Form 15CB – Applicability, Documents Required & Non-Compliance Particular Details Relevant Section/Rule Applicability Remitter Resident making payment to a non-resident Sec. 195 Taxability Remittance chargeable to tax under the Income-tax Act Sec. 5, Sec. 9, Sec. 195 TDS Requirement Tax deductible at appropriate rate Sec. 195, Sec. 90(2) Rule 37BB Exemptions Not required […]
Form 10-IEA is required to fill by individuals or HUFs those want to continue with the old tax regime in the present financial year ie FY 2023-24. The Budget 2023 proposes that from FY 2023-24, the new tax regime will be considered the default tax regime. By filling Form 10-IEA, taxpayers can choose the old tax regime. They must […]
Introduction: The new section 43B(h) will be applicable from April 1, 2024 (AY 2024-25), Section 43B(h) of the Income Tax Act introduces significant changes concerning expenses related to purchases or services from Micro and Small Enterprises. Please note this section is not applicable on Medium Enterprises. 43B(h) has been inserted as a Socio-Economic Welfare Measure […]
Overview: Section 92 of the Income Tax Act, 1961, deals with regulations of transfer pricing in India. It is a practice of determining the price of the transactions between associate enterprises and computation of Income from International transaction at Arm’s Length Price. This section has significant implications for Multi National Enterprises (MNE) operating in India […]
Clause 44 It was added w.e.f 20th August 2018 but Reporting under this clause was deferred till 31st March 2019 vide Circular No. 6/2018 dated 17th August 2018, So reporting in clause 44 is started from AY 2019-20. The Objective for insertion of this Clause 44: The main objective is to co-relate GST Data with […]
SEBI has been notified as the regulator of gold exchanges in the country. SEBI has come up with the ‘Framework for operationalizing the Gold Exchange in India’ vide Circular dated January 10, 2022 and has also declared the instrument for trading in Gold Exchange ,i.e., EGRs as ‘securities’ under Section 2(h)(iia) of the Securities Contracts […]
WHAT IS A BUSINESS TRUST? Section 2(13A) of Income Tax Act defines Business Trust as below: “Business trust” means a trust registered as, — (i) an Infrastructure Investment Trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of […]
SECTION 54 OF INCOME TAX ACT, 1961 Section 54 gives exemption to a taxpayer who sells his residential house and acquires another residential house property from the sale proceeds. Only an Individual/HUF can avail this benefit under this section. Section 54 provides the exemption which will be the lower of the following: Exemption is available […]
WHAT IS ADVANCE TAX? Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the income tax department. Total estimation is used for […]
Step 1: Go to the website https://www.protean-tinpan.com/ Step 2: Click on “Challan Status Inquiry” under the ‘Services‘ tab. Step 3: We can view the challans either by providing the CIN number or the TAN number. Step 4: In case of Tan Based View, fill in the details by entering the TAN number of the assessee […]