New TDS provision u/s 194R effective from 1st July 2022:

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A person, responsible for giving out any benefit or perquisites to a resident arising out of business/ profession, whether it's convertible into...

TDS on perquisites arising in business or profession:

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Sec 194R has been introduced in Finance Act 2022 and made applicable from 1st July, 2022.It seeks to deduct tax at...

Off-Shore Distribution Income is not Taxable from the hands of Non-Resident who did not...

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Credit Suisse (Singapore) Ltd (ITA no.7262/Mum./2019) Facts: The assessee and HDFC Asset Management Co Ltd...

Supreme Court upholds the validity of notices issued under Old Sec 148 of Income...

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Union of India & Ors. Versus Ashish Agarwal (CIVIL APPEAL NO. 3005/2022) Background:Several High Courts had allowed the writ...

GOVT STARTS WORK TO BRING PARITY TO LONG-TERM CAPITAL GAINS TAX LAWS

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The government has begun discussions on bringing parity between long-term capital gains (LTCG) tax on debt, listed equities and unlisted equities, two...

Is Black Money Act at odds with Article 20 of the Constitution?

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Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) came into force on 1st...

Rules regarding Updated Return under new Income Tax Rules.

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Any person , Whether or not he has not furnished an original return, belated return or revised return, may furnish an updated...

New criteria for filing return of income under Indian IncomeTax:

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Rule 12AB has been inserted by way of notification No. 37/2022.Freshly inserted Rule 12AB provides for conditions for furnishing return of...

Income Tax Relief to income arising from retirement funds:

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Some countries tax income from such foreign retirement benefits accounts on receipt basis. However, the amount withdrawn from such account is...

50 Transactions to be reported in New Annual Information Statement (AIS)

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So be alert & careful in misuse of PAN Number The Income Tax Department has announced the roll-out of...