Income Tax Articles

Section 80JJAA - Deduction in Respect of New Employees Recruited

Posted by Gurleen Kaur 11 June 2022 10887 Views

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.

Section 194R: TDS on Benefit or Perquisite of Business or Profession w.e.f 1st July 2022

Posted by Gurleen Kaur 11 June 2022 26359 Views

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.

Reporting High Value Cash Transactions

Posted by CA.R.S.KALRA 06 June 2022 11016 Views

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

Master guidelines on anti-money laundering & counter financing of terrorism

Posted by FCS Deepak Pratap Singh 03 June 2022 4868 Views

The Authority has come out with "Master Guidelines on Anti-Money laundering/Counter Financing of Terrorism (AML/CFT)" for all the insurers. These guidelines are issued by exercising the power enshrined under Section 34 of Insurance Act, 1938, Section 14(1) of Insurance Regulatory and Development Authority Act 1999 and provisions 4,5,7,9, 9A & 10 of the PML Rules.

Reporting of Special Financial Transaction (SFT)

Posted by Neethi V. Kannanth 02 June 2022 10289 Views

SFT is a report of specified financial transactions by specified persons including prescribed reporting financial institutions.

IT department has resumed the service of Aadhaar PAN linking

Posted by CA Puja Sharma 02 June 2022 10041 Views

Income Tax Department has resumed the facility of Aadhar PAN linking from 1st June 2022 with due payment as prescribed in CBDT Circular No.7/2022 dated 30.03.2022

Interest levied under Income Tax Act

Posted by Neethi V. Kannanth 01 June 2022 5486 Views

Interest is levied under Income Tax Act, 1961 under section 234A, 234B and 234C. Let us discuss them in detail.

How Passive Income From Fractional Ownership Of Commercial Real Estate Is Taxed In India

Posted by Suhasini

30 May 2022 6518 Views

Passive income is money earned with little or no regular effort. Commercial property fractional ownership is a new source of passive income. However, if anything permits you to generate income, it is subject to taxation. The IT laws for commercial property fractional ownership differ from that for residential property.

Six Major changes in new ITR Forms notified

Posted by Vaibhav Singh 30 May 2022 34075 Views

The new information which taxpayers need to provide is the source of their "pension, interest received from the EPF account, date of purchase or sale of land", etc. It is essential for you to know the six additional pieces of information to provide them in the ITR form.