STEPS: Wise Procedure for Trust Renewal Application
https://youtu.be/p_LYizBpscQ
Whether TDS Credits Be Transferred
Sec 199 provides for giving credit only to persons from whose income tax is deducted Now let’s take a case of rental sharing with a co-owner, where the first owner receives full rental after TDS and part 50% with the Co-owner, What amount will the first owner offer as income and claim TDS? Similar situations…
TDS Saga on Purchase of Immovable Property
194A provides for TDS on any sum credited by way of consideration for transfer of any immovable property 194A is not applicable on security deposit given by developer to land owner (Prestige Estates Projects Ltd) TDS is on transferee paying to Co-transferor > 50 lacs individually. So no TDS on payment to a Co-owner receiving below 50 lakhs…
7 Issues of Faceless Assessment and Appeals and Their Way Forward
The Faceless Assessment and Appeal Schemes were introduced and made effective from 2020. These Schemes are introduced with noble intentions of tax transparency, moving towards a digital economy, and reducing corruption. In this article, the author highlights some major problems faced by taxpayers and consultants which need to be tackled with greater sensitivity. 1. Bulk data…
10 Important Income Tax Changes Applicable in FY 2021-22
1. TDS/TCS to be deducted/collected at the original (higher) rate – with effect from 01/04/2021 2. High TDS/TCS rates for the Non-filers of Income-tax Return – wef 010/7/2021 3. TDS on purchase of goods – wef 01/07/2021 4. Penalty – if PAN and Aadhar not linked till 30 June 2021 5. No Interest on short…
Income Tax Compliance After Death of Person
Who is responsible to file Income Tax Returns? If a person dies intestate i.e., without writing a will, the estate left behind by him devolves on his legal heirs If deceased person make a will and an executor is being appointed, then the deceased person’s estate is taxed in the hands of the executor The…
Steps for New TDS Compliance – Highly Important
Dear Clients, New TDS provision is applicable as under For entities having turnover > 10 crores below-mention steps to comply Step1. Cross-check with customers to whom sales are> 50 lacs about their TDS obligation TDS is first to be deducted by a buyer who is having turnover > 10 crores, and who purchases from us annually…
Synopsis of Supreme Court Ruling – Tax on Software Payments
Deciding taxability of the software is currently a challenge, fortunately, Supreme court gave some remarks which will be helpful to decide taxability which is summarised below Decision Engineering Analysis Test of charge ability is relevant for sec 195 DTAA definition refers to “royalty means” and therefore it is exhaustive. Income tax definition has wider coverage…
Taxability for NRI due to the extension of stay in India in covid period
Residential status might be getting impacted due to extended stay, in which case DTAA will come to the rescue. Under Indian laws, service rendered from India is taxable in India irrespective of residential status However, there is a short stay exemption u/s 10(6)(vi) for non-resident As per updated Guidance of OECD Article 15 may be…
