Income Tax Articles

194R - TDS on benefits or perquisites provided

Posted by Gowtham 20 June 2022 9004 Views

The author discusses about TDS on benefits or perquisites provided

All about clubbing of income

Posted by Neethi V. Kannanth 16 June 2022 9578 Views

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

Posted by Gurleen Kaur 11 June 2022 10896 Views

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

Posted by Gurleen Kaur 11 June 2022 26369 Views

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

Posted by CA.R.S.KALRA 06 June 2022 11020 Views

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

Posted by FCS Deepak Pratap Singh 03 June 2022 4871 Views

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.