Income Tax Articles

Merger & Acquisitions under provisions of IT Act 1961

FCS Deepak Pratap Singh 22 June 2022 at 09:06

Amalgamation is a blending of two or more existing companies /undertakings into one company/ undertaking. The shareholders of two blending companies substantially become shareholders of the blended company. There will be an Amalgamation when two or more companies/undertakings are acquired by a new company.

Impact Assessment of CBDT Circular on TDS on Benefits or Perquisites u/s 194R

Mayank Mohanka 20 June 2022 at 15:49

Scope & Coverage of Section 194R

Section 194R of IT Act: TDS on perquisites or benefits on business & professions

CA Piyush Agarwal 20 June 2022 at 09:58

Union Budget 2022, a new TDS section 194R, has been proposed in the Finance Bill 2022, w.e.f. 01st July 2022.

194R - TDS on benefits or perquisites provided

Gowtham 20 June 2022 at 08:32

The author discusses about TDS on benefits or perquisites provided

All about clubbing of income

Neethi V. Kannanth 16 June 2022 at 08:58

Clubbing of income means adding or including the income of another person (mostly family members) to one's own income. This is allowed under Section 64 of the IT Act.

Section 80JJAA - Deduction in Respect of New Employees Recruited

Gurleen Kaur 11 June 2022 at 09:08

Section 80JJAA of the Income Tax Act, 1961 is a tax incentive for employment generation and provides for deduction from INCOME FROM BUSINESS of an assessee for the employment of new employees by the assessee.

Section 194R: TDS on Benefit or Perquisite of Business or Profession w.e.f 1st July 2022

Gurleen Kaur 11 June 2022 at 09:08

Clause 58 of Finance Bill, 2022 deals with section 194R which expressly states this change will take effect from 1st July 2022, though the section has been inserted from 1st April 2022.

Reporting High Value Cash Transactions

CA.R.S.KALRA 06 June 2022 at 08:32

If a person who is required to furnish a statement of financial transaction or reportable account under section 285BA fails to furnish such statement within the time prescribed, the prescribed income-tax authority may direct that such person shall pay, by way of penalty

Master guidelines on anti-money laundering & counter financing of terrorism

FCS Deepak Pratap Singh 03 June 2022 at 14:39

The Authority has come out with "Master Guidelines on Anti-Money laundering/Counter Financing of Terrorism (AML/CFT)" for all the insurers. These guidelines are issued by exercising the power enshrined under Section 34 of Insurance Act, 1938, Section 14(1) of Insurance Regulatory and Development Authority Act 1999 and provisions 4,5,7,9, 9A & 10 of the PML Rules.