Finance (No. 2) Act, 2019 had inserted a new seventh proviso to section 139(1) of the Income Tax Act, 1961 (‘the IT Act’) w.e.f. 01-04-2020 for mandatory filing of ITR for those people who have certain prescribed transactions even though that person is otherwise not required to file a return of income due to the fact that total income is below the minimum liable to tax.
Read MoreAn opportunity to correct an error has been proposed in income tax return whereby a taxpayer can update his/her return within 2 years from the end of the relevant assessment year on payment of applicable interest and penalty.
Read MoreThe Finance Act 2016, introduced equalization levy of 6% to be charged from amounts paid for specified services to a non-resident not having any permanent establishment in India. This equalization levy (EL) is independent of income tax provisions and is covered under Chapter VIII of the Finance Act 2016.
Read MoreAs per The Hon’ble Supreme Court’s decision in the lead case of Engineering Analysis Centre of Excellence Pvt. Ltd [TS-106-SC-2021] dated 2ndMar 2021, there is no TDS deductible u/s 195 for payment to non-residents for software purchases. However, DTAA with respective countries has to be considered.
Read MoreAs intimated by the Hon. Finance Minister of India in her Union Budget, the CBDT has launched the AIS portal on 1st November, 2021 which gives a comprehensive and detailed statement containing details of many of the financial transactions undertaken by an assessee in the financial year (FY). It is an "All-in-one statement".
Read MoreUnion Budget 2025 – A synopsis about the tax and compliance reforms
6th February, 2025
Income Tax Clearance Certificate for travel outside India
27th August, 2024
28th March, 2023
By: Mr. Prasanna Ravikant Bhat
7th February, 2023
Certificate in Form 10BE for Claiming Deduction u/s 80G
By: Mr. Prasanna Ravikant Bhat
27th May, 2022
Profession tax enrollment and registration - Applicability in Maharashtra State
By: Mr. Prasanna Ravikant Bhat
19th March, 2021
Foreign Contribution (Regulation) Amendment Act, 2020 ("FCRA 2020")
16th December, 2020
Using file systems to enhance performance of Income Tax Business Application (ITBA)
17th December, 2019
Income Tax Compounding Fees - 276CC Offences - Nonfiling of returns
13th November, 2019
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