The Income Tax Act, 1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA, which applied to Mr. X provides for taxation of such income in the country of his residence. Examine, is Mr. X is liable to pay tax on such income earned by him in India?.
The article covers the important GST updates applicable w.e.f 1st January 2022
Sections Involved: 43CA, 50C & 56(2)(x) of Income Tax Act, 1961. Sale /Transfer of land or building on consideration less than Stamp Duty Value
GST regime will see a host of tax rate and procedural changes coming into effect from January 1, 2022. In this regard, some of the important changes have been mentioned for your reference.
Steps for Formation of Gratuity Trust
Section 264 of the Income Tax Act provides, Powers to the Commissioner of Income Tax (CIT) to exercise the order in favour of the assessee.
As personal financial catastrophes are almost always unpredictable, one must consider getting prepared for the same beforehand. This will lessen its impact and reduce uncertainty and stress. In this regard, individuals can follow the aforementioned pointers and plan better.
The GST Council had taken a laudable decision to defer hike in GST rate on textiles from 5% to 12% w.e.f January 1, 2022 as it will give much-needed impetus and support to textile sector
GSTN portal has implemented Rule-59(6) of the CGST Rules, 2017 with immediate effect. As per Notification No. 35/2021 - Central Tax dated 24th September 2021, clause (a) of the sub-rule (6) of Rule 59 of CGST Rules, 2017 was amended.
Central Government has brought into effect the provisions of Finance Act, 2021 effective from 1st January, 2022. In the Budget of 2021-22, changes in Finance Bill,2021 were proposed to make changes in CGST Act, 2017.
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