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...
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...
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...
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...
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...
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...
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...
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,...
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...
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