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Simple Meaning of TDS Challan TDS challans are used to deposit TDS with the Indian government. There is only one challan that can be utilised for depositing taxes collected under each section of the Income Tax Act. Assessees who want to pay the TDS without a challan must deposit the TDS collected on the same […]
Delhi High Court seeks to answer the income tax department on the strange case, in which the man claiming his PAN is indeed being provided to another individual for which he obtained the notices from the bank to clear the credit card bills of that particular individual. The person, who seeks advice from the authorities […]
Form 15G for the provident fund (PF) withdrawal would be the self-declaration form which confirms the petitioner that there shall be no TDS deduction when they withdraw their provident fund before the provided fiscal year. Under the norms of income tax, when the employee withdraws via provident fund prior to completing 5 years with the […]
What is a New Common ITR Form? A common ITR via combining all the forms of income return excluding ITR-7 shall be proposed by the Income tax department. CBDT intends to have a single ITR filing form when taxpayers will log in to file their ITR on the portal then they will see one ITR […]
There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]
The Central Board of Direct Taxes dated 13 September furnished a circular for the elimination of the issues in Section 194R that obligated the responsibility to the individual for giving the advantages to the resident to deduct tax at source with 10%. Before that, the Finance Act 2022 inserted a new section 194R in the […]
Under Section 195 of the Income-tax Act, 1961 (ITA), when you have bought the property from a non-resident Indian (NRI) then you are required to deduct tax (TDS). The tax should be deducted while performing any payment to NRI for buying the property. The same would indeed get applied for the case when the advance […]
Towards the exemption for individuals who have not yet received long-pending insurance claims with interest, the Punjab and Haryana High Court ruled that TDS does not get deducted by the insurance companies on the interest on the compensation amount till 1.06.2015. Justice Arvind Singh Sangwan acknowledged a modification plea by the New India Assurance Company […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, during deleting the addition under section 69A of the income tax act 1961 held that the cash gift through the brother and sister does not be treated as “unexplained.” The taxpayer, Ms. Ritu Jain claimed that towards the poor health of her husband, the taxpayer’s sister had […]
