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What is New TDS Section 194R? The latest rule concerning the TDS is effective from the date July 1, 2022. The government specified the new TDS section 194R in the Income Tax Act in the Budget 2022-23. The amended section specified that a 10% TDS shall be deducted by any individual issuing any advantage or […]
The revenue department has initiated the search beneath anti-tax avoidance law, General Anti-avoidance Rule (GAAR), for companies and entities who uses bogus methods to prevent furnishing the taxes. A Hyderabad-based firm, Ekge retail has obtained a notice where the department has applied section 96(1)(d) of the Income-tax Act, which is concerned with prohibited agreements undertaken […]
The Central Board of Direct Taxes (CBDT) has issued income tax circular number 10/2022. The department has reported the rules to comply to use the functionality made to simplify the compliance for tax deductors/collectors (TDS/TCS) as mandated under Section 206AB and Section 206CCA of the Income-tax Act, 1961 Finance Act, 2021 inserted two new sections […]
From May 26 onwards, anyone who deposits or withdraws Rs 20 lakh or exceeds from one or more bank accounts in a fiscal year shall need to quote the Permanent Account Number (PAN) during the withdrawal time. Towards the purpose of restricting the evasion of taxes via the use of cash, the Central Board of […]
What is an Online e-Dispute Resolution Scheme(e-DRS)? The Central Board of Direct Taxes reported the e-Dispute Resolution scheme, 2022 to settle tax disputes. Under section 245MA in the Income-tax Act, 1961 (hereinafter directed to as “the Act”), the Central Board of Direct Taxes (CBDT) notified the e-Dispute Resolution Scheme, 2022 (e-DRS) to decrease litigation and […]
“The law of income tax is enriching. As intriguing as it is, the more one learns, the more he seeks to learn” In the former articles, we discussed the income tax law and now wrote an article concerning the ancillary provisions as included in the Income Tax Act of 1961 itself. The same act consists […]
CBDT reported the ITR forms for the AY 2022-23, with respect to FY 2021-22. But the applicability of the ITR forms for the various assessee who comes in distinct slabs does not amend, attention has been on some of the amendment. Foreign Assets Reporting Under Income Tax The schedule for FA needs to report the […]
The income tax portal 2.0 is a user-friendly model of the original website. The same has the advantageous upgrades concerned to the ITR filing and the management. The process is smoother to manage and the platform furnished various levels of services related to tax in the new version. The effective specification of the e-portal comprises: […]
A presumptive scheme beneath the income tax is a popular policy that is been used by businesses and professionals. The same scheme diminishes the load of the income tax provisions on micro and small businesses and professionals. The presumptive tax scheme for the mentioned professionals was made in 2016. The presumptive taxation scheme permits the […]
