• TDS Liability on Rent Payment 

    Sec 194I:- TDS on Payment made for Rent to Resident Person for use of Land, Building, Plant and Machinery and Furniture 

    Any person other than Individual or Hindu Undivided Family (HUF) and Individual or Hindu Undivided Family (HUF) whose Gross Receipts or Sales or Turnover exceeding the Monetary Limit prescribed under sec 44AB of Income Tax Act shall required to deduct TDS on Payment made to

  • Article on Capital Gain Tax on Shares and Mutual Funds


    Mutual funds are one of the most buzzing investment options as they help you achieve your financial goals. Mutual funds are also tax-efficient instruments. Investing in fixed deposits is a great disadvantage, particularly if you fall under the highest income tax bracket, as the interest is added to your taxable income and

  • Note On Alternative claim of section 10A exemption allowed on export of software & IT-enabled service

    CIT Vs TNQ Books and Journals Private Limited (Madras High Court)
    Conclusion: Assessee was entitled to alternative claim of exemption on export of software and IT enabled service under section 10A by following the decision in case of 2020 (113) taxmann.com 74 (SC) [Commissioner

  • Reasons for Mismatch of Income in Income Tax Return and Consequences of Such Mismatch

    Every Income Tax Return Filled by Asseessee will be Processed by Income Tax Department at Centralised Processing Centre (CPC) Bangalore without calling Asseessee.

    During Processing of Income Tax Return Income Tax Department will Compute Income of Asseessee after Making Certain Adjustments.

    Following Adjustments will be made in Income of Asseessee During Processing of Income Tax Return: -

    Any Arithmetic Error in Income

  • All About Section 194H – TDS on Commission or Brokerage

    Persons Required To Deduct Tax Under This Section
    Any person who is responsible for paying to a resident, commission or brokerage is required to deduct TDS. If commission is payable in respect of insurance commission under section 194D then such commission is not covered under

  • New TDS/TCS regime - Are you ready?

    V.K. Pandey completed his M.Sc. in Physics from Allahabad University. He was a probationary officer in State Bank before joining the Indian Revenue Service (IRS) in 1984. He worked in various capacities in Allahabad, Nagpur (NADT), Mumbai, Delhi, Chennai, Kolhapur, Ahmedabad and Rajkot. He retired in June 2018 as CCIT Rajkot. He has special interest in fields of

  • Alarm To Individual Assessee What To Do Before 31st March

    1. Submit to your employer the proof of investments/expenses that you have incurred to claim deduction under Section 80C. These includes receipt for insurance premium paid, deposits made in your public provident fund account, investment made in equity-linked savings schemes, National Savings Certificates purchased, children’s tuition fees paid, PPF, Tax Saving Bank Fixed Deposit, ULIP etc. Your employer would require the details and

  • Who and what is required to be audit in form 3CD (Tax Audit)

    Effective date of implementation of revised 3CD forms:

    Amendments to Form No. 3CD (other than clauses 30C and 44) are effective from 20th August 2018, these amendments would not apply to tax audits which have already been signed and uploaded before the amendments come into effect. In such cases, the revised particulars need not be given.

    Thus, all audits concluded and uploaded on

  • Step By Step- How to file revised TDS return

    Procedure for Filing Revised TDS Return
    If you find any mistake in filling of the eTDS or want to make any modifications like changing the name, address, challan serial no., BSR code, challan tender date, etc, you can correct your form in simple steps. However, before going through the steps, there is something you should know:

    Update deductor details such as Name, Address of Deductor.

  • Article on Additional condition for availing Input Tax Credit imposed vide Budget 2021

    Recently, the Union Budget 2021, presented on 1st February 2021, has come up with the proposal of satisfaction of one more additional condition for availing Input Tax Credit under Goods and Services Tax (i.e., GST).

    Accordingly, the provisions of section 16 of the Central Goods and Services Tax Act, 2017 covering eligibility and conditions for taking Input Tax Credit are proposed to be amended. The present article explains the new

  • Note on Budget 2021 – Luring Foreign Investors all the Way

    1. Benefit of Tax Treaty while taxing Dividend Income
    Dividend received by an FPI investors is currently taxable @ 20% (plus surcharge and cess). The company paying dividend accordingly withholds tax. The FPI may claim the lower rate of tax prescribed under the tax treaty subject to satisfaction of certain conditions. Since most of the FPIs come from the countries which have tax treaties with India and provide for concessional rate of

  • Tax on EPF interest: How will TDS be applied?- A Guide Book

    Budget 2021 has left income-tax rates and slabs unchanged. But it found way to tax the rich and super rich by taxing the interest earned on Employee’s Provident Fund (EPF) contributions in excess of Rs 2.5 lakh in a financial year.

    While we await further clarifications from the finance ministry on how exactly the interest would be computed and taxed, here’s a glimpse of how it may be operationalised.

    Also read: The complete

  • Analysis on Section 206AA – TDS on payments made to non-residents and residents not having a PAN

    Every payment which is covered under the provisions of tax deduction at source is required to be made after a deduction of tax. Every payer is bound by the TDS provisions to deduct taxes at the rates specified in the relevant sections of the Income Tax Act.

    In all situations, the recipient is required to furnish their PAN to the person making the payment. However, there are certain circumstances where the recipient would not have