As per Section 32(1)(ii), depreciation is allowable in respect of know-how, patent, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature.
Deduction u/s 80EEB is only available to individual taxpayers. Check out under which tax regime is available.
A vital question arises at this juncture and is also a matter of prolonged litigation as to whether the reasons to believe can come into existence after the issuance of a warrant of authorization.
The new AIS is related to interest, dividends, securities, transactions, mutual fund transactions, foreign remittance information. The information is processed to eradicate duplicity of information.
The new sections 206AB and 206CCA are inserted via Finance Act, 2021 which provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of the Income Tax Return.
Taxpayers have to pay tax on or before the prescribed due date and if tax is being paid after the due date, interest at the rates prescribed under the erstwhile Act shall be levied.
Deduction of tax at source on payment of certain sum for purchase of goods
CBDT vide Notification No. 129/2021/ F.No. 370142/52/2021-TPL (Part IV) dated 01.11.2021, in exercise of its power under section 245D (11) & 245D (12) of the Income-tax Act, 1961 has issued a Scheme may be called the e-Settlement Scheme, 2021 to settle pending income-tax settlement applications transferred to a settlement commission.
The Income Tax Department has rolled out the new Annual Information Statement (AIS) on its compliance portal (incometax.gov.in). The purpose of the new AIS is to make it easier for taxpayers to file their returns.
Due Dates for Income Tax & GST Compliances for the m/o Nov 21
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