In India, for the purpose of income tax, there is “Pay as you earn scheme”. As per such scheme, every person is required to pay tax through TDS/ TCS and advance tax, during the year only, in which the income has been earned.
The rates of TDS are pre-determined and specified in the Income Tax Act, 1961. The aim of TDS is to collect tax from the very source of income. For resident individuals, TDS is required subject to …
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…
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 …
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 …
Filing of Updated Income Tax Return
Finally, provision of filing an updated income tax return has been introduced in Income Tax with effect from 01.04.2022. An assessee, whether he has filed or not, an income tax return (whether it be the original return, the belated return or the revised return), may now furnish an updated return of income, within two years from the end of relevant assessment year. For eg: For the AY 2022-23 (i.e. FY 2021-22), the updated return …
Payroll tax is defined as the tax that is withheld, charged, or levied on the employer’s payroll. This includes wages, gross salaries, perks, and any other form of remuneration paid to employees.
This tax is levied regardless of the employee’s domicile, family status, or any other personal circumstances. Payroll taxes are taxes that an employer is required to pay or withhold on behalf of his or her employees.
India is one of the world’s fastest growing economies. Certainly, there are …