STARTUPS GET TAX HOLIDAY FOR ONE MORE YEAR IN BUDGET 2021

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Finance Minister Nirmala Sitharaman has extended by one more year the tax holiday for startups, providing a much-needed post-pandemic boost to the...

TRANSACTIONS INVOLVING ROYALTY, TECH FEE TAXABLE UNDER I-T NOT LIABLE FOR EQUALISATION LEVY: BUDGET

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The government on Monday clarified transactions involving royalty/ technical services fee would be taxable under income-tax and not be liable for equalisation...

WITH THE NEW TDS RULE, EVERY TIME YOU MAKE A PAYMENT, YOU MUST ASK...

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“Suppose you are making payment to a contractor. And, when you’re getting the work executed, you’re supposed to deduct TDS at 2%...

TAX BENEFIT ( WRITE OFF OF GOODWILL) ON MERGERS AND ACQUISITIONS WITHDRAWN

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The government has withdrawn a tax benefit for mergers and acquisitions (M&A) that would result in marginal increase in the cost of...

CBDT LAUNCHES E-PORTAL FOR FILING TAX EVASION COMPLAINTS BY GENERAL PUBLIC

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CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets Taking another step towards e-governance and encouraging...

PROCESS OF RECOGNITION OF AN ELIGIBLE ENTITY AS STARTUP

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As per notification issued by the department for promotion of industry and internal trade (DPIIT), the process of recognition of an eligible...

Tips to win the Appeal by searching defects in a statement(s) recorded by the...

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The meaning of a statement, anything stated in writing or orally to communicate in any matter and manner. The word statement is...

Summons and Commission with reference to Income Tax Act, 1961.

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Summon in the Income Tax. It is easy and simple to get an Income Tax assessment on one hand...

AO CANNOT CHANGE SHARE VALUATION METHOD ADOPTED BY TAXPAYER

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Karmic Labs Pvt. Ltd. Vs ITO (ITAT Mumbai) We note that the assessee has issued shares at a premium....

NRIS IN TAX HAVEN DATA TOLD TO PROVE RESIDENCY STATUS

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The income-tax department has asked several individuals to prove their non-resident status for assessment years 2013-14 to 2017-18. While...