Advance Tax is applicable to every taxpayer except to a senior citizen who is of more than 60 years of age, an individual resident of India, and who does not hold any income under the head Business or Profession.
An individual or HUF paying commission, brokerage, contractual fees or professional fees is required to deduct tax at source from the amount paid or to be paid.
CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in the filing of ITR and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961.
Since section 44AD does not obligate the assessee to maintain books, provisions of section 68 cannot be invoked where the assessee has filed an ITR under section 44AD without maintaining books of accounts.
The foreign account compliance tax account is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports.
The tax deducted under section 194Q shall be applicable on businesses whose gross receipts, turnover, or total sales exceed 10 crores in the Assessment Year 2020-21.
A trust is a relationship in which a person or entity is bound by a fiduciary relationship to exercise that legal rights over the trust property for the benefits of any one or more individuals known as beneficiaries.
ESOPs can be issued to permanent employees of parent or subsidiary company working in India or outside India and directors of the company including whole time or part time director but not including independent director.
The amended Rules mandate that electronic records submitted through the registered account of the taxpayers in the Income Tax Department’s portal shall be deemed to have been authenticated by the taxpayer by EVC.
On 5th August 2021, The Taxation Laws (Amendment) Bill, 2021 proposed to remove the provisions of retrospective effect of tax completely. This step had resolved the problem of 17 industries.
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