There are various Advance Rulings relating to specific situations of "Transfer" of "Capital Assets". The provisions of Section 50D has been introduced to nullify above Advance Rulings.
Your income for every financial year is taxed according to the Income Tax Laws. That is why filing the Income Tax return on an annual basis is important. So, let's move forward to know more about the income tax return and the benefits one can get from it.
Amalgamation is a blending of two or more existing companies /undertakings into one company/ undertaking. The shareholders of two blending companies substantially become shareholders of the blended company. There will be an Amalgamation when two or more companies/undertakings are acquired by a new company.
Scope & Coverage of Section 194R
Union Budget 2022, a new TDS section 194R, has been proposed in the Finance Bill 2022, w.e.f. 01st July 2022.
The author discusses about TDS on benefits or perquisites provided
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 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.
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.
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
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