Revised IT Section 151: Sanction for issue of notice
Section 151 of the Income Tax Act, 1961 relating to Sanction for Issue of Notice, has been amended/ substituted, by the Finance Act 2021, with effect from AY 2021-22, …
Revised IT Section 149: Time limit for Notice (Reduced from 6 to 3 years)
Section 149 of the Income Tax Act, 1961 relating to Time Limit for Notice has been amended/ substituted, by the Finance Act 2021, with effect from AY 2021-22, to …
New IT Section 148A: Conducting Inquiry, providing Opportunity before Notice u/s 148
New Section 148A of the Income Tax Act, 1961, inserted by the Finance Act 2021, with effect from AY 2021-22, seeks to provide that, before issuing any notice under …
Revised IT Section 148: Issue of Notice where Income has Escaped Assessment
Section 148 of the Income Tax Act, 1961 has been amended/ substituted, by the Finance Act 2021, with effect from AY 2021-22, to provide that, prior to making the …
Revised IT Section 147: Income Escaping Assessment
Section 147 of the Income Tax Act, 1961 has been amended/ substituted, by the Finance Act 2021, with effect from AY 2021-22, to provide that if any income chargeable …
Enhanced Tax Audit Exemption limit of Rs. 10 crore for Digital Turnover
Proviso to Clause (a) of Section 44AB of the Income Tax Act, 1961, relating to audit of accounts of certain persons carrying on business or profession, has been amended …
Section 194Q: 0.1% TDS on Payment for Purchase of Goods above 50 Lacs
New IT Section 194Q has been inserted by the Finance Act, 2021, which stipulates new provisions relating to TDS @ 0.1% on transaction of purchase of goods aggregating more …
Section 194P: TDS and Exemption from ITR Filing for Senior Citizens (75 or above)
New IT Section 194P relating to TDS in the case of senior citizens aged 75 or more, provides for responsibility of necessary deduction of tax at source by specified …
Clauses 30C (GAAR)/ 44 (GST) of Revised 3CD further extended upto 31/03/2022: CBDT Order 5/2021
CBDT further defers the reporting requirements relating to Clauses 30C (GAAR)/ 44 (GST) of revised Tax Audit Report Form 3CD, upto 31/03/2022, in view of COVID 19 pandemic. It …
ICAI’s Guide for Taxation of Non-residents in India (2021)
ICAI's Guide for Taxation of Non-residents in India (fourth edition 2021), explains about residential status, Section 9, DTAA, BEPS, GAAR, capital gains, TDS, and more, updated with Finance Act …