Income Tax Articles

New TDS Rules to affect Social Media Influencers and Doctors

Poojitha Raam 27 June 2022 at 14:08

The new TDS section 194R introduced in the Budget, 2022 shall be applicable from 1st July, 2022, requiring a deduction of 10% by any person (resident or non-resident) who provides benefit or perquisite to a resident person in a year exceeding Rs 20,000 shall be liable for TDS under section 194R.

Posted in Income Tax | 8460 Views

Section 194R: Tax Deducted at Source on benefits or Perquisites

Shailesh Prajapati 25 June 2022 at 13:21

The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @10% of the value or aggregate of value of such benefit or perquisite, before providing such benefit or perquisite.

Posted in Income Tax | 4734 Views

Income Tax: CBDT issued fresh guidelines under section 194S(6)

CS Lalit Rajput 25 June 2022 at 08:53

Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes(TPL Division) File No. F. No. 370142/29/2022-TPL (Part-I) vide Income Tax Circular No. 13 of 2022 dated 22nd June, 2022 has released "Circular regarding Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961".

Posted in Income Tax | 1803 Views

Analysis of provisions of Section 50D of IT Act 1961

FCS Deepak Pratap Singh 25 June 2022 at 08:53

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.

Posted in Income Tax | 2484 Views

What is income tax and how does it benefit an individual

Suhasini 22 June 2022 at 17:12

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.

Posted in Income Tax | 2 comments | 3639 Views

Merger & Acquisitions under provisions of IT Act 1961

FCS Deepak Pratap Singh 22 June 2022 at 09:06

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.

Posted in Income Tax | 7305 Views

Impact Assessment of CBDT Circular on TDS on Benefits or Perquisites u/s 194R

Mayank Mohanka 20 June 2022 at 15:49

Scope & Coverage of Section 194R

Posted in Income Tax | 1 comments | 6468 Views

Section 194R of IT Act: TDS on perquisites or benefits on business & professions

CA Piyush Agarwal 20 June 2022 at 09:58

Union Budget 2022, a new TDS section 194R, has been proposed in the Finance Bill 2022, w.e.f. 01st July 2022.

Posted in Income Tax | 4 comments | 19140 Views

194R - TDS on benefits or perquisites provided

Gowtham 20 June 2022 at 08:32

The author discusses about TDS on benefits or perquisites provided

Posted in Income Tax | 2 comments | 2457 Views

All about clubbing of income

Neethi V. Kannanth 16 June 2022 at 08:58

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.

Posted in Income Tax | 3 comments | 4686 Views