Can you imagine a situation, when even before receiving your hard earned money in your bank account, government demands tax on such income twice the amount for which you are actually liable? Yes, such a situation can happen when you are having your income from outside India, where you might be required to pay tax twice on the same income to the Indian Government, as well as the government of the country from whom you have earned money.
Goods and service tax is a major factor which has a potential to cover the economic base of the country along with its sidelines also India is not just one of the biggest performing nations for generics however, additionally encountering a blast in remedial tourism which creates extra returns for the Healthcare Industry. India’s Pharmaceutical Industry as of now is 3rd largest as far as volume and 14th largest regarding esteem all-inclusive. As the populace is persistently developing, so is the requirement for good Healthcare Services, …
The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022. Looking at the swift pace, with which the new TDS sections, are being inserted by the Legislature, year after year, in Chapter XVIIB of the Income Tax Act, 1961, it appears that very soon, the remaining seven sections 194T/U/V/W/X/Y and Z, will also be brought in, to complete the full ABC.
TDS under Section 194R…
July 1st of every year will be the CA day. The 74th Anniversary of its foundation will be celebrated by the Institute of Chartered Accountants of India (ICAI) on July 1st as it is 2022. To date, in a massive country like India, a country with at least a billion people, there are only 4 lakh Chartered Accountants of the Indian Institute of Chartered Accountants. Due to the fact that this organization has set high standards for clearing the …
Section 194H contains guidelines about tax deductions on the amount paid as brokerage or commission. Entities making a payment as commission or brokerage to a resident have to make a tax deduction at a 5% rate.
This amount has to exceed Rs. 15,000 in one financial year otherwise individual/HUF are not responsible to deduct TDS. However, individual and HUF who are liable to tax audit under Section 44AB must make tax deductions under Section 194H. TAN and PAN of both …
As of now the LLP Services have been discontinued on V2 portal and have been migrated to Version 3 (V3) portal.
V3 is an enhanced version of the V2 portal and is presently live only for LLP’s. The V3 portal presently enables the following for LLP’s.
-Login & user Registration
DSC Association
-LLP Form Filing
LLP forms have been migrated to V3 while Company forms are still in the Version 2 of the portal. This phased migration is done to …
The Finance Act, 2022 substituted subsection (4) and (5) of section 12AB with a new subsection (4) which provides a list of ‘Specified Violation‘ if undertaken by the assessee registered or provisionally registered under section 12AB, the Principal Commissioner or Commissioner may cancel the registration so taken by the assessee. Similar amendment has also been made in section 80G and 10(23C).
As per the amended subsection (4) of section 12AB, “Specified Violation” mean,
→ Any income of …
When we talk about related party or RPT (Related Party Transactions) or any law relating to it, there are multiple authoritative guidance which talk about related party, Related party transaction and their disclosures.
We all know SEBI is harsh towards related party compliances because related party compliances are the compliances where transactions are being controlled by few parties who are in the dominating position or who are in the influencing position, therefore SEBI is inclined towards making these compliances more …
Slowly and steadily after a long gap, several countries have opened their door for foreign tourist. Last two years have been worse hit for travelling both domestic & international whether for fun or for business and education etc. But now since this restriction is almost over so for those who intend to pack their bags & head to for destination – a covid respite here is some information in relation to permissible limit of foreign currency that they can carry …
There has been a lot of confusion between the meaning of salary and payroll. Many people uses the terms “Salary” and “Payroll” interchangeably. However, there is a considerable difference between the two. Salary refers to the amount to which the employee is entitled, in lieu of providing its services. On the other hand, payroll is a record maintained by the company which tells the name of its employees and detailed breakup of the payments due to them. Thus, payroll is …