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The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that the rental income obtained via sub-leasing of the property comes under the income of business of the taxpayer as this comes under the business of the taxpayer’s organization. Prior to that, the assessing officer treated the lease rental income earned through the taxpayer […]
Let’s discuss more the form 16C and challan 26QC for deducting the TDS on rent. So as to draw a higher rental income group under the tax, the government in budget 2017 has incorporated a new section 194IB. Provision, the person and HUFs who file the rent of INR 50k or more shall need to […]
Towards GST the e-Ledger is an electronic form of passbook. These e-ledgers are present to all kinds of GST registrants upon the GST portal. The e-ledgers includes the information of the mentioned particulars: GST Amount deposited in cash towards the government liability in electronic cash ledger. Input Tax Credit available (ITC) balance in the electronic […]
The Telangana Authority of Advance Ruling (AAR) held that GST is exigible upon EPF, ESI, Salary, or Wages reimbursed via Hospital. The petitioner, Bhagyalakhsmi Devamma Vangimallu who is the owner of Versatile Resource Solutions has entered into a contract with M/s. Asian Institute of Gastroenterology Private Limited, Somajiguda, Hyderabad for furnishing the housekeeping services. According […]
The income tax department has provided relief upon some non-residents and foreign investors from filing ITR from FY 2020-21, an initiative that has a motive to simplify the compliance load. Via notification department of Central Board of Direct Taxes (CBDT) specified that non-residents (corporates or others poses no income excluding the income through the investment […]
CBDT has revealed that the time period for processing the returns including the refund claims beyond the mentioned time limit for cases which does not come under scrutiny from 30, 2021, to November 30, 2021. “Central Board of Direct Taxes (Board) vide its order under section 119 of the Income-tax Act, 1961 (Act) dated 05.07.2021 […]
The upcoming council meet under GST shall decide the destiny of the national anti-profiteering authority (NAA) whose tenure ends in Nov. Apart from that, the department will also discuss extending the concessional rates towards the medicines concerned to the drugs which consist of Remdesivir in the next 3 months. FM Nirmala Sitharaman has decided that […]
The central board of direct taxes CBDT prolonged the last date for furnishing of different tax returns up to 31st Dec for the current year however it shall remain imposed the interest upon the late payments build post to 31st July which was the previously made last date. The tax payments are to be performed […]
Form 26AS has all the required details of tax deducted concerned with the taxpayer by the deductor i.e. bank, employer etc. Therefore all the deductions of TDS which are shown in Form 16A/Form 16 can be cross-verified by the means of Form 26AS. It is to be noted that the amount of TDS should be […]
