Section 54EC of the Income Tax Act,1961, provides for exemption from Capital Gains arising on transfer of a long term capital asset, being a land or building or both.
This article is a special note from my pen. We all have been somewhere victims of procrastination or facing it in our day-to-day life. Let us discuss how to deal with the same.
The controversy surrounding the taxation of payments for computer software in international transactions has been a subject matter of extensive litigation for over two decades in India.
Bond is synonymous with debt when it comes to investing. It is a glorious loan where the word interest is replaced with coupon and amount borrowed by par value/face value.
The person liable to pay tax under reverse charge shall be required to issue an invoice in respect of goods/services received by him from the unregistered supplier.
The Central Board of Direct Taxes (CBDT) has introduced a new utility named JSON Utility for ITR - 1 and ITR - 4 for Assessment Year 2021-22 and have discontinued the Excel and Java Version of these ITR Utilities.
This write-up series would help the businesses to proactively understand and address the practical business error scenarios which would further help them to adapt to this law requirement comfortably.
Entire income shall be offered as income for taxation in the year of actual receipt u/s 145 and section 198 shall be treated as a section inserting deeming fiction to avoid ambiguity in the law.
We have prepared a Compliance Calendar in two parts, i.e. Compliance Calendar for GST due dates of April 2021 and Compliance Calendar for Income Tax due dates for the month of April 2021.
Should people continue contributing towards a voluntary provident fund (VPF) that earns the same interest as that of an EPF and enjoy the same tax treatment or not?
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