Clipped from: https://timesofindia.indiatimes.com/blogs/voices/why-the-government-should-consider-restoring-the-income-tax-settlement-commission/Harsh Bhuta Harsh Bhuta is a Partner at Bhuta Shah and Co LLP. The Income Tax Settlement Commission (ITSC) was constituted in 1976 on
Category: Income Tax
New income tax rules: Everything you need to know about Income Tax rule changes effective from April 1–indian express
Clipped from: https://indianexpress.com/article/business/new-income-tax-rules-effective-april-1-2021-everything-you-need-to-know-7252632/ From higher TDS to new PF rules, here are all the changes in income tax norms that come into effect from April 1.
AAR in new avatar: Old wine or efficient machinery for disposal of cases? | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/aar-in-new-avatar-old-wine-or-efficient-machinery-for-disposal-of-cases-121021000797_1.html Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers The Authority for
Experts unsure if new AAR for direct taxes will resolve disputes faster | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/experts-unsure-if-new-aar-for-direct-taxes-will-resolve-disputes-faster-121021400914_1.html Experts also believe that at least pendency of cases would come down, though only time will tell about quality of orders Illustration: Ajay
A dive into five contentious issues contained in Finance Bill, 2021 | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/a-dive-into-five-contentious-issues-contained-in-finance-bill-2021-121031000706_1.html Govt may have to respond to concerns over equalisation levy, exporters issues, definition of the term ‘liable to tax’ and taxability of interest
Income Tax Department notifies changes in audit report – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/income-tax-department-notifies-changes-in-audit-report/article34224857.ece?homepage=true Move expected to increase compliance burden on taxpayers, say experts Subsequent to the enactment of the Finance Bill 2021, the Income Tax Department
MCA defers mandatory audit trail norm by 1 year – ACCOUNTING SOFTWARE: -The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/accounting-software-mca-defers-mandatory-audit-trail-norm-by-1-year/article34221295.ece In a big breather for small and medium sized companies, the Corporate Affairs Ministry (MCA) has deferred by one year the implementation of
Amazon uses loopholes to not pay a penny in tax: US President Joe Biden | Business Standard News
Clipped from: https://www.business-standard.com/article/international/amazon-uses-loopholes-to-not-pay-a-penny-in-tax-us-president-joe-biden-121040200039_1.html Unveils $2-trn plan aimed at modernising America’s crumbling transport network, creating millions of jobs President Joe Biden President Joe Biden on Wednesday singled out Amazon.com Inc
MCA defers mandatory audit trail norm by 1 year – ACCOUNTING SOFTWARE: The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/accounting-software-mca-defers-mandatory-audit-trail-norm-by-1-year/article34221295.ece?homepage=true In a big breather for small and medium-sized companies, the Corporate Affairs Ministry (MCA) has deferred by one year, the implementation of its
What Is The Difference Between TDS and TCS?
Clipped from: https://www.canarahsbclife.com/knowledge-centre/blog/what-is-the-difference-between-tds-and-tcs.html Income tax is one of the most important financial planning aspects. You need to keep a check of your incomes, your investments and
TDS, TCS rates on interest, dividend, other non-salary payments effective April 1, 2021 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tds-tcs-rates-on-interest-dividend-other-non-salary-payments-effective-april-1-2021/articleshow/81703945.cmsSynopsis Effective from April 1, 2021, the TDS and TCS rates on these non-salary payments will be back to their original (higher) levels. Given
CBDT notifies new ITR forms for AY 2021-22, filing process unchanged–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/cbdt-notifies-new-itr-forms-for-ay-2021-22-filing-process-unchanged/story/435495.html Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been incorporated in the forms, CBDTin the notification
I-T Dept message to ‘revise’ ITR baffles tax payers – REPORTING INTEREST INCOME: The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/reporting-interest-income-i-t-dept-message-to-revise-itr-baffles-tax-payers/article34208713.ece?homepage=true Project checks discrepancies in reporting of interest income earned of over ₹5,000 Hundreds of bank deposit holders across the country were non-plussed on
Not disclosed interest on FD, bank savings? Be ready for Income Tax Dept notice–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/not-disclosed-interest-on-fd-bank-savings-be-ready-for-income-tax-dept-notice/story/435258.html There could be multiple reasons for taxpayers receiving the I-T notice. The prominent ones being non-reporting of FD interest and savings bank account
New Income tax rules 2021: Tax on PF interest, reduction in time limit of ITR filing, other changes–economic times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-on-pf-interest-pan-aadhaar-non-linking-fine-other-money-rules-that-change-from-april-1/articleshow/81759692.cmsSynopsis With the start of the new financial year on April 1, various tax and money rules come into effect. Here is a look
Decoding the maze of equalisation levy – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/decoding-the-maze-of-equalisation-levy/article34200358.ece Expanding the scope of this tax in last year’s Budget has made it more complex and burdensome India first introduced an equalisation levy
Five key changes in I-T laws, GST to come into effect from April 1 – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/five-key-changes-in-i-t-laws-gst-to-come-into-effect-from-april-1/article34198775.ece Employees Providend Fund, ULIP, TDS, re-opening of assessment, benefits for senior citizens to see changes Significant changes in both Income-Tax as well as
Your Queries (Loans): To avail PMAY, sell existing property and buy new one with home loan – The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-loans-3/2223431/ Once the home loan is fully repaid the PMAY subsidy is not possible to avail. You may request for an extension of moratorium.
10 most common mistakes taxpayers can avoid while saving tax – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/10-most-common-mistakes-taxpayers-can-avoid-while-saving-tax/2221531/ Common Income Tax Mistakes: Completing one’s tax planning exercise at the fag end of the financial year comes with its own share of
TDS Calculation: Rs 1 lakh Tax Deducted At Source on Rs 20 lakh cash payment to non-filers – New rule explained – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/tds-calculation-rs-1-lakh-tax-deducted-at-source-on-rs-20-lakh-cash-payment-to-non-filers-section-206ab-i-explained/2223038/ TDS Payment Rules 2021 (Section ‘206AB (I) Explained): The Finance Act 2021 recently cleared by the Parliament has introduced a “Special provision for
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