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Section 286 and 271GB of IT Act Under section 286 of the Income Tax Act, there are certain entities that are obliged to file a report in regard to the international group. Any failure in furnishing the reports with valid information and on time will lead to penalties. The penalties are mentioned under section 271GB […]
As per norms u/s 206C of the Income Tax Act 1961, it is a prime requirement for a certain category of sellers to collect TCS from a certain category of buyers at the rates prescribed by the government. On failure to collect the TCS from specified buyers, the sellers are liable to pay a huge […]
As an initiative to boost the digital payments and bolster the cashless economy, the Government of India has introduced a new provision Section 269SU Prescribed Electronic Mode and subsequently notified Rule 119AA through the Finance (No. 2) Act, 2019 that prescribes certain electronic modes of payments as a mandatory facility for costumers to be given […]
An onset of Tax Audit spell is buzzing alarm for CAs to update their knowledge about different clauses of the Form 3CD and form a check list to move in tune with Tax officials. C.A.s may prepare and follow a step-by-step procedure which is in compliant with the I.T. rules and regulations to stay in […]
The only things that knock our minds when we listen to the word ‘rent’ are the payment which has to be paid at the beginning or at the end of every month. This can be understood by the person who lives in the rented house or has to give any rent like the machine rent, […]
TDS is an acronym of Tax Deducted Source (TDS) which was implemented by the Indian government to collect taxes from sources on the income earned by an individual.
In a major shift from VAT to GST, India has supported the new indirect tax regime from the core of its heart and its capabilities. Almost all the traders and taxpayers have tried to comply with the newly incorporated tax scheme and have done whatever the new law has demanded from them.
In a ruling that has captured the attention of tax professionals and businesses alike, the Income Tax Appellate Tribunal (ITAT) in Delhi furnished its verdict on the case between GSR Industries and the Deputy Director of Income Tax (DDIT). This case judged dated 26 December 2023, rotates about diverse problems related to income tax assessment […]
In a nation as diverse and economically vibrant as India, comprehension and adherence to income tax compliance are crucial factors in fostering financial stability and making a positive contribution to national development. Being the second-most populous country globally, India heavily relies on a robust taxation system to finance essential services and infrastructure initiatives. Effects of […]
