The author in this article lists down the amendments introduced in Tax Audit Form 3CD for the AY 2021-22 and the introduction of sub-rule (3) in Rule 6G.
Singapore issues TP Guidelines for activities undertaken by Singapore based HQs or regional Hubs for APAC region. The said guidelines provide for the determination of remuneration for such hubs/ HQs on arm's length basis.
The main purpose of the introduction of Section 50D is to check and prohibit freebies distributed by large business corporations to unrelated or strangers to avoid payment of tax.
Senior citizens earning interest income from FDs, savings accounts and recurring deposits can get income tax exemption up to Rs 50,000 per annum under section 80TTB. This is through the amendment of the Finance Act 2018.
The article deals with Section 80CCD - a deduction in respect of contribution to the pension scheme of Central Government, through which tax compliance burden of taxpayers can be reduced.
Taxpayer/Deductee can raise online grievance through 'Request for Resolution' option available at TRACES website from Assessment Year 2013-14 onwards. This is the online module of raising request which can also be tracked by Deductee / Taxpayer at TRACES website.
An assessee would receive intimation under Section 143(1) if the assessee has paid either more or less than the amount which he is actually liable to pay.
Section 45(2) states that conversion of Capital Asset into business asset has been treated as a transfer of asset and Capital Gain is attracted on such conversion.
In this article, we will discuss how to set off loss from one source against income from another source within the same head of income, i.e., inter source set off [Sec. 70]
Section 139(4) says if you have skipped the due date for filing ITR, you can file a belated return with a penalty for belated return of Rs 10,000.
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