income Tax Compliance has been brought into effect by the Central Board of Direct Taxes that shall be applicable retrospectively with effect from October 1, 2020. In an attempt to widen the tax net, the government of India has stretched the scope of the Tax collected at Source (TCS) by adding a new […]
The business that has done the acquisitions in the previous years must be required to follow the amended rules made by the Central board of direct taxes (CBDT) upon accounting of goodwill and the tax liability which gets rises from these transactions. The buying cost of an asset often engaged a premium which is said […]
It has been held by The Income Tax Appellate Tribunal, Bangalore Bench that the disallowance of the item ‘depreciation on software purchase’ cannot be done by invoking section 40(a)(i) of the Income Tax Act 1961. Here, in this case, the assessee, ‘Messrs UKN Properties Private Limited’ is in the Real Estate Industry and involved in […]
When it comes to tax compliances don’t procrastinate. The end date to link your Permanent Account Number (PAN) with your Aadhaar number is nearby i.e. The last date to link Permanent Account Number (PAN) with Aadhaar Card has been stretched to June 30, 2021. As per the sources, the government shall opt for the stringent […]
