As per the judicial interpretation of Section 68 of the Income tax Act 1961- Unexplained cash credits, the responsibility of the assessee is to prove the identity of the creditor, genuineness of the transactions and credit-worthiness of the creditor. Here is the detailed judicial interpretation.
Clarification on newly inserted section 269SU of the Income Tax Act, 1961
Relevant Income Tax Updates in Finance Bill, 2020
The Union Budget 2020 inserted TDS section 194-O to widen the scope of TDS. TDS u/s 194-O is to be paid by an e-commerce operator on payment made to e-commerce participant @1% at the time of credit or payment whichever is earlier.
20 Googly Balls of Budget 2020 that can take Taxpayer's wicket
Historically those institutions created with the main object of serving the general public without the aim to earn profits or distribute any income to the promoters of such institutions are called charitable institutions.
Section: 115BAC - Incentives in Tax rates to Individual and HUF (Proposed)
Why CA Office Work Management has become need of the hour?
Resetting Income tax e-filing password is not so difficult for a taxpayer but it becomes difficult when the mobile no. and email id. is not belongs to the taxpayer.
Reason for introduction of Section 194M This section was introduced for the purpose to cover some specified high value transactions in personal nature under TDS which was previously excluded from TDS provisions.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)