1. Budget 2021 demands officer to enquire/give opportunity/get approval before issue of notice 2. Since 148A requires senior officers’ approval, duplication u/s 148 r.w.s 151 is withdrawn 3. Widen the scope of suggestive information to form for the officer to believe of escapement of income 4. It covers information from Risk management strategies, audit objections,…
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,…
SEP covers the below-mentioned transactions E-com transaction, E-books, music, video streaming, Online app/software purchase, Online Gaming Service Troubleshooting service Subscription service The Threshold limit recently provided by CBDT for SEP Tax is Aggregate payment for transactions with a person in India exceeds INR 2 crore in a year NR interacts with 3.00 lacs or more…
1. Registration and approval of NGOs is made completely electronic under which a 16 digit URN will be issued 2. Registration is valid for 3 years for provisional cases and 5 years for final registration. 3. Application is under form 10A by existing trusts for renewal and new trusts for provisional registration. Deadline is 30/6/2021…
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…
