1. Any benefit or perquisite provided to a resident 2. Arising from carrying out of a business or exercising of a profession by such resident, 3. Provider shall ensure TDS @ 10% of the value of such benefit or perquisite. 4. Such tax is to be required to be deducted before providing such benefit or perquisite…
1. Under the new regime reopening is based on Information flagged by risk management strategy & not reasons to believe 2. 148A – mandates AO to enquire about information before issuing of notice u/s 148 3. The word used u/s 148A if required (at the end) suggests that where the information is factually not correct,…
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…
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…
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…
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…
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…
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…
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…
